LCH.Clearnet chief Hardy resigns

David Hardy, chief executive of the London-based clearing house LCH.Clearnet, resigned yesterday, just two months after the departure of the company’s chairman, Gérard de la Martinière.

The departures have taken place after a difficult few months for the clearing house, which was formed when London Clearing House and Clearnet merged in 2003. LCH.Clearnet provides services to the London Stock Exchange, Euronext, ICE and the London Metals Exchange, among other exchanges.

LCH.Clearnet acts as a clearer for Euronext, which is the subject of a takeover battle between the New York Stock Exchange and Deutsche Borse. There is concern the future owner of the exchange may select an alternative clearing house to LCH. Clearnet. Added to that, the Financial Services Authority in the UK advised LCH.Clearnet this June to improve its assessment of potential losses and liquidity pressures arising from the failure of a major banking customer. That led to criticism of the management culture at the clearing house.

LCH.Clearnet said yesterday that Chris Tupker would take over de la Martinière’s positions as a director and chairman with effect from July 10. A replacement for Hardy has yet to be announced.