David Hardy, chief executive of the LCH.Clearnet Group, has resigned after 19 years at the European clearing house in the wake of mounting criticism over the potential loss of one of the company's biggest clients and a host of missed targets. His departure follows that of chairman Gérard de La Martinière in May.

Pressure increased on Hardy after the London Stock Exchange announced two months ago that it planned to change the terms of its contract with LCH.Clearnet to provide the central counterparty to clear trades through the exchange's electronic trading system.