Board of Directors

Laurie Adams is Chairman and independent non-executive director of LCH Limited. He is a Chairman of LCH Limited Nomination and a member of Remuneration Committee.

Laurie started his career as a banking solicitor at Allen & Overy in 1979, moving to Grand Metropolitan PLC in 1982 then onto Prudential Bache Inc in 1984 where he founded the UK legal and compliance function. He subsequently became managing director and European general counsel at Lehman Brothers International. From 1990-2000 Laurie served as European Head of Legal & Compliance at Citigroup during which he merged and led the Salomon Smith Barney and Schroders legal teams. Following this, Laurie became Global Head of the Legal & Compliance investment banking wholesale division of ABN AMRO based in London. In 2003 he was awarded Global Internal Counsel of the Year by Legal Business for restructuring ABN AMRO’s worldwide legal function.

In 2004 he became a Director of Siblu Holdings Limited where he co-led a £50m buy-in management buy-out of a French based caravan park business and subsequently refinanced the business for £100m in 2006.

In 2007, Laurie was appointed as a NED and Chair of the Risk Committee at Northern Rock PLC. As a member of the Recovery Board he helped successfully restructure and sell Northern Rock to Virgin Money in 2012.

Laurie was also the EBRD representative on the Supervisory Board of Parex Bank in Latvia from 2008 to 2013 and was a Non-Executive Director of Exane Limited between 2012 and 2019. He also served as a Chairman of the Principality Building Society, the UK’s 6th largest Building Society from 2013 to 2021.

Laurie holds an MA in Jurisprudence from Oxford University.

Isabelle Girolami is Chief Executive Officer of LCH Limited.

Isabelle joined LCH in November 2019 from Crédit Agricole, where she was most recently Deputy CEO for the Corporate and Investment Banking business, responsible for financial markets across fixed income and equities. Isabelle joined Credit Agricole in 2015 as Global Head of Financial Markets.  She also served as Vice Chair of the Association for Financial Markets in Europe and a Board Member of Global Financial Markets Association.

Prior to Crédit Agricole, she spent seven years at Standard Chartered Bank both in London and Singapore, latterly serving as Co-Head of the Wholesale Bank ASEAN and Head of Financial Markets ASEAN. Earlier in her career, she held senior positions at Bear Stearns and BNP Paribas.

Isabelle holds a Masters degree from the HEC School of Management in Paris.  

Ron Berndsen is an independent non-executive director of LCH Limited and SA. Ron also serves as Chair of LCH Limited and LCH SA’s Risk Committees and is a member of the LCH Audit Committees.

Ron is Professor of Financial Market Infrastructures and Systemic Risk, Tilburg School of Economics and Management at Tilburg University, on a part-time basis.    

He is editor-in-chief of the Journal of Financial Market Infrastructures and a member of the Advisory Council of the SWIFT Institute.

Ron has held several high profile roles at De Nederlandsche Bank since 1992, in Economic and Monetary Policy, Head of Oversight of Payment and Securities Settlement Systems and most recently acting as Head of Market Infrastructures Policy.

He has also served as a Member of the Committee on Payments and Market Infrastructures and the ECB’s Market Infrastructure Board. He also co-chaired the FSB Group on Cross-Border Crisis Management for Financial Market Infrastructures.

He was awarded a doctorate of Tilburg University in 1992 for his PhD thesis in the area of Economics and Artificial Intelligence.

Jane Guyett is an independent non-executive director of LCH Limited and serves as Chair of its Technology, Security and Resilience Committee. 

Jane spent 15 years with Bank of America Merrill Lynch where she held various roles in London and New York. She was Chief Operating Officer (EMEA and Asia) of the Global Markets Group and sat on the Board of Bank of America Securities. She began her career in Corporate Restructuring at Mitsubishi Bank Ltd London, before joining Bank of America in 1994.

Jane Guyett is the senior independent director of UK Government Investments Limited, a Parliamentary appointment, where Jane is also Chair of Risk and Audit Committee. UKGI is HM Government’s centre of excellence in corporate finance and corporate governance, advising Ministers and Parliament on complex commercial tasks.

