LCH.Clearnet has recruited Joe Reilly from Barclays Capital to head up its SwapClear over-the-counter interest rate clearing unit.
Established in 1999, SwapClear now clears circa 50% of the global interbank market and is considered a key asset in LCH.Clearnet's portfolio of services. In 2008 the outstanding notional value of interest rate swap trade sides within SwapClear increased by over 41% to over US $150 trillion.
At BarCap Reilly held various roles, including derivatives architecture director and global head of derivative operations. Since 2001 he has represented Barclays Capital as an executive board director for OTCDerivNet, the SwapClear advisory group.
Alberto Pravettoni, managing director, commercial services, LCH.Clearnet says: "OTC clearing has never been more important...Banks are increasingly looking to mitigate counterparty risk, and we are seeing an ever increasing level of interest in SwapClear."