- Patrick Young
- LCH.Clearnet Announces New Chairman
- www.mondovisione.com
Summary
LCH.Clearnet have made a fascinating choice for their new Chairman at a time when the cinderella clearing business faces both the greatest opportunities, as well as a great many risks in several generations…
Analysis
Of course it is difficult to ignore the symmetry in two Swiss men being chosen to chair European clearing houses within weeks of each other. After the start-up (seeking regulatory approval) CME Europe Clearing House announced Otto Naegeli as their new Chairman, the LCH.Clearnet have now unveiled Jacques Aigrain as their new Chairman.
The Naegeli appointment to CME CH can be seen as seeking a safe pair of hands with a reasonable profile in the European banking and financial realm. Meanwhile Aigrain provides a really serious financial executive who many would argue is still in his prime as the non-executive Chairman of the intriguingly positioned LCH.Clearnet group.
Aigrain’s background at both JP Morgan and SwissRe (where he was CEO 2006-2009) will give him a very different orientation towards the marketplace from his predecessor, Chris Tupker.
LCH.Clearnet recently reported the first loss in its history amid a fascinating shuffle of shareholders which has seen the banks really take control of the institution. Now LCH.Clearnet needs to really provide a way for banks to CCP clear their OTC products while protecting their business from exchanges. LCH.Clearnet is set for interesting times and Aigrain is a most capable Chairman to lead them into new pastures. His high profile as a leading corporate executive will help LCH.Clearnet with many international regulatory tussles while it will be intriguing to see how his vision meshes with CEO Roger Liddell.
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