Additionally, Jane is a member of the board of Royal London Group, the UK’s largest mutual insurance company. Jane is also Chair of Connect Plus (M25) Plc and Chair of its Risk and Audit Committee.

Until 2016, Jane was a non-executive director of U.K. Financial Investments, advising HMG on their shareholding’s in Lloyds Banking Group, Royal Bank of Scotland plc and U.K. Asset Resolution.  

Jane was awarded a CBE in Her Majesty’s New Years honours list for services to the Economy. Jane graduated from Southampton University with a BSc. Hons Economics.

Andy Hudis is an independent non-executive director of LCH Limited, Chairman of its Remuneration Committee and member of Nomination and Risk Committees. Andy also serves as Chair of the SwapAgent Board and SwapAgent Risk Committee.

Andy began his prestigious career at Goldman Sachs in 1985 as a fixed income researcher. From 1989-2000 Andy ran a team trading bond options and later assumed responsibility for European Government bond trading. He was appointed managing director in 1998. From 2000-2002 he was involved in numerous fixed income initiatives within the e-commerce space and also started serving on the boards of SwapsWire and OTCDerivNet. From 2002-2016 Andy co-ran the global CVA activity for the Rates business. This took a lead role in interpreting and implementing revised capital requirements for fixed income trading, applying appropriate hurdle rates for new activity and managing the usage of capital across the global business. Prior to Goldman Sachs, Andy worked at the Environmental Defense Fund in 1981 conducting research and performing legal advocacy on pollution issues. He then moved to Abelow Ihasz & Co. in 1983 where he was mainly focused on trade and research.

Andy holds a B.A. in Mathematics & M.A. in Chemistry from Dartmouth College.

Carole Machell is an independent non-executive director of LCH Limited and SA. Carole also serves as Chair of the LCH Ltd and SA Audit Committees and is a member of LCH Risk Committee.

Carole held a series of positions at Barclays between 2006 and 2016. These included Head of the International Corporate Business, COO Barclays Wealth Global Head of Operations, Barclays Capital and COO Global Corporate Bank.

Prior to joining Barclays, Carole spent eight years at JP Morgan in a range of Operations, Technology and strategic roles. She has also worked for OMLX, The Swedish Derivatives Exchange as MD of the London exchange and clearing house.

 Carole sits as a NED on the bank boards of Weatherbys, Sainsburys, and DF Capital. She chairs either the Risk or Audit Committee and is a member of the Remuneration Committees.  She was an INED on Crown Agency Bank and the Charities Aid Foundation Bank until mid 2020. She is a Trustee of the Charities Aid Foundation and was previously a Trustee of the JP Morgan Pension Scheme.

Carole has degrees in Classical Studies and Law from Bristol University and Lancaster Gate. She also has a diploma from Christies in Fine Art and early in her career set up and ran a successful antiques gallery in New York. She qualified as a chartered accountant with Ernst & Young in 1991.

Anthony is a non-executive director of LCH Limited and CIO for London Stock Exchange Group. In this role, Tony is accountable to the CCP CEOs for the provision of IT services in each CCP.  He is a member of the Executive Committee of the London Stock Exchange Group (LSEG).

Previously Tony was a Managing Director in IT at Deutsche Bank and was the Group CIO for the bank from March 2011 through November 2013. Before this, he was the CIO for Investment Banking Technology within Deutsche Bank’s Corporate and Investment Bank (CIB).  He spent his first 12 years with the bank based in New York, and spent his last 5 years from August 2009 through July 2014 based in London.

Prior to joining Deutsche Bank in 1997, Tony worked at Morgan Stanley for 12 years during which time he had a five-year assignment in Tokyo, from where he assumed the role of Head of Far East IT for three of those years.  

Tony received a BS in Chemical Engineering from Clarkson University and a MBA  from the State University of New York at Albany.  He was voted ‘CIO of the Year 2007’ from The Banker magazine and was named ‘Best CIO in 2009’ from the American Financial Technology Awards.

Balbir is a non-executive director of LCH Limited and CRO for London Stock Exchange Group. He joined LSEG as Chief Risk Officer in January 2021 and brings a deep commercial understanding and knowledge of risk management.

