LCH has appointed a new chief executive officer following Suneel Bakhshi’s decision to step down from the role after four years.
Daniel Maguire, who was appointed chief operating officer at LCH in April this year, will assume the role having first joined the firm in 1999.
He departed to join JP Morgan in 2005, although returned to LCH in 2008 to build out the firm’s operations and client clearing franchise in New York as head of SwapClear in the US.
Maguire has held several other senior positions at LCH including global head of rates and FX derivatives. He will also become a member of London Stock Exchange Group’s (LSEG) executive committee reporting to Xavier Rolet CEO at LSEG.
Rolet commented: “Maguire in his new role as CEO of LCH Group to further the next stage of its global development and I’m pleased to welcome him as a member of LSEG’s executive committee.”
Maguire added: “The role of the clearing house has never been more relevant, helping to reduce risk and improve operational efficiency in financial markets and I look forward to working with members and their clients as we continue to grow the group’s global business.”
Bakhshi will assume a new position as chairman at LSEG International Advisory Group, guiding the establishment of a series of regional advisory groups.
He was appointed CEO in 2013 and LCH said Bakhshi laid the foundation for sustainable growth, developing the firm’s resiliency and efficiency as a systemically important institution.