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The London Metal Exchange has hired Chris Jones as the chief risk officer for LME Clear, its planned proprietary clearing house.
“[This marks] an important step in the LME’s self-clearing programme,” the exchange said on Tuesday November 6.
Jones was previously an md and chief risk officer at LCH.Clearnet, which is the LME’s incumbent clearing service.
“During a 20-year career at LCH, Jones was at the forefront of developments in the risk and clearing space, including regulatory change, the launch of several clearing services in new markets and active management of major defaults such as Lehman Brothers and MF Global,” the LME said.
Jones will take up his role at the LME at the beginning of next year.
“We are delighted that Chris has joined us here at LME Clear,” Trevor Spanner, managing director of post-trade services at the LME, said in a statement.
“His significant experience and market leadership in risk management will prove invaluable to LME Clear and underlines our commitment to building a world-class clearing house,” he added.
The design and building process for LME Clear is now underway and the service is expected to commence in 2014.
Claire Hack chack@metalbulletin.com Twitter: @clairehack_mb