Clearing house of the year: LCH.Clearnet
According to LCH.Clearnet Ltd's chief executive, what clearing houses do is akin to landing planes. Last year, the firm focused on keeping its safety record spotless
Often, when people want to explain what a central counterparty (CCP) does, they turn to the world of plumbing – as though margin models, collateral and default funds have something in common with U-bends, washers and waste traps. Michael Davie, chief executive of LCH.Clearnet Ltd, offers a different analogy. “I constantly have this image of air traffic control in my mind. In terms of operating a CCP, we need to act as though we are landing at JFK or Heathrow. You don’t want to worry about who is
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