It’s clear that you can’t build a decent house without good plumbing, so the CME’s hire of Andrew Lamb as its chief executive for CME Clearing Europe looks solid. The appointment is subject to the approval of the CME’s application to the UK’s Financial Services Authority to become a recognised clearing house (RCH).
Lamb will act as a special advisor to the CME during the RCH approval process and, subject to recognition, he will then serve as its CEO. CME Clearing Europe will be based in London and is designed to serve as a central counterparty clearer for over-the-counter derivatives. Lamb is a veteran of the post-trade environment, having served a long stint in senior positions at the London Clearing House and then LCH Clearnet. He also worked for 15 years at the Bank of England, including four years as senior advisor, derivatives and commodity markets.