LCH has promoted its global head
of rates and FX derivatives, Daniel
Maguire, to chief operating offƒicer.
Maguire will assume the role in addition
to his current responsibilities and will be
tasked with new business growth. He will
also develop the integration of the clearing
firm’s product strategy and execution.
The Options Clearing Corporation (OCC) has
hired Citi’s long-serving senior executive John
Davidson as its new chief operating officer.
Davidson, who was previously Citi’s
chief compliance officer, joined the US
equities clearing house in May.
The Depository Trust & Clearing Corporation
(DTCC) has poached the chief operating officer
at the Options Clearing Corporation (OCC)
to head up its equity clearing business.
Michael McClain has been named managing
director and general manager of equity clearing
at DTCC and will be responsible for leading the
firm’s day-to-day equity clearing operations.
The former head of equities trading for EMEA
at JP Morgan has joined Citadel Securities.
Laurent Marquis departed JP Morgan in
February and is set to begin his career
with Citadel Securities in June this
year in a senior derivatives role.
BNY Mellon has named Dan Watkins as
the new head of its markets business for
Europe, Middle East and Asia (EMEA).
He replaces Richard Gill who announced his
retirement in January after serving over 22
years at the world’s largest custodian bank.
US-EU regulators unable
to reach consensus over
US and European regulators have been unable to agree
over international rules for uncleared derivatives,
with the former granting a no-action letter to allow US
firms to continue doing business in Europe.
The US Commodity Futures Trading Commission
(CFTC) and the European Commission (EC) have
been working together to find a consensus over collateral rules for banks doing business in both the US and
US firms that have European operations were exempt from complying with margin requirements for
non-cleared derivatives until 8 May.
However, the CFTC stated that an equivalence determination from the EC had not yet been completed.