Feb. 27 (Bloomberg) -- LCH.Clearnet Ltd. named David Weisbrod to head its U.S. unit as the world’s largest interest-rate-swap clearinghouse looks to expand outside Europe.
Weisbrod spent 40 years at JPMorgan Chase & Co., LCH said in an e-mailed statement today. His most recent role at the New York-based bank was vice-chairman of risk management.
In the past year, the clearinghouse has agreed to sell a majority stake to London Stock Exchange Group Plc, applied for a license to operate in Australia and bought International Derivatives Clearing Group LLC from Nasdaq OMX Group Inc. and other investors. The London-based company renamed IDCG as LCH.Clearnet LLC and has made it the base for U.S. expansion.
Chief Executive Officer Ian Axe is hiring as he seeks to expand Europe’s largest clearinghouse overseas. Led by Axe and chairman Jacques Aigrain, LCH is introducing new over-the-counter services, including one for foreign exchange, as regulators seek to push more trading onto clearinghouses.
LCH’s SwapClear business said clearing revenue rose 36 percent to 59.8 million euros ($78.4 million) in 2012. The increase was down to new members, existing members moving from the introductory to the standard tariff and the growth of client clearing, the firm said on Feb. 15.
In addition to setting up a U.S. unit, Axe is forging a strategy for Asia and Australia. LCH is in talks to sell a holding to Singapore Exchange Ltd., the operator of Southeast Asia’s biggest stock market, according to three people familiar with the negotiations.
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