LCH.Clearnet strengthens US business

Appoints David Weisbrod CEO of LCH.Clearnet LLC

27 February 2013

LCH.Clearnet Group Ltd (LCH.Clearnet) today announced the appointment of David Weisbrod as CEO of its US subsidiary to oversee the continued expansion of its multi-national central counterparty clearing (CCP) business in the world’s largest capital market. Weisbrod, who has extensive experience in financial services including clearing and CCP services in the US, will be responsible for leading and developing LCH.Clearnet’s US-based subsidiary.

The appointment comes after LCH.Clearnet’s acquisition of International Derivatives Clearing Group (“IDCG”) in the US last year, renamed LCH.Clearnet LLC. The transaction gave LCH.Clearnet access to US-based infrastructure with which to further develop its business in the US.

Weisbrod enjoyed a distinguished 40-year career at JPMorgan Chase, where most recently he was Vice Chairman, Risk Management for the Group. He also sat on the firm’s Corporate Risk Policy Group and chaired its Exchange & Clearinghouse Steering Committee, which coordinates its clearinghouse and exchange risk management approach. In addition, he was an active member of a number of key committees of the New York Federal Reserve. He served for many years on the board of the Depository Trust & Clearing Corp. (“DTCC”) and is currently a member of the board of directors of CLS Group Holdings AG, a firm that plays a fundamental role in the settlement of foreign exchange transactions.

Weisbrod will work closely with Ian Axe, Group Chief Executive, and the LCH.Clearnet board to set and execute the Group’s US strategy. He will also work closely with the current US management team, regulators, members and clients in the US to ensure the world’s leading independent CCP meets the market’s needs and requirements. Weisbrod’s core mission will be to expand global capabilities to US clients in both OTC and exchange traded instruments, leveraging SwapClear’s experience and strong penetration in the US market.

Ian Axe, LCH.Clearnet Group Chief Executive, said: “I am delighted David is joining our team. He has vast risk management expertise, clearing knowledge and experience working with US regulators, and he joins the Group at a critical stage of our US growth. LCH.Clearnet’s horizontal, multi-asset, domestic as well as international offerings, coupled with our unique risk management expertise, give us a strong platform for growth in the US.”

Commenting on his appointment, David Weisbrod said: “LCH.Clearnet is at the forefront of counterparty risk management for its users and has a great platform to build on for growth in the US, particularly with the success of SwapClear. I am excited to work for an industry leading CCP, which is well placed for the new regulatory and competitive world in which it operates.”

Before his last role at J.P. Morgan, Weisbrod was Chief Risk Officer for J.P. Morgan’s Treasury and Securities Services division for 10 years, where he guided the payments and custody business through the September 11th attacks and the 2008 financial crisis.

For a fact sheet on LCH.Clearnet and central counterparty clearing services click here.

To view the press release as a pdf click here

For further information please contact:

LCH.Clearnet
Juliana Wheeler: +44 (0) 20 7426 7638 or +44 (0)7949 812 520

About LCH.Clearnet

The LCH.Clearnet Group is a leading multi-asset class and multi-national clearing house, serving major exchanges and platforms as well as a range of OTC markets.

LCH.Clearnet’s world-class risk management framework provides the markets with exceptional levels of protection. Both the soundness of its risk management approach and the resilience of its systems have been proven in recent times. As demand for robust clearing services continues to grow, LCH.Clearnet is committed to setting and maintaining the highest standards across all asset classes cleared.

For more information on LCH.Clearnet visit www.lchclearnet.com/media_centre