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 determinations committee.
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 US$35bn.
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 Sachs. (Reporting by Helen Bartholomew; Editing by Steve Slater)