LME's clearing house names former Euroclear manager as CEO

Credit: REUTERS/PETER NICHOLLS

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LONDON, July 25 (Reuters) - The London Metal Exchange's clearing house, which was hit by a 2022 nickel crisis, has appointed Michael Carty, former senior manager at securities settlement house Euroclear, as chief executive from Oct. 2, it said on Tuesday.

The LME, the world's largest and oldest metals forum, is grappling with a lawsuit and reduced nickel trading volumes after the events of March 2022, when nickel prices doubled in a matter of hours. The LME suspended nickel trading for more than a week and cancelled trades worth billion of dollars.

"LME Clear is one of the world's premier centres for metals clearing and settlement and it has an exciting future ahead of it," Carty, who worked at Belgium-based Euroclear for 15 years, said in the statement.

"I am committed to playing my part in ensuring its long-term sustainability and resilience," Carty added. Most recently, he was the CEO of Euroclear UK and International.

James Cressy will step down as LME Clear interim CEO but will remain with the LME Group.

(Reporting by Polina Devitt; editing by Kirsten Donovan)

((polina.devitt@thomsonreuters.com; Reuters Messaging: polina.devitt.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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