SwapClear boss Michael Davie is to take over as CEO of LCH.Clearnet Limited, London Stock Exchange Groups’s (LSEG) UK clearing house.
Davie, who has been at LCH.Clearnet since 2010 and previously worked for 15 years at JP Morgan, will become permanent CEO of LHC.Clearnet Limited as well as his role as CEO of SwapClear.
He replaces Ian Axe who stepped down this week after announcing his departure in July. Axe was CEO of both LCH.Clearnet Group and the UK clearing house.
The firm is still searching for a new LCH.Clearnet Group CEO. Non-executive chairman Jacques Aigrain is to become Executive Chairman to guide the company until a replacement for Axe is found. He maintains his role as a non-executive director of LSEG.
Commenting on the reshuffle, Aigrain said: "I am delighted Michael Davie is to become CEO of our UK clearing house, LCH.Clearnet Limited. His exceptional leadership at SwapClear is evidenced by the business’ recent success and I very much look forward to continuing to work with him.”