Ian Axe, group chief executive, LCH.Clearnet

LCH.Clearnet profit up 89 per cent in 2012

LCH.Clearnet Group has reported an increase in net revenues of 24 per cent to EUR426.2m for the year ended 31 December 2012.

Operating profit grew by 89 per cent to EUR127.5m over the same period.

Clearing fees increased seven per cent to EUR253.9m, while net underlying investment income was EUR132.3m and unrealised net investment gain and net other income including rebates totalled EUR40m. Operating costs were controlled at EUR298.7m.

Ian Axe (pictured), group chief executive, says: “Last year saw unprecedented stress in European sovereign debt markets and extensive global financial regulatory reforms covering CCPs. LCH.Clearnet came through for clients and regulators demonstrating once again our effectiveness within the global capital markets risk management framework. A EUR127.5m profit is sound evidence of how we strengthened our financial stability and is proof of our longevity. We also achieved a number of important milestones in our strategic development, including reinforcing our leading market position in Europe by growing our OTC businesses and extending our horizontal exchange model, as well as investing in the US and Asia.  We are in a strong position to leverage further our strengths as the leading multi-asset class, multi-venue clearer.”

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