LCH Picks Former Nomura Executive as Head of ForexClear

The new head of the LCH’s FX derivatives clearing service will report to the firm's CEO, Isabelle Girolami.

Global clearing house LCH has announced on Monday the official appointment of James Person as Head of ForexClear, the foreign exchange (forex) derivative clearing service of the firm. He will be responsible for leading the FX-related services starting June 1, 2021.

Pearson has over 20-years of experience within the forex industry, having held executive roles at RBS, such as the Global Head of FX Trading, responsible for handling the trading risk and strategic direction of the RBS FX’s operations.

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Moreover, he worked for trading desks at major banks such as HSBC, Citi and Nomura. In the last one, Pearson was the Global Head of G10 FX spot trading & EMEA Head of emerging markets FX.

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“I am delighted to welcome James to LCH as Head of ForexClear. He brings extensive experience in trading FX and leading global teams. He will be instrumental in driving continued growth and innovation at ForexClear, with a focus on expanding the deliverable FX and client clearing franchises. I look forward to working with him to deliver more innovations and efficiencies to our customers and the wider market,” Isabelle Girolami, LCH Ltd CEO, said in the announcement.

ForexClear’s Figures in 2020

Taking the lead of ForexClear, Pearson will be responsible for handling the operations of a service that cleared around $19.1 trillion in 2020. Furthermore, early this year, the clearing service of LCH launched Non-Deliverable Options, a complementary product within its offering of the options-related portfolio.

Pearson commented that: “thanks to the risk management benefits and the efficiencies of clearing, there is a great opportunity for even more participants to benefit from access to ForexClear. I am excited to be joining LCH and working with the team to further develop this rapidly growing service.”

LCH has been growing despite the coronavirus crisis globally. In the last year, the firm announced it had cleared the first Israeli Shekel-denominated interest rate swaps via its dedicated service SwapClear.

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