In just a few years, London Stock Exchange Group has doubled its US headcount to nearly 500 employees. That’s just one indicator that LSEG is doing well across a variety of its operations.
Ali Hackett, USA Country Head for London Stock Exchange Group, spoke to JLN about the importance of the customer in continuing LCH’s expansion. Since the financial crisis, regulators have adopted rules that have pushed clearing and trading onto exchanges. But there is still a demand from clientele for innovative solutions in the realm of non-cleared derivatives.
“As far as we’re concerned we really want to help the markets,” Hackett said. “So we’re happy to evolve and grow in both cleared and non-cleared markets.”
For example, later this year LCH will be launching SwapAgent, a platform designed to help with risk management around non-cleared derivatives. LCH’s overall clearing business grew 25 percent. One specific area of growth in clearing was LCH’s ForexClear business, which has increased fivefold since September due to non-cleared margin rules. Currently, ForexClear handles some $40 billion worth of FX NDFs daily.
In North America, FTSE Russell did well on the backs of its Russell indices. Already this year, LSEG acquired Mergent Inc. to bolster their index business and add to their data offerings. There is around $11 trillion in assets pegged to FTSE Russell indices now and the futures contract is set to return to CME Group this year, after several years at the Intercontinental Exchange.
Hackett said the company is looking to expand both organically and by acquisition this year.