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LCH.Clearnet Annual Report and Accounts 2010 .Pdf

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LCH.Clearnet Annual Report and Accounts 2010 .Pdf ANNUAL REPORT 2010 1 Chairman’s Statement 6 CONTENTS 2 Chief Executive’s Review 8 3 Operating and Financial Review: 20 3.1 Operating Review 20 3.2 Financial Review 20 2010 4 Directors’ Report 25 5 Statement of Directors’ Responsibilities 27 ANNUAL REPORT 6 Independent Auditors’ Report 28 7 Consolidated Income Statement 29 8 Consolidated Statement of Comprehensive Income 30 & CONSOLIDateD 9 Group and Company Statement of Financial Positions 31 10 Consolidated Cash Flow Statement 32 11 Company Statement of Cash Flow 33 FINANCIAL 12 Notes from Consolidated Statements: 34 12.1 Consolidated Statement of Changes in Equity 34 StateMENTS 12.2 Company Statement of Changes in Equity 34 13 Notes to the Consolidated Financial Statements: 35 13.1 Authorisation of Financial Statements and Statement of Compliance with IFRS 35 13.2 Summary of significant accounting policies 40 13.3 Exchange rates 40 13.4 Operating segment information: 40 13.4.1 Income statement 40 13.4.2 Assets and liabilities 40 13.4.3 Geographic information 42 13.5 Profit before taxation 43 13.6 Taxation: 44 13.6.1 Consolidated income statement 44 13.6.2 Reconciliation of tax expense 44 13.6.3 Deferred taxation 44 13.7 Profits of the holding company 45 13.8 Intangible assets 46 13.9 Impairment testing of intangible assets 46 13.10 Property, plant and equipment 47 13.11 Investments 47 13.12 Cash and short-term deposits 48 13.13 Trade and other receivables 48 13.14 Balances with clearing members 49 13.15 Issued capital and reserves 49 13.16 Interest bearing loans and borrowings 50 13.17 Default funds 50 13.18 Employee benefits 51 13.19 Trade and other payables 56 13.20 Commitments and contingencies 56 13.21 Related party disclosures 57 13.22 Financial risk management objectives and policies 57 13.23 Financial instruments 60 13.24 Capital management 66 14 Corporate Governance 67 15 Remuneration Report 73 16 General Information 75 FINANCIAL HIGHLIGHTS €553.6 million in total revenues 766,000 IRS trade sides cleared through SwapClear Notional value of €27.8 billion CDS trades cleared Average nominal value of €500 billion bond and repo trades cleared daily 1.7 billion WHO WE ARE contracts cleared LCH.Clearnet is the leading independent clearing house group, serving major international exchanges and platforms, as well as a range of OTC markets. Our membership criteria are open and transparent and last year we welcomed 28 new members to the Group. We clear a broad range 28 new clearing of asset classes and work closely with market participants and exchanges to identify and develop clearing services for new asset classes. We focus on mitigating risk and making trading safer. members LCH.Clearnet benefits from a diverse and stable shareholder base. The Group is owned 83% by its users and 17% by exchanges for which it clears. In order to ensure a broad range of market interests are represented, all shareholders are subject to a voting cap and important committees, such as the risk committees, chaired by Independent Directors. 6 | LCH.CLEARNET GroUP LIMITED 2010 ANNUAL REPORT AND CONsolidated FINANCIAL stateMENTS | 7 CHAIRMAN’S STATEMENT 2010, my first year as Chairman of LCH.Clearnet Group modern infrastructure is essential for this and several unwinding Lehman Brothers’ $10 trillion of positions. Limited, was another year of accelerated change and significant milestones were achieved in 2010. In It was this very success which engendered policy interesting challenges for the financial infrastructure LCH.Clearnet SA a new equity and CDS clearing makers’ and regulators’ interest in clearing as part world. Regulators at the local and international platform was deployed, in London the implementation of the solution to the financial crisis. Roger has been level have focused on clearing houses as integral to of Synapse will support a range of listed derivative a great source of education for me, always available increasing the stability of the financial system in future. markets and good progress is being made with the and always ready to go the extra mile for the firm. His As a clearing house, our fundamental role is to preserve upgrade of the interest rate swap clearing system. prominent role in the public debate surrounding the market integrity, mitigate risk and protect our members In every instance, these new systems allow faster, future of clearing and infrastructure has been to the in the event of another defaulting. This dominates more scalable