Trevor Spanner, CEO of LME Clear, on the trials and tribulations of building a CCP.
The LME’s new clearing system went live on
September 22 when its members’ positions moved
over from former clearing provider LCH.Clearnet, making LME
Clear the first new major piece of European market
infrastructure since CME Group launched its clearing house in
"All 43 members transferred over on day one. It was a big
bang approach so we transferred over that weekend some 2.2
million positions from LCH to ourselves. There was also an $8bn
collateral transfer from LCH. It had to be a big bang because
otherwise client positions would have been split," Trevor
Spanner, LME Clear chief executive, told FOW in
Spanner said he wasn’t concerned ahead of the
migration. He has worked on a clearing house previously --
EuroCCP, a cash equities clearer owned by the DTCC –
and the LME Clear launch had been meticulously tested.
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