Balbir was previously Group Head of Non-Financial Risk Management at Deutsche Bank and served on the Supervisory Board of Deutsche Bank Luxembourg S.A. as Chair of its Risk Committee.

Before this, Balbir was Global Head of Operational Risk Management at Credit Suisse, having held a variety of senior roles, including UK Investment Banking Chief Risk Officer and Head of Market Risk.

Balbir started his career at LCH as a risk analyst.

Snigdha is the co-head of EMEA FICC Trading & head of EMEA Markets Initiatives at Bank of America. She is a member of the firm’s EMEA Executive Committee and Regional Risk Committee and serves as a director on the Board of our UK mortgage entities. Her leadership responsibilities include strategy and governance across all our markets businesses and legal entities in EMEA, as well as overall management of EMEA FICC Trading. Snigdha is an Executive Sponsor for Bank of America’s enterprise wide Multi Cultural Leadership Network. She represents the bank at the ECB’s Bond Market Contact Group and Bank of England’s FICC Forum.

Snigdha joined Bank of America’s Rates business in London in 2013. She was appointed head of EMEA Rates Trading in 2020 and co-head of EMEA FICC Trading in 2021. She played a key role in building out Bank of America’s rates franchise across EMEA, as well as extending our continental footprint through the expansion of our Paris sales and trading hub in 2019. Under her leadership, Bank of America was recognised as the Derivatives House of the Year multiple times by Risk, Global Capital and IFR Awards. She successfully led the IBOR transition project for Global Markets from 2018 to 2023.

Prior to joining Bank of America, Snigdha held various positions at HSBC, Insight Investment and Lehman Brothers. Snigdha was named in Financial News’ 100 Most Influential Women in European Finance list in 2020 and 20 Most Influential Individuals in Trading & Technology 2023. Snigdha serves as a trustee of CRIS Cancer UK a non-profit dedicated to facilitating and developing translational cancer research. She is the chair of the GP Singh Foundation a social impact charity that facilitates higher education for underprivileged students from India. She is an alumni of the Indian Institute of Management Ahmedabad and Presidency College Kolkata.

Emma Richardson is Managing Director and Global head of Futures Execution and Derivatives Clearing at J.P. Morgan Chase. In her role Emma leads J.P. Morgan’s Listed and OTC Clearing and Intermediation business; this includes exchange traded futures and options, OTC rates and credit products and FX prime brokerage.

Emma is an 18 year veteran of J.P. Morgan, with extensive experience in Business Strategy, Product Innovation and Financial Resource Optimization. Her most recent role was Global Head of In-Business Risk, Product Development and Treasury for Derivatives Clearing. Prior to that Emma has held a number of leadership positions with a focus on Cleared Derivative Product Development and Derivative Regulatory Reform, in both London and New York.

Emma graduated in 2004 with a BA (Hons) degree in History from Trinity College, Dublin.

Claude Ehlinger is Chairman and independent non-executive director of LCH SA.

Claude began his career at the Thomson group in 1985, before joining Finacor, a large European financial brokerage company, as Managing Director in 1987. From 1999 to 2003, he served as Chief Financial Officer at CCMX, and later Regional Financial Controller at Capgemini. He joined Eutelsat as Group Chief Financial Officer in June 2004, a position he held until July 2007.

As of 2019, Claude serves as a Senior Advisor to Wendel, a French listed investment firm which he joined in October 2016 as Chief Executive Officer of Oranje-Nassau, Managing Director and member of the Investment Committee. He previously served as Deputy Chief Executive Officer of Louis Dreyfus company, a global agricultural merchant and processor, which he joined in July 2007 as Group Chief Financial Officer. From June 2014 to October 2015, he was acting Chief Executive Officer of Louis Dreyfus company. 

Claude is Non-Executive Chairman of Stahl, a global leader in specialty chemicals, since October 2017 and a Non-Executive Director of Bureau Veritas, a world leader in testing, inspection and certification services (TIC), since October 2016.

Claude is a graduate of the École des Hautes Études Commerciales (HEC).

Corentine Poilvet-Clédière is Chief Executive Officer of LCH SA.

Prior to this, Corentine acted as Head of Repo clearing, Collateral and Liquidity management at LCH SA and as such headed the global pool of Euro denominated cleared repos, offering 13 government debts and supporting a network of more than lore than 100 banks across the globe. 

