In this newly-created position, Lamb will act as a special advisor to CME Group during the RCH approval process and, subject to recognition, will serve as CEO, responsible for the development of strategic initiatives, risk management policies and day-to-day operations for CME Clearing Europe Limited. CME Clearing Europe will be based in London and designed to serve as a central counterparty clearer for over-the-counter derivatives, guaranteeing the performance of every trade it clears and therefore substantially mitigating counterparty credit risk for its customers.
"Based on growing demand for centrally cleared solutions in global financial markets, our efforts to launch CME Clearing Europe are intended to provide greater efficiencies to our European customer base during local market hours," said Craig Donohue, CME Group Chief Executive Officer. "The EMEA region has been a significant source of growth for our business, and volume during non-U.S. trading hours has grown to more than 14 percent of CME Group volume overall. As part of our global growth strategy, CME Clearing Europe will help to extend the safety and security of central counterparty clearing to our European clients, both through the initial offering of CDS clearing and additional locally relevant products we plan to offer in the future."
"Building on more than a century of CME Clearing's default-free risk management experience in the United States, we look forward to working with our European customer base to develop the European clearing and settlement services they need to manage risk not only in this challenging economic environment, but for the long term as well." said Kim Taylor, Managing Director & President, CME Clearing. "We look forward to leveraging Andrew's deep experience and strong expertise to guide the development and implementation of our new London-based clearing enterprise."
Prior to joining CME Group, Lamb spent more than 30 years improving financial markets infrastructure, having served as Head of Risk and Deputy CEO at London Clearing House (1993-2003) and as CEO and Director of LCH Clearnet Ltd in London (2004-2006). Lamb also served for 15 years at the Bank of England - including four years as senior advisor, derivatives and commodity markets. He most recently worked as an independent consultant for private and public companies on clearing, risk management and settlement, including among his customers the Futures Industry Association (FIA), the Futures and Options Association (FOA), and various U.S. and European investment funds. Lamb earned a bachelor's degree from the University of York, a master's degree from the University of London, and a PhD (Economics) from the London School of Economics.