LCH.Clearnet appoints a CEO for “CDSClear”
Press release from LCH here, and below.
This means LCH now has leadership strength in three areas:
- Rates: Michael Davie, CEO SwapClear
- FX: Gavin Wells, CEO FXClear
- Credit: Charlie Longden, CEO CDSClear
London, 06 December 2011
LCH.Clearnet SA (LCH.Clearnet) has appointed Charlie Longden as CEO of CDSClear, its credit default swap (CDS) clearing service. Charlie joins LCH.Clearnet from Markit where he was managing director of fixed income, heading up the development of new credit services, including Markit’s new evaluated bonds platform, as well as managing the CDS product in Europe.
As CEO of CDSClear, Charlie will lead the development of CDSClear within the context of the evolving regulatory landscape. He will report to Ian Axe, LCH.Clearnet Group CEO and will divide his time between London and Paris.
Charlie has over 20 years experience in credit. He joined Markit in 2008 from ABN Amro where he was global head of credit trading and eco-markets. During his time at ABN Amro, Charlie was instrumental in the establishment of a number of key initiatives, including iBoxx Notes in 2002, the forerunner of iTraxx / CDX.
LCH.Clearnet launched CDS clearing for four French banks in March 2010 and, since launch, €49.4 billion has been cleared. An international clearing offering is being developed and is anticipated to launch in 2012.
Commenting on his appointment, Charlie Longden said: “LCH.Clearnet is uniquely placed to benefit from the growing demand for OTC clearing services. Its long pedigree in clearing OTC and close relationship with market participants is an excellent platform for growth. I’m delighted to be leading such an interesting service at such an exciting time.”
Ian Axe, CEO, LCH.Clearnet group added: “Charlie’s extensive industry expertise, coupled with his deep understanding of clients and their concerns, make him ideally placed to head up this important service for the next phase of its development. We are thrilled to have him on board.”