LCH.Clearnet and its chief executive David Hardy have come under renewed pressure from members and shareholders after one of its biggest clients said it may switch business from the clearing house.

The London Stock Exchange announced last week 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. From next year, the LSE plans to offer a choice to its members whether they clear through LCH.Clearnet or SIS X-Clear, the Swiss clearing house. It is understood the LSE did not inform LCH.Clearnet of the proposal before announcing it.