One of continental Europe’s top clearing houses has tapped a business head at the London Stock Exchange Group to become its new chief executive, filling a crucial role in the plumbing for trading shares in Europe.

EuroCCP, which is co-owned by a group of banks and exchanges, has hired Cecile Nagel, head of LSE markets global product development, to replace Diana Chan as CEO, according to a person familiar with the matter. The company remains the only major European clearing house to have a female chief executive.