LCH.Clearnet appoints SwapClear Head of Sales & Marketing in the U.S

London, 06 January 2011

LCH.Clearnet Ltd (LCH.Clearnet) has appointed Floyd Converse as Head of Sales and Marketing in the U.S for its market leading interest rate swap (IRS) clearing service, SwapClear.

Floyd will head up SwapClear’s marketing activities, working with current and prospective clients and the Futures Commission Merchant (FCM) community to ensure that the best possible products and services are delivered to the buy-side. Based in New York, he reports to Michael Davie, CEO of SwapClear.

Previously Floyd was a Managing Director at Bank of America Merrill Lynch.  He has over 20 years experience in OTC derivatives and has held senior sales and marketing roles with other major banks including Goldman Sachs and JP Morgan.

The appointment reflects LCH.Clearnet’s commitment to providing the highest level of service to clients in the U.S and follows the recent re-location to the New York office of Daniel Maguire, Head of OTC Derivatives, Risk and Operations.

Michael Davie, CEO, SwapClear at LCH.Clearnet said: “Floyd’s wealth of experience will strengthen our capacity to develop and deliver compelling clearing solutions for our U.S clients. The launch of the FCM model this year* for SwapClear will increase choice for the U.S buy-side, giving them access to the world’s leading IRS clearing service.”

Established over eleven years ago, SwapClear’s membership has grown steadily and now clears trades for 36 direct members and their clients, while the product scope has grown to cover the world’s 14 largest currencies with tenors up to 50 years in USD, EUR and GBP. The only truly global clearing service for IRS, SwapClear now clears approximately 50% of the notional market with  US$ 248 trillion in outstanding notional trade sides and has cleared over 2.8 million trade sides since launch in 1999.

*subject to regulatory approval

To view the press release as a pdf click here.

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About LCH.Clearnet

LCH.Clearnet is the leading independent clearing house group, the world’s largest clearer of OTC derivatives and in addition serves major international exchanges and platforms.  It clears a broad range of asset classes including: securities, exchange traded derivatives, commodities, energy, freight, interest rate swaps, credit default swaps and euro and sterling denominated bonds and repos; and  works closely with market participants and exchanges to identify and develop clearing services for new asset classes.

LCH.Clearnet is regulated or overseen by the national securities regulator and/or central bank in each jurisdiction from which it operates.