London Stock Exchange-owned clearing house LCH Clearnet has hired Diane Bouwmeester as its group general counsel and head of compliance.
Bouwmeester steps into the role from Freshfields Bruckhaus Deringer, where she has been a senior associate since 2007.
She becomes the first person to hold the newly-established general counsel and compliance head position at LCH Clearnet. Legal and compliance responsibilities were previously split between group general counsel Magnus Spencer and head of compliance and public affairs Lisa Rosen. Both have now left the business, although LCH Clearnet would not disclose the circumstances behind the exits or their destinations.
In the new role, Bouwmeester is responsible for managing any legal and regulatory compliance matters affecting the LCH Clearnet group and its subsidiaries. She also sits on the group’s executive committee, and reports into CEO Suneel Bakhshi.
The hire of a former Freshfields senior associate raises questions over the future of LCH Clearnet’s law firm relationships.
Clifford Chance has historically been the group’s go-to adviser, and played a key role in its sale of a controlling stake to the London Stock Exchange for €536m in March 2013 (11 March 2013). Corporate partner Patrick Sarch led on that deal, having also been involved as an associate on LCH’s merger with Clearnet in 2007.
Meanwhile, the London Stock Exchange has a longstanding relationship with Freshfields, regularly turning to relationship partner Andrew Hutchings for advice. Hutchings led for the LSE on its acquisition of LCH Clearnet, with Bouwmeester also having a hand in regulatory aspects of the deal.