LCH.Clearnet, the international clearing house owned by the London Stock Exchange, has hired a clearing executive from Goldman Sachs, a move which will help drive what it has termed a “transformational” initiative designed to reduce the capital banks have to put up against derivatives trades.

Tony Smith joined LCH.Clearnet in late April as a programme director for listed rates and portfolio margining at SwapClear - the LCH unit that clears interest rate swaps, according to a spokeswoman.