She has been with the London Stock Exchange Group since 2012 and has held various positions including Global Head of Regulatory Strategy for LSEG and supported the creation of the Credit Default Swaps clearing business for LCH. Prior to this, Corentine worked in investment banking in New York City.

Corentine holds three Masters degrees: Political Sciences in France (Science Po); Macro economy and monetary policy in the UK (Bristol University) and Finance in the US (Harvard Business School and Fordham University). 

Daniel is Group Head of LSEG’s Markets Division and CEO of LCH Group. He has been a member of LSEG’s Executive Committee since 2017.

LSEG’s Markets Division combines LSEG’s flagship trading and clearing businesses – the London Stock Exchange, Turquoise, LSEG FX, Tradeweb and LCH Group – with its risk management, capital optimisation, collateral management, and regulatory reporting capabilities, including Acadia and Quantile.

Daniel joined LCH in 1999 and has been CEO of LCH Group since 2017. During his career at LCH he has held a variety of senior roles including Global Head of SwapClear, ForexClear and LCH Group COO. Daniel worked at J.P. Morgan from 2005 to 2008 before returning to LCH on 1 September 2008 where he was immediately responsible for the successful trading and unwinding of Lehman Brothers’ LCH-cleared bond and repo portfolio. Daniel was based in New York from 2010-2014 setting up LCH’s business and operations in the US.

Over his career Daniel has made significant contributions to the development of CCP and derivatives regulatory frameworks across the globe and has played a leading role in the industry in LIBOR and new reference rate transition, and also the UK withdrawal from the EU and the impact on Financial Services.

Ron Berndsen is the senior independent non-executive director of LCH Limited and LCH SA. He joined LCH in 2018. Ron also serves as Chair of LCH Limited and LCH SA’s Risk Committees and is a member of the LCH Audit Committees, Nomination Committees and Operational Resilience Committees.

He is also Chairman of the Supervisory Board of Quantoz Payments B.V.

Ron is Professor of Financial Market Infrastructures, Tilburg School of Economics and Management at Tilburg University, on a part-time basis.    

He is editor-in-chief of the Journal of Financial Market Infrastructures.

Ron has held several roles at De Nederlandsche Bank since 1992, in Economic and Monetary Policy, Head of Oversight of Payment and Securities Settlement Systems and most recently acting as Head of Market Infrastructures Policy.

He has also served as a Member of the Committee on Payments and Market Infrastructures (BIS) and the ECB’s Market Infrastructure Board. He also co-chaired the FSB Group on Cross-Border Crisis Management for Financial Market Infrastructures.

He was awarded a doctorate of Tilburg University in 1992 for his PhD thesis in the field of Economics and Artificial Intelligence.

Marc Breillout is an independent non-executive director of LCH SA and Chair of Remuneration and Technology, Security & Resilence Committees. Marc also serves as a member of the Audit, Nomination and Risk Committees.

Marc spent most of his career at Société Générale, beginning in 1978. After a few years during which he held various positions in the bank’s Paris headquarters, including in the IT division, he joined the bank’s Finance department in 1986 to design and implement its asset and liabilities management system.

In 1993, Marc moved to the Corporate and Investment Bank division of SG (SGCIB) as General Manager of FIMAT (most recently Newedge), the brokerage arm of Société Générale. He spent four years in New-York during which he was appointed CEO of the worldwide FIMAT group.

Marc moved back to Paris in 2001 to be appointed COO of SGCIB. Later on, he took on the role of head of the debt and finance division of SGCIB in charge of structured finance, fixed income and commodities.

In 2008, Marc joined Natixis, another France-based bank, to assume the role of COO before being appointed head of the Capital Markets division.

Now retired, Marc is a board member of Sucden Financial, the London based brokerage arm of the French trading company Sucres et Denrées.

Marc Breillout graduated from the Ecoles des Hautes Etudes Commerciales ( HEC) in 1977.

Anthony is a non-executive director of LCH SA and CIO for London Stock Exchange Group. In this role, Tony is accountable to the CCP CEOs for the provision of IT services in each CCP.  He is a member of the Executive Committee of the London Stock Exchange Group (LSEG).

