Patrick Birley joins LSE to work on clearing house

Patrick Birley joins LSE to work on clearing house

It was reported in September that the LSE was in talks with a group of US and European banks to build a deposit fund for a new clearing house.

The exchange group had announced in July that it was conducting a strategic review of all clearing operations. Xavier Rolet, the chief executive, left the board of the exchange’s long time clearer LCH.Clearnet in August.

The LSE confirmed that Birley had joined the company but declined to comment on his position or the date on which he joined. It neither confirmed nor denied reports that he was working in clearing.

Birley left his post as chief executive of the European Climate Exchange recently because it was acquired by the Intercontinental Exchange.