London Stock Exchange Group has appointed financial services veteran Marshall Bailey as chairman of its clearing business LCH Group.
The move, which is effective immediately, will see current LCH Group chairman Lex Hoogduin step down after three years in the role.
The business has become central to debates about the impact Brexit will have on the finance industry, as LCH clears 90 per cent of Euro denominated contracts and some EU policymakers are keen for the unit to be moved into the single currency area.
Bailey, who has 30 years of experience in the financial services sector, will also join the LSE group board as an independent non-executive director along with Citi head of regulatory and market strategy Ruth Wandhofer.
London Stock Exchange Group chairman Donald Brydon said: "Marshall’s knowledge, gained from Board and management positions in the UK and around the world, will allow him to offer valuable commercial and regulatory insight to LCH Group and LSEG.
"Ruth’s background in regulatory and technology change within complex businesses will be of great benefit to the Group as we continue to develop our global business.
“I would like to thank Professor Lex Hoogduin for his commitment and significant contribution in his role as a Non-Executive Director of LSEG and as Chairman of LCH Group Limited over the past three years. I am pleased that the Group will continue to benefit from his experience as Chairman of LCH Ltd and LCH SA.”