LCH Clearnet (LCH-C) CEO David Hardy has resigned his
position after 19 years at the firm. The news came in a
statement following a clearinghouse board meeting and there was
no early indication of a likely successor.
Although reasons for his departure were not immediately
known, the clearinghouse has come under pressure due to the
escalating costs of merging the formerly separate entities of
London Clearing House and Clearnet. During its annual results
announcement in May, however, LCH-C said that these costs were
now levelling off (see FO Week Vol 11 No 17).
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