David Hardy

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David M. Hardy

David Hardy is a derivatives industry executive who was most recently head of Strategic Market Development at MF Global UK. While there, he worked on exchange ventures including Project Rainbow, which plans to start a rival to NYSE Euronext's Liffe derivatives market. Rainbow, backed by brokers including UBS AG and Goldman Sachs Group Inc., approached LCH.Clearnet, where Hardy was chief executive officer, for services.

Previously he was Group Chief Executive, LCH.Clearnet Group Limited where he chaired the Group Management Committee and had overall responsibility for the Group's strategic objectives and financial targets.^[1] LCH was incorporated in 1991. Some non-core activities of the International Commodities Clearing House (ICCH) were transferred to a separate company, subsequently closed down under Hardy’s management. LCH was further restructured in 1996 following a transfer of ownership from a consortium of UK banks to its member firms and the London exchanges, with financial backing provided by members and the insurance market.^[2]

Prior to the creation of LCH.Clearnet Group Hardy served as Chief Executive, The London Clearing House Ltd.(LCH).

Hardy has worked in clearing since 1985, and became Managing Director of the London Clearing House division of the International Commodities Clearing House in 1987. This division subsequently became London Clearing House Ltd. (LCH). Early in his career Hardy spent 12 years with Barclays Bank where he worked for the bank and its affilliates.

David Hardy is a member of the Commodity Futures Trading Commission Global Markets Advisory Committee (GMAC). In the UK, he has served on the Boards of the Futures and Options Association and the Financial Service Authority's Financial Services Practitioner Panel, which represents a cross-section of regulated firms. Hardy also serves on the Board of Trustees for the Institute for Financial Markets.^[3]

From 1993 to 1999, he served on the boards of the International Petroleum Exchange (1993-1999) and the London Commodity Exchange from 1991 until its merger with the London International Financial Futures and Options Exchange in 1996.

Background

Hardy headed LCH.Clearnet and its legacy organizations for 19 years before resigning from the pan-European clearinghouse in July 2006.^[4]His departure followed a period of turbulence after rifts with the board, and frustration over customer complaints regarding a slow pace of technology development and lack of delivery of cost savings.

References

1. ↑ Prominent People. FIA Magazine. Retrieved on April 22, 2008.
2. ↑ David M. Hardy. SFOA. Retrieved on April 22, 2008.
3. ↑ IFM Board of Trustees. IFM: The Institute For Financial Markets. Retrieved on April 22, 2008.
4. ↑ Hardy Clears Out from LCH.Clearnet. Waters News. Retrieved on April 22, 2008.