Previously Tony was a Managing Director in IT at Deutsche Bank and was the Group CIO for the bank from March 2011 through November 2013. Before this, he was the CIO for Investment Banking Technology within Deutsche Bank’s Corporate and Investment Bank (CIB).  He spent his first 12 years with the bank based in New York, and spent his last 5 years from August 2009 through July 2014 based in London.

Prior to joining Deutsche Bank in 1997, Tony worked at Morgan Stanley for 12 years during which time he had a five-year assignment in Tokyo, from where he assumed the role of Head of Far East IT for three of those years.  

Tony received a BS in Chemical Engineering from Clarkson University and a MBA  from the State University of New York at Albany.  He was voted ‘CIO of the Year 2007’ from The Banker magazine and was named ‘Best CIO in 2009’ from the American Financial Technology Awards.

Balbir is a non-executive director of LCH Limited and CRO for London Stock Exchange Group. He joined LSEG as Chief Risk Officer in January 2021 and brings a deep commercial understanding and knowledge of risk management.

Balbir was previously Group Head of Non-Financial Risk Management at Deutsche Bank and served on the Supervisory Board of Deutsche Bank Luxembourg S.A. as Chair of its Risk Committee.

Before this, Balbir was Global Head of Operational Risk Management at Credit Suisse, having held a variety of senior roles, including UK Investment Banking Chief Risk Officer and Head of Market Risk.

Balbir started his career at LCH as a risk analyst.

Arthur Chauchat is a Managing Director and head of EMEA Short Term Interest Rate Trading at Goldman Sachs International, based in Paris.

In his role Arthur is responsible for Government bond and EM repo trading, collateral optimization, cross currency repo, funding facilities and synthetic financing (TRS /Bond forwards).  He is also heavily involved in Regulatory, Capital and Liquidity Management, resource allocation and infrastructure optimization.

Arthur Serves on the London Money Market Association (LMMA).

Arthur earned a master’s degree in Applied Mathematics from Ecole Centrale Paris.

Bill Stenning is Head of Public Affairs – UK at Société Générale in London and is responsible for co-ordinating the business response to the Regulatory change agenda.  Bill is Société Générale’s delegate on a number of industry association steering committees, as well as representing Société Générale with a range of service providers, CCPs and other financial market infrastructures.  Bill sits on the boards of both CLS Group AG and LCH.SA (Paris).

Prior to joining Société Générale, Bill was a Managing Director within DTCC’s Deriv/SERV division having previously been Chief Operating Officer – Trading at Sungard Trading and Risk Systems.  Bill joined Sungard from SwapsWire Limited, where he was the founding Chief Operating Officer, before which he was a Business Manager for Rates and FX within the Global Trading Division of Chase Manhattan.

Bill has been a member of the Institute of Chartered Accountants in England and Wales for over 25 years, and holds a 1st class BEng(hons) in Electronic and Electrical Engineering from the University of Surrey.

Jane Guyett is an independent non-executive director of LCH SA and serves as a member of its Technology, Security and Resilience and Remuneration Committees. Jane is also an independent non-executive director of LCH Limited. 

Jane spent 15 years with Bank of America Merrill Lynch where she held various roles in London and New York. She was Chief Operating Officer (EMEA and Asia) of the Global Markets Group and sat on the Board of Bank of America Securities. She began her career in Corporate Restructuring at Mitsubishi Bank Ltd London, before joining Bank of America in 1994.

Jane Guyett is the senior independent director of UK Government Investments Limited, a Parliamentary appointment, Jane is also Chair of Risk and Audit Committee. UKGI is HM Government’s centre of excellence in corporate finance and corporate governance, advising Ministers and Parliament on complex commercial tasks.

Jane is also a non-executive director on the board of Royal London Mutual Insurance Society (and Chairs the Remuneration committee), and is Chair of Connect Plus (M25) Plc.

Until 2016, Jane was a no- executive director of U.K. Financial Investments, advising HMG on their shareholdings in Lloyds Banking Group, Royal Bank of Scotland plc and U.K. Asset Resolution.  

Jane was awarded a CBE in Her Majesty’s New Year's honours list for services to the Economy.