LCH has signed binding terms with Euronext NV (Euronext) for the continued provision of clearing services for listed financial and commodity derivatives with LCH SA, the Group’s continental European operating subsidiary.
The agreement, which is expected to be finalised in Q4 2017, covers the clearing of financial derivatives and commodity derivatives for a period of 10 years.
Under the terms of the agreement, LCH SA and Euronext will also work together to achieve a targeted range of reduction in clearing fees of 5% to 15% with effect from January 2019, depending on each specific product and service. The precise quantum of the reduction for allocation to each derivative product line will be refined in consultation with customers.
Daniel Maguire has been appointed CEO of LCH Group, with immediate effect.
The appointment follows Suneel Bakhshi’s decision earlier this summer to step down as CEO after four years in the role.
Maguire has been working as the COO of LCH since April 2017, he has been involved in LCH’s SwapClear service from inception and during his 16-year career at LCH has been responsible for risk management, default management, product management, regulatory strategy, programme delivery, sales, marketing and operations.
In 2014, after returning from four years in the US where he started and built out LCH’s North America operations and led SwapClear’s client clearing franchise, Maguire took on the role of global head of SwapClear and subsequently took responsibility for LCH’s ForexClear and listed rates services.
The Post-Trade Distributed Ledger (PTDL) Group is set to merge with the Global Blockchain Business Council (GBBC).
Founded in November 2015, the PTDL Group aims to bring together major post-trade industry participants and regulators to share information and ideas about how distributed ledger technology can transform the post-trade landscape, while the GBBC is a trade association for the blockchain technology ecosystem.
PTDL’s organising committee is made up of representatives from CLS Bank International, HSBC, Janus Henderson, London Stock Exchange Group (LSEG), State Street, and GBBC. All of these firms released statements today supporting the merger.
n October 2016 Profit & Loss published an article: “Who Are the Potential Buyers of NEX?” This time around, Galen Stops applies the same type of analytical treatment to Refinitiv.In October 2018 a consortium, led by the private equity firm Blackstone, concluded a deal to acquire 55% of the equity in Thomson Reuters Financial & Risk (F&R) business, now rebranded as Refinitiv. No one in the market is under the illusion that Blackstone intends to maintain its ownership of Refinitiv, least of all the staff that work there.