LCH.Clearnet has appointed Michael Davie as chief executive of SwapClear, its interest rate swap clearing service. 

In this new role, Davie will lead the next phase of the development of SwapClear which will focus on ensuring the best possible products and services are delivered to the buy-side. 

He will report to Roger Liddell, chief executive, LCH.Clearnet.

Liddell says: “Clients represent a large proportion of the global interest rate swap market. Michael’s appointment reflects our commitment to delivering OTC derivative clearing services to the buy side and of ensuring that SwapClear’s market leading offering evolves in line with their needs.”

Davie adds: “OTC derivative clearing has never been more important and SwapClear is the global leader in this field. I am greatly looking forward to working with our current and prospective clients to ensure the service is developed in line with their requirements.”

Davie has over 20 years’ experience in financial services and has held a number of senior strategic, trading, marketing and operational positions during this time. He joins LCH.Clearnet from JP Morgan.