Birley is clearing boss at NYSE Euronext

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The Independent Online

NYSE Euronext has hired Patrick Birley, the former head of clearing company LCH.Clearnet, as chief commercial officer at its London-based clearing house, which the exchange plans to open next June.

It is the first major appointment by the exchange as it pushes ahead with an ambitious expansion in clearing.

Clearing houses sit between trading counter-parties, protecting firms from losses in the event that one fails, like Lehman Brothers in 2008 and MF Global in 2011.

Mr Birley ran LCH.Clearnet, one of Europe's largest clearers, for 18 months from 2006. He has also worked at the London Stock Exchange and the London Metal Exchange.