Joe Reilly Will Head Up SwapClear Service At LCH.Clearnet

LCH.Clearnet has appointed Joe Reilly as Director, SwapClear. In this role Joe will be responsible for the management of LCH.Clearnets SwapClear service, over the counter (OTC) interest rate swap clearing application. Established in 1999, SwapClear was the worlds first OTC

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LCH.Clearnet has appointed Joe Reilly as Director, SwapClear. In this role Joe will be responsible for the management of LCH.Clearnets SwapClear service, over-the-counter (OTC) interest rate swap clearing application.

Established in 1999, SwapClear was the worlds first OTC clearing service. In 2008 the outstanding notional value of interest rate swap trade sides within SwapClear increased by over 41% to over US $150 trillion.

Joe joins LCH.Clearnet from Barclays Capital where he held various roles, including derivatives architecture director and global head of derivative operations. Since 2001 he has represented Barclays Capital as an executive board director for OTCDerivNet, the SwapClear advisory group.

OTC clearing has never been more important, says Alberto Pravettoni, managing director, Commercial Services, LCH.Clearnet. SwapClear has been working successfully for the last 10 years and we are delighted Joe has joined to head up the service. Banks are increasingly looking to mitigate counterparty risk, and we are seeing an ever increasing level of interest in SwapClear.

L.D.

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