LCH has named Daniel Maguire as its new global head of rates and FX derivatives, with the clearing house continuing its global push in the interest rate swaps clearing market.
Maguire previously headed LCH’s SwapClear, its interest rate swaps clearing business. He will now be responsible for global product development of listed and over-the-counter (OTC) rates and FX derivatives through SwapClear and ForexCLear.
LCH has also poached former Goldman Sachs’ veteran Paddy Boyle as head of FX product. He was previously global head of FX options at the bank.
“As we continue to harmonise and simplify the structure of our global clearing services, I am delighted to announce the strengthening of the management team for Rates and FX derivatives,” said Suneel Bakhsi, group CEO, LCH.
Bakshi also added the group will look to roll out its portfolio compression service globally, which enable banks to offset compatible trades and therefore wipe off trillions of dollars in notional volume.
According to its end of year results, SwapClear had compressed $328 trillion of notional volume in the OTC derivatives market.
SwapClear also holds almost a 95% share in the USD swaps clearing market, according to the results.