LCH has appointed Michael Davie as global head of rates for the group, taking over the role from Daniel Maguire who was named group COO earlier this year.
The rates business, which includes its interest rate and inflation swaps clearing business, will transition from Maguire, who has led the unit since 2014, to Davie.
Davie will lead the SwaPClear and listed rates business, and oversee the launch of LCH SwapAgent, the incoming post-trade business for non-cleared derivatives. He will report to Maguire and Martin Pluves, CEO of LCH.
He re-joins LCH after more than 18 months as head of rates services at LSEG, where he helped develop the launch of CurveGlobal.
Priot to LSEG, he was CEO of SwapClear and CEO of LCH.Clearnet.
“Michael has a proven track record of leading the SwapClear business through a period of outstanding growth. As such, he is well placed to lead LCH’s rates business through its continued expansion, including our move into the uncleared bilteral market through LCH SwapAgent”, said Maguire.
Earlier this year LCH saw one of its key advisers leave the group. Laurent Curtat, global head of products and senior advisor to LCH Group CEO Suneel Bakhshi, left in April after serving more than a year at the role.
Curtat was previously a board member of LCH, as well as Credit Suisse’s head of rates trading for Europe.