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LSE names new director to head post-trade services and cut costs

THE London Stock Exchange (LSE) yesterday said Kevin Milne has begun work in a newly created job as director of post-trade services, with a brief to bring down clearing and settlement costs as a priority.

“While the costs of trading and execution have fallen away quite sharply, the costs of clearing and settlement have not,” Milne said, adding they now account for more than half of total transaction costs.

“In terms of priorities [in the new post], it is getting to the bottom of that quite quickly and delivering higher-value services to users of our various markets,” said Milne, who is 47 and worked for the LSE from 1986-91.

Milne was most recently head of the Xtrakter business of Euroclear, the world’s largest settlement system for securities transactions.