LCH, the multi-national clearing house controlled by the London Stock Exchange Group, has ended its search for a new CEO to replace the outgoing Suneel Bakhshi, promoting COO Daniel Maguire to the role.
Mr. Maguire has served as the group’s Chief Operating Officer since April 2017. Before this, he was LCH’s Global Head of Rates & FX Derivatives and retained this role in addition to the new responsibilities.
Over the past few years, Daniel has been instrumental in driving growth in LCH’s OTC clearing services, SwapClear and ForexClear, as well as its new products such as compression services and SwapAgent, according to a statement today.
His appointment completes a reshuffling of LCH’s senior management team since the LSE agreed terms with minority shareholders for increasing its controlling stake in the clearer. The deal was viewed as central to the LSE’s efforts to diversify and capitalise upon new regulatory rules although many OTC markets participants have concerns that they may be forced to incur higher costs when executing and clearing their transactions at the same venue.
LCH is the world’s largest clearing house for interest rate swaps, which makes up the majority of all off-exchange trading.
Mr. Maguire originally joined LCH back in 1999, holding such roles as Head of SwapClear US and Global Head of SwapClear US before departing to JP Morgan where he served as Senior VP of Commodity Exotics. He returned to LCH in 2008 at head of SwapClear US and was promoted to global head of rates and FX derivatives in 2016.
Xavier Rolet, CEO of London Stock Exchange Group, said: “I look forward to working with Daniel 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. I’m also happy to announce that Suneel will take a new, non-executive role as Chairman, LSEG International Advisory Groups, building on his considerable management experience as we look to build and deepen relationships in our key growth markets.”
Daniel Maguire added: “I am honoured by the opportunity to lead LCH Group as its new CEO. 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”.
Suneel Bakhshi, CEO of LCH Group, said: “It is has been a privilege to lead LCH Group for the past four years. I have had the opportunity to work with an exceptionally strong team as we have continued to drive LCH’s global business forward and to deliver on the promises that we made at the time of the London Stock Exchange Group’s acquisition of a majority stake in the Group. Trust underpins everything that we do and LCH has a unique position in the industry delivering best in class risk management. LCH is a successful, exciting and growing business and I am confident that the Group’s strong growth momentum will continue in the future.”