LCH has appointed a new chief operating officer (COO), shortly after naming Daniel Maguire as its new chief executive officer.

John Horkan will take over the role of COO as well as his current position of LCH head of North America, based in New York and reporting to Maguire.  

The appointment marks the first time the London-based clearing house’s global operations will be run from the US.

In addition, his appointment follows comments made by Maguire last week to the UK House of Lords, in which he said all or significant parts of the business may be relocated to New York if there was no transition deal in place when the UK leaves the European Union.

It is feared a lack of a Brexit transition deal could fragment LCH’s clearing operations, as it currently clears the majority of euro-denominated interest rate derivatives. 

Horkan will work in partnership with the CEOs of LCH’s regulated central counterparties and the senior management team to implement the Group’s strategy across services and entities.

He joined LCH in 2012 having previously spent 19 years at Bank of America Merrill Lynch and JP Morgan in various roles including COO of global markets sales and corporate bond sales.

Maguire explained Horkan has played a pivotal role in developing and expanding LCH’s US customer base throughout his time as head of North America with the firm.

“In his new role, he will oversee the execution of our strategy including driving operational efficiency programmes as we continue to grow the Group’s global business,” he added.

Maguire - who was appointed COO at LCH at LCH in April this year - has assume the position of CEO following Suneel Bakhshi’s decision to step down from the role after four years.

He has held several other senior positions at LCH including global head of rates and FX derivatives after retuning to the firm in 2008. 

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LCH has appointed a new chief executive officer following Suneel Bakhshi’s decision to step down from the role after four years.

Daniel Maguire, who was appointed chief operating officer at LCH in April this year, will assume the role having first joined the firm in 1999.

He departed to join JP Morgan in 2005, although returned to LCH in 2008 to build out the firm’s operations and client clearing franchise in New York as head of SwapClear in the US.

Maguire has held several other senior positions at LCH including global head of rates and FX derivatives. He will also become a member of London Stock Exchange Group’s (LSEG) executive committee reporting to Xavier Rolet CEO at LSEG.

Rolet commented: “Maguire in his new role as CEO of LCH Group to further the next stage of its global development and I’m pleased to welcome him as a member of LSEG’s executive committee.”

Maguire added: “The role of the clearing house has never been more relevant, helping to reduce risk and improve operational efficiency in financial markets and I look forward to working with members and their clients as we continue to grow the group’s global business.”

Bakhshi will assume a new position as chairman at LSEG International Advisory Group, guiding the establishment of a series of regional advisory groups.

He was appointed CEO in 2013 and LCH said Bakhshi laid the foundation for sustainable growth, developing the firm’s resiliency and efficiency as a systemically important institution.

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LCH has promoted its global head of rates and FX derivatives, Daniel Maguire, to chief operating officer.

Maguire will assume the role in addition to his current responsibilities and will be tasked with new business growth, LCH said.

He will also develop the integration of the clearing firm’s product strategy and execution, working with the executive team of its regulated CCPs.

Maguire first joined LCH in 1999, before departing for a role at JP Morgan. He returned to LCH in 2008 at head of SwapClear US and was promoted to global head of rates and FX derivatives in 2016.

Suneel Bakhshi, CEO of LCH Group, explained Maguire has been key to developing its ITC clearing services, SwapClear and ForexClear products.

“[Maguire] is well placed to expand on this success in his new role working in partnership with LCH’s senior management team and our members to grow our global business,” he said.

Speaking to The TRADE in August last year, Maguire outlined LCH’s central clearing strategies. For the full interview, please click here. 

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LCH has announced that its SwapClear service has cleared a total of $1 trillion of notional value in inflation swaps since its launch in April last year.

The total follows an increase in cleared activity from the buy- and sell-side following the implementation of non-cleared margin rules in September this year, LCH said.

Daniel Maguire, global head of rates and FX derivatives at LCH, explained reaching $1 trillion total is another “significant milestone for SwapClear,” which demonstrates the growing demand for inflation swap clearing from the buy-side and sell-side.

“The introduction of bilateral margin rules in September is driving volume growth across our rates and FX services,” he added.

LCH recently announced the launch of its bilateral derivatives platform to provide centralised trade processing, valuation, margining, risk calculation and optimisation for OTC bilateral rates and FX markets.

The new service is backed by 11 dealers including Bank of America Merrill Lynch, Barclays, BNP Paribas, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan, Morgan Stanley and UBS.

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