LCH.Clearnet Group, the CCP group created by the merger of LCH and Clearnet that has endured criticism from market participants over its failure to deliver the technology and service improvements promised at the time of the merger, has replaced the CEO of LCH.Clearnet Limited, one of the two operating companies within the LCH.Clearnet Group.
Patrick Birley succeeds Andrew Lamb, who LCH.Clearnet says is retiring. Birley, who is currently Director of Exchange Strategy at The London Metal Exchange (LME), will also be responsible for Risk Management. Birley will take up his appointment early in February.
“I am delighted that Patrick Birley has agreed to take up this important position in succession to Andrew Lamb,” says David Hardy, Group Chief Executive. “Patrick brings with him outstanding experience in clearing, risk management, operations and strategy as well as in exchange traded markets, and we look forward greatly to welcoming him to LCH.Clearnet.”