Andrew Lamb, a former head of LCH.Clearnet Ltd, will be chief executive officer of CME Clearing Europe, once the new clearing house is approved by the UK’s Financial Services Authority.

For now, Lamb will be a special adviser to CME Group during the approval process for the entity to become a UK recognised clearing house (RCH), handling over-the-counter derivatives.

If the clearing house is approved, Lamb will be responsible for strategy, risk management and day-to day operations, based in London.

 “Our efforts to launch CME Clearing Europe are intended to provide greater efficiencies to our European customer base during local market hours,” said Craig Donohue, CME’s chief executive. “Volume during non-US trading hours has grown to more than 14% of CME Group volume overall.”

For the last few years Lamb has been a private consultant on clearing, risk management and settlement, working for, among others, the Futures Industry Association and the Futures and Options Association.

From 1993 to 2003 he was head of risk and deputy CEO of London Clearing House, and then became CEO and director of LCH.Clearnet Ltd in London between 2004 and 2006. Lamb also worked at the Bank of England for 15 years.