LCH.Clearnet Group has appointed David Weisbrod as CEO of its U.S. subsidiary. He is charged with overseeing the continued expansion of the groups multi-national central counterparty clearing house (CCP).
Weisbrod most recently was vice chairman for Risk Management at J.P. Morgan, where he has spent his 40-year career. He has extensive experience in financial services, including clearing and CCP services in the U.S. Before his latest role at the bank, he was chief risk officer for J.P. Morgan Treasury and Securities Services for ten years.
His appointment follows LCH.Clearnets acquisition of International Derivatives Clearing Group (IDCG) last year, which has been rebranded as LCH.Clearnet LLC in the U.S. The acqusition gave LCH.Clearnet access to U.S.-based infrastructure upon which is plans to further develop its business in the market.
Weisbrod previously sat on J.P. Morgans Corporate Risk Policy Group and chaired its Exchange & Clearinghouse Steering Committee. He also has been an active member of a number of key committees of the New York Federal Reserve and served on the board of the Depository Trust & Clearing Corp. (DTCC). Currently he is a member of the board of directors of CLS Group Holdings AG, which deals in the settlement of foreign exchange transactions.
Weisbrod will work closely with the LCH.Clearnet board and CEO Ian Axe to set and execute the groups U.S. strategy.
I am delighted David is joining our team, Axe says. He has vast risk management expertise, clearing knowledge and experience working with U.S. regulators, and he joins the group at a critical stage of our U.S. growth. LCH.Clearnets horizontal, multi-asset, domestic as well as international offerings, coupled with our unique risk management expertise, give us a strong platform for growth in the U.S.
Weisbrod adds: LCH.Clearnet is at the forefront of counterparty risk management for its users and has a great platform to build on for growth in the U.S., particularly with the success of SwapClear. I am excited to work for an industry leading CCP, which is well placed for the new regulatory and competitive world in which it operates.
(CG)