The new chief executive of LCH capped his first week on the job by warning that Brexit, and the EU's ensuing efforts to seize business from the City, could force the London Stock Exchange Group's majority-owned clearing house to shift all or part of its operations to the US.

LCH CEO Daniel Maguire, who was addressing MPs at a Treasury hearing today, warned that it would be hard for London to keep the business if banks and clearers set their Brexit contingency plans into motion and the market for clearing swaps began to fragment.