LONDON Aug 23 LCH.Clearnet has hired a new
chief financial officer in the latest top management change at
the European clearing house as it works to sell itself to the
London Stock Exchange Group.
Oliver Corbett, most recently the finance director of
insurer Novae Group, replaces interim CFO Jeffrey Hughes, who is
leaving the group, LCH said on Thursday.
Corbett, who was at Dresdner Kleinwort Benson before joining
Novae in 2003, will join the clearing house in December, LCH
The appointment of Corbett - the fourth management change at
the firm in three months - comes at a crucial time for
LCH.Clearnet as the firm looks to sell a majority stake of its
shares to British exchange group LSE.
In April, the firms agreed a deal under which the LSE would
buy up to 60 percent of LCH.Clearnet in a deal valuing the
clearing house at 813 million euros. The transaction still needs
approval from European competition authorities.
LCH and LSE have said they plan to complete the trade in the
fourth quarter of this year.
Last month LCH appointed Martin Ryan, formerly of RBS
and Morgan Stanley, as global head of operations.
In May, the clearing house hired Dennis McLaughlin as chief
risk officer from insurance firm AON and Magnus Spencer
as group general counsel.
Spencer was latterly the head of European counsel at
Barclays Capital, where he worked with LCH Chief
Executive Ian Axe before Axe joined LCH from Barclays in May
Clearing houses, which sit between trading partners, holding
cash to be used to refund firms left out of pocket by a
counterparty default, won support from regulators for their
performance after the collapse of Lehman Brothers in 2008.
LCH.Clearnet's Swapclear is the market-leading service for
clearing interest rate swaps, the largest OTC market, and is
seen by analysts as a prized asset given regulatory changes to
force the OTC products to use clearing house.