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Clearinghouse LCH.Clearnet has promoted Frank Sousan to global head of CDSClear, effective July 1, 2015, officials say.
Sousan is currently head of In-Business Risk at CDSClear, and will be inheriting his new position from Gavin Wells, who will now “focus exclusively on ForexClear,” according to a company statement.
Sousan will be based in Paris and will lead LCH.Clearnet’s continued expansion of the CDSClear, which is “the only EMIR-authorized CCP for the clearing of credit default swaps,” the statement says.
Sousan originally joined LCH.Clearnet in the fall of 2014, from asset manager Renshaw Bay where he was a portfolio manager. Prior to Renshaw, Sousan spent six years at JPMorgan managing its exotics and structured trading group, and before that worked as a credit correlation trader at Société Générale.
Michael Davis, LCH.Clearnet’s chief operating officer (COO), says in a statement that Sousan “brings considerable market experience and industry knowledge to the role, as we continue to build our global market position ahead of the introduction of a clearing mandate.”
Wells expanded the service and structure of CDSClear, “giving it the broadest European coverage of any CCP in credit default swaps,” Davis adds.
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