Clearing house operator LCH.Clearnet has appointed former Renshaw Bay senior portfolio manager Frank Soussan as global head of CDSClear.
Soussan will head up LCH.Clearnet’s credit default swap central counterparty (CCP) in Paris, which remains the only clearing house currently authorised by regulators to clear the products.
CDSClear became an international service in 2012 following regulatory moves to enforce the central clearing of certain credit default swaps. The European Securities and Markets Authority reauthorised the CCP to clear the products in May 2014 under the European Market Infrastructure Regulation.
He replaces Gavin Wells who will focus on LCH’s ForexClear.
“Frank brings considerable market experience and industry knowledge to the role, as we continue to build our global market position ahead of the introduction of a clearing mandate,” said Michael Davie, Group COO, LCH.Clearnet.
“I would also like to take the opportunity to thank Gavin Wells for his recent leadership of CDSClear, which, under his direction, has expanded the service and structure, giving it the broadest European coverage of any CCP in credit default swaps."
Soussan began his career as a credit correlation trader at Société Générale in New York, before moving to the Credit Exotics trading desk at JP Morgan in London.
In 2012 he moved to Renshaw Bay to be a senior portfolio manager for the Credit Special Opportunities Fund.