ICE names president and chairman for Ice Clear Europe

Ice has hired Paul Swann as president and chief operating officer of Ice Clear Europe. Swann most recently held the positions of managing director, group risk, and managing director, change, for LCH.Clearnet. During his 20-year tenure at the London-based international clearing house, Swann held various leadership positions in technology, operations and risk management. In those roles, Swann worked with Ice on its energy futures and over-the-counter (OTC) clearing business.

Bob Reid will serve as chairman of Ice Clear Europe. He has served on the board of directors of Ice since 2001. He has been chairman of ICE Futures, Ice’s UK-regulated futures subsidiary, since 1999.

Clearing for Ice is currently provided by LCH.Clearnet. Ice expects to fully transition its energy futures and OTC derivatives clearing business to its ICE Clear Europe operations in the third quarter of 2008 (see also: Ice to form London-based clearing house). Ice Clear Europe will partner with Ice’s US clearing house to serve its global customer base across the commodities and financial products marketplace, including futures and OTC derivatives markets.