Michael Davie has been appointed global head of rates for LCH Group, effective immediately.
Daniel Maguire is currently the global head of rates and FX derivatives, but was recently announced as the new COO of LCH, in addition to these roles. Maguire will now transition the role of global head of rates to Davie, with Paddy Boyle continuing as global head of ForexClear.
In his new role Davie will report into Maguire and Martin Pluves, CEO of LCH.
He re-joins LCH after more than 18 months as head of rates services at London Stock Exchange Group (LSEG), which owns LCH. At LSEG Davie was tasked with developing the group’s approach to rates products and overseeing the launch of CurveGlobal, where he will remain on as chairman. Prior to that, Davie spent five years at LCH in a variety of senior roles.
Commenting on the new appointment, Maguire says: “I am delighted to welcome Michael back to LCH as global head of rates. Michael has a proven track record of leading the SwapClear business through a period of outstanding growth. As such, he is well placed to lead LCH’s rates business through its continued expansion, including our move into the uncleared bilateral market through LCH SwapAgent”.
As global head of rates at LCH, Davie will lead the SwapClear and the listed rates business and oversee the launch and future extensions of LCH SwapAgent. He will be expected to drive innovation, including capital optimisation through LCH’s compression services, delivering the next phase of its portfolio margining services and continuing to explore other opportunities in the uncleared OTC market.