LCH.Clearnet has appointed Joe Reilly as director, SwapClear. In this role Joe will be responsible for the management of LCH.Clearnet’s market leading SwapClear service, the only true over-the-counter (OTC) global interest rate swap clearing solution.
Established in 1999, SwapClear was the world’s first OTC clearing service. It now clears circa 50% of the global interbank market and successfully managed Lehman’s $9 trillion interest rate swap portfolio in September 08. In 2008 the outstanding notional value of interest rate swap trade sides within SwapClear increased by over 41% to over US $150 trillion.
Joe joins LCH.Clearnet from Barclays Capital where he held various roles, including derivatives architecture director and global head of derivative operations. Since 2001 he has represented Barclays Capital as an executive board director for OTCDerivNet, the SwapClear advisory group.
Commenting on the appointment, Alberto Pravettoni, managing director, Commercial Services, LCH.Clearnet said: “OTC clearing has never been more important. SwapClear has been working successfully for the last 10 years and we are delighted Joe has joined to head up the service. Banks are increasingly looking to mitigate counterparty risk, and we are seeing an ever increasing level of interest in SwapClear.”
