February 10, 2012

OTC Derivatives at LCH show 108% fee growth

The LCH annual report for 2011 (PDF here) shows that the majority of the revenue increase in revenue was from OTC products (SwapClear), a jump from €21.2m to €44.2m. This is explained by two factors, an increase in membership fee levels, and the growth in membership overall.


The following comment indicates a new growth path:

“Once regulatory approvals have been given, the service will be accessible in multiple jurisdictions, with a legal framework which is compatible with French, UK and US law.” – at which point ICE may have new competition?


Again, plans being laid for the future:

Whilst other FX products are mandated under Dodd Frank, in particular FX options, discussions around the model to be used by CCPs to settle within CLS are ongoing and not likely to finish until Q3 2012. Thus whilst LCH.Clearnet has developed clearing services for Options, FX Swaps and Forwards, it is unlikely that these will be approved until the settlement model agreed is implemented, sometime in early 2013. 

Executive Committee – new structure, service aligned

  • Ian Axe (Group Chief Executive and Chief Executive of LCH.Clearnet Limited)
  • Michael Davie (SwapClear Chief Executive Officer)
  • Charlie Longden (CDSClear Chief Executive Officer)
  • Gavin Wells (ForexClear Chief Executive Officer)
  • Alberto Pravettoni (Repo and Exchanges Chief Executive Officer)
  • Christopher Doukaki (Group Chief Administration Officer)
  • Christophe Hémon (Chief Executive of LCH.Clearnet SA and Chief Operating Officer)
  • Andrew Howat (Head of CaLM)
  • Jeffrey Hughes (Group Chief Financial Officer)

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