Paul is a leading expert on clearing, with unique market experience. He has been a central figure at the heart of developments in the central counterparty space, having spent 15 years at LCH.Clearnet in Paris and London, latterly as Legal Director.

He was at the heart of the crisis in 2008, knocking on the door of Lehmans’ administrators on 15 September 2008, and then spent the ensuing months dealing with the aftermath for LCH. Policy-makers were so impressed with the way LCH handled the default that they mandated clearing for the OTC market.

Paul started out at the London Stock Exchange, where he was the lawyer responsible for the exchange’s post-trade activities.

He then moved to the International Petroleum Exchange (now ICE Futures Europe), where he was head of the Legal and Membership Department as the market was transitioning from open outcry to screen trading.

After a spell with a start-up repo exchange, he joined the Paris CCP, Clearnet SA, just before it merged with the CCPs in Brussels and Amsterdam.

Following the merger between Clearnet in Paris and LCH in London to form LCH.Clearnet, Paul was a key player at LCH from his arrival in 2004.

At Clearnet and LCH his achievements included:

  • Ensuring legally sound framework LCH to deal with a default, or other crisis (e.g. euro break-up).
  • Developing rules and processes to support LCH’s EMIR application.
  • Creating LSOC-compliant client clearing services under LCH’s New York law-governed FCM rulebook.
  • Managing the legal aspects of the deal with the major banks which paved the way for today’s SwapClear.
  • Drafting the FX rulebook, implementing for the first time (a) VM haircutting, and (b) a default waterfall which insulated the CCP from the risk of bankruptcy following an FX member’s default.
  • Negotiating and documenting interoperable clearing links, allowing trades on one market to be cleared between members of different CCPs – including the world’s first, between Clearnet and CC&G, for MTS Italy, and the first for equities, between LCH and SIS x-clear for London Stock Exchange.
  • Futurising LCH’s Freight swaps.