LCH.Clearnet has appointed Floyd Converse as head of sales and marketing in the US for its market leading interest rate swap (IRS) clearing service SwapClear.
Converse will head up SwapClears marketing activities, working with current and prospective clients and the Futures Commission Merchant (FCM) community to ensure that the best possible products and services are delivered to the buy-side. Based in New York, he reports to Michael Davie, CEO of SwapClear.
Previously Floyd was a managing director at Bank of America Merrill Lynch. He has over 20 years experience in OTC derivatives and has held senior sales and marketing roles with other major banks including Goldman Sachs and J.P. Morgan.
Floyds wealth of experience will strengthen our capacity to develop and deliver compelling clearing solutions for our U.S clients, Davie says. The launch of the FCM model this year* for SwapClear will increase choice for the U.S buy-side, giving them access to the worlds leading IRS clearing service.
Established 11 years ago, SwapClears membership has grown steadily and now clears trades for 36 direct members and their clients, while the product scope has grown to cover the worlds 14 largest currencies with tenors up to 50 years in USD, EUR and GBP. SwapClear now clears approximately 50% of the notional market with $248 trillion in outstanding notional trade sides and has cleared more than 2.8 million trade sides since launch in 1999.