Clearing house of the year: LCH.Clearnet

Michael Davie and Dennis McLaughlin

Often, when people want to explain what a central counterparty (CCP) does, they turn to the world of plumbing – as though margin models, collateral and default funds have something in common with U-bends, washers and waste traps. Michael Davie, chief executive of LCH.Clearnet Ltd, offers a different analogy. “I constantly have this image of air traffic control in my mind. In terms of operating a CCP, we need to act as though we are landing at JFK or Heathrow. You don’t want to worry about who is

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to View our subscription options

If you already have an account, please sign in here.

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here