LONDON, Feb 8 (IFR) - Paul Swann will retire from his role
heading the InterContinental Exchange's ICE Clear Europe this
summer, following eight years heading the region's largest
clearinghouse for credit default swaps, a person familiar with
the matter said.
Swann will be replaced by Finbarr Hutcheson, president of
ICE Benchmark Administration, which oversees Libor and was
recently selected as administrator for ISDA's credit
A replacement for Hutcheson is currently being sought.
Swann joined ICE in 2006 and launched the European
clearinghouse in 2008. Prior to joining ICE, he was managing
director for group risk at LCH.Clearnet and held various
positions in technology, operations and risk management.
ICE Clear Europe currently clears about 4m contracts each
day across multiple asset classes including interest rate,
equity index and commodity derivatives, with a default fund of
The CCP has become best known for its leading position in
CDS, clearing 17trn in index and 3.5trn in single-name
contracts since operations began in 2009.
Following his departure, Swann will retain his role as a
non-executive director for ICE Clear Netherlands.
Hutcheson was previously CEO of NYSE Liffe and was
responsible for NYSE Euronext's FICC business ahead of NYSE's
tie-up with ICE. Prior to that he spent 15 years at Goldman
(Reporting by Helen Bartholomew; Editing by Steve Slater)