The London Stock Exchange Group has promoted Daniel Maguire to chief strategy officer.
He has been the group’s head of post-trade since 2020 and chief executive of clearing house LCH since 2017.
Maguire has spent the majority of his career at the clearing house, joining LCH in 1999 as an analyst. After a brief stint at JP Morgan, Maguire rejoined LCH in September 2008 as global head of SwapClear, LCH’s swap clearing business, two weeks before the collapse of Lehman Brothers. He played an influential role in winding down Lehman’s repo portfolio.
During Maguire’s tenure as head of LCH, he has overseen its growth in euro repo clearing from its Paris-based clearing house and managing the risks of Brexit as the EU tries to bring euro swap clearing back to the continent.
READ: Daniel Maguire: ‘We went from post-trade backwater to front page news’
LCH clears more than 90% of euro swaps and 50% of all over-the-counter interest rate swaps. Across more than a dozen currencies, the clearing house processes more than $1 quadrillion worth of contracts every year.
In May last year, LCH transitioned some $45tn in contracts away from Libor and onto its replacement rate Sofr over two weekends.
As head of post-trade Maguire has also seen the division expand outside the clearing house into services for uncleared derivatives, with LSEG acquiring post-trade services firms Quantile and Acadia in 2021.
His new strategy role comes as the London bourse tries to fight back against tanking capital markets in the City; IPOs are at their lowest since the financial crisis, and UK markets have lost nearly one in five listed companies over the past five years, according to research from Peel Hunt.
While LCH has seen success in maintaining and growing its market share, the LSE lost a number of high-profile IPOs to New York last year, with several FTSE 100 constituents also shifting their main listing across the Atlantic. This month, the board of travel operator TUI, recommended the company delist from the LSE.
Maguire will continue to serve as chief executive of LCH and head of post-trade at LSEG.
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