Daniel Maguire appointed LCH CEO
October 19, 2017

Global clearing house has named Daniel Maguire as Chief Executive Officer of LCH Group, with immediate effect. The appointment follows Suneel Bakhshi's decision, earlier this summer, to step down from the role after four years.

Maguire was appointed Group Chief Operating Officer in April this year. He has been involved in LCH's SwapClear service from inception and during his 16-year career at LCH has been responsible for risk management, default management, product management, regulatory strategy, programme delivery, sales, marketing and operations.

In 2014, after returning from four years in the US where he started and built out LCH's North America operations and led SwapClear's client clearing franchise, Maguire took on the role of Global Head of SwapClear and subsequently took responsibility for LCH's ForexClear and Listed Rates services. Maguire will also become a member of London Stock Exchange Group's Executive Committee, reporting to Xavier Rolet, LSEG CEO.

Bakhshi will assume the role of Chairman, LSEG International Advisory Groups. He will guide the establishment of a series of regional advisory groups to provide a network of senior leaders to deepen our relationships in key growth markets for the Group.

Separately, LCH announced that it is now clearing Swiss Franc (CHF) interest rate swaps referencing SARON, the Swiss average overnight rate. The move comes ahead of the migration of CHF reference interest rates from TOIS (Tomorrow/Next Overnight Indexed Swap) to SARON, scheduled for December 29 2017. Basler Kantonalbank, Credit Suisse and Zürcher Kantonalbank were among the first market participants to begin clearing using the rate.

SARON is the new rate to be used for CHF overnight indexed swaps (OIS) and has recently been recommended as the alternative to Swiss Franc LIBOR and TOIS. LCH has cleared approximately CHF 30 trillion in Swiss Franc-denominated interest rate derivatives since SwapClear started clearing the currency in June 2002.





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Global clearing house has named Daniel Maguire as Chief Executive Officer of LCH Group, with immediate effect. The appointment follows Suneel Bakhshi's decision, earlier this summer, to step down from the role after four years.

Maguire was appointed Group Chief Operating Officer in April this year. He has been involved in LCH's SwapClear service from inception and during his 16-year career at LCH has been responsible for risk management, default management, product management, regulatory strategy, programme delivery, sales, marketing and operations.

In 2014, after returning from four years in the US where he started and built out LCH's North America operations and led SwapClear's client clearing franchise, Maguire took on the role of Global Head of SwapClear and subsequently took responsibility for LCH's ForexClear and Listed Rates services. Maguire will also become a member of London Stock Exchange Group's Executive Committee, reporting to Xavier Rolet, LSEG CEO.

Bakhshi will assume the role of Chairman, LSEG International Advisory Groups. He will guide the establishment of a series of regional advisory groups to provide a network of senior leaders to deepen our relationships in key growth markets for the Group.

Separately, LCH announced that it is now clearing Swiss Franc (CHF) interest rate swaps referencing SARON, the Swiss average overnight rate. The move comes ahead of the migration of CHF reference interest rates from TOIS (Tomorrow/Next Overnight Indexed Swap) to SARON, scheduled for December 29 2017. Basler Kantonalbank, Credit Suisse and Zürcher Kantonalbank were among the first market participants to begin clearing using the rate.

SARON is the new rate to be used for CHF overnight indexed swaps (OIS) and has recently been recommended as the alternative to Swiss Franc LIBOR and TOIS. LCH has cleared approximately CHF 30 trillion in Swiss Franc-denominated interest rate derivatives since SwapClear started clearing the currency in June 2002.



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