Reilly to head SwapClear at LCH.Clearnet

LCH.Clearnet has appointed Joe Reilly to lead its SwapClear service, which provides clearing for over-the-counter interest rate swaps.

Reilly joins from Barclays Capital, where he held various roles, including derivatives architecture director and global head of derivatives operations. Since 2001 he has represented Barclays Capital as an executive board director for London-based OTCDerivNet, the SwapClear advisory group.

SwapClear says it clears approximately 50% of the global interbank market. In 2008 the outstanding notional value of interest rate swap trade sides within the service increased by 41% to $150 trillion.

See also: Dealer interest delays LCH.Clearnet and DTCC deal
TriOptima CDS tear-ups cut risk