State Street, the world’s second largest custody bank, has made a senior hire in its new central counterparty clearing sales unit, as the battle for competition in global derivatives clearing begins to heat up.

Paul Winchester, formerly head of exchange-traded derivative clearing sales for Europe at Royal Bank of Canada, has joined State Street as head of ETD and OTC clearing sales for Europe, the Middle East and Africa. State Street launched swaps clearing in September, competing with large clearing banks such as Citi and JPMorgan.