Integration row as LCH boss leaves


Integration row as LCH boss leaves

Christian Annesley

The chief executive of pan-European clearing house LCH.Clearnet resigned last week following boardroom disputes over the company's failure to merge its technology platforms in the three years since it was created.

David Hardy's decision to step down comes less than two months after the departure of chairman Gérard de La Martinere. Their exit follows last year's write-down of nearly £14m spent on the long-delayed integration of the firm's two trading platforms.

When LCH and Clearnet merged in 2003, a key driver was the "significant savings" from platform consolidation.


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