operational efficiencies and facilitate benefit of the marketplace. The entire Board wishes the entire workflow and the mindset of our people; the implementation of clearing in new markets. In him well for the future. effectively it is the DNA of our firm. support of the increasingly global nature of our clients’ Since the year end, I am delighted to announce the businesses and the markets we serve, the Group also appointment, effective 4 April, of Ian Axe as new CEO Since my arrival, the quiet competence, depth of set up extended capabilities with up to 22 hours / 5 and Executive Director of LCH.Clearnet Group Limited. expertise and the reliability of risk judgment of our days a week operational capacity. staff, which underpins our day to day activity, have The Board’s nomination committee was very pleased impressed me. The Group’s ability to deliver rapid solutions in response with the level of interest and high quality individuals to sudden market demand was underlined by the who expressed an interest in the role. We are all looking At the same time, the Group is not immune to changes expeditious and highly successful launch of clearing forward to the impact Ian will have on the future of the in the wider environment. We must adapt to a world for Spanish government debt, initially in London for the firm and, more broadly, the clearing landscape. of unprecedented consolidation among global international market and, later in the year in Paris, a I have learnt that it is impossible to predict the future exchanges; a world which requires ever more complex service tailored to the domestic marketplace. At a time of of this industry; I can only be sure that there will not financial instruments to be cleared; a world in which uncertainty in government bond markets and of limited be a dull moment. I am confident that the Group will the speed of execution accelerates continuously and liquidity, the launch of these clearing services contributed respond effectively to this exciting environment, at an a world which requires of us swift and robust risk materially to the easing of interbank liquidity. management processes. ever faster pace. Finally, and most importantly, I would In my very first weeks with the Group, NYSE Euronext like to thank all our clients for their trust and confidence In this challenging environment the contribution of announced its intention to build its own clearing services in our clearing services. the Board has been invaluable. In addition to the in Europe, with a view to them being operational from 6 scheduled and 3 unscheduled meetings, Board late 2012. Our relationship with NYSE Euronext, as well members have dedicated a significant amount of as other exchanges, is evolving and the final outcomes time on a regular basis to providing the Group with may not be to the detriment of LCH.Clearnet Group. extensive advice and guidance. Our experience indicates The user community wants reliability, consolidated that those immersed in the fast changing world of connectivity, and, increasingly, robust operations and risk Jacques Aigrain the financial markets have the up-to-date knowledge management, in which they are very much in line with Chairman and expertise required to provide the most relevant European and US regulators. guidance to market infrastructures, and a user owned 23 March 2011 organisation has the advantage of being able to call on The composition of the Board has evolved over the them to this extent for their experience and advice. last year to better reflect our realigned ownership and usership. Four Directors resigned, including the former The business’s performance is detailed later in this Chairman, A. Chris Tupker, whose extensive experience report by the CEO, Roger Liddell. But to summarise, and knowledge of the post trade environment guided 2010 revenues fell as anticipated, predominantly due the Group through a challenging time. Eight new to the one-off payment by NYSE Euronext in 2009 Directors were appointed during 2010. (€260.4 million paid in 2009). Tariff reductions for equities in both London and Paris impacted revenues; I would like to whole-heartedly thank the staff of however, other business areas saw significant growth. LCH.Clearnet, who have made me most welcome and These included interest rate swaps and fixed income, whose dedication is exemplary. I wish to express special as well as a broad range of specialist OTC products. thanks to Roger Liddell, who has decided to retire this The Group returned to profit, with a profit after tax of year, after five years as CEO. Roger turned around €19.1 million and an operating profit of €43.5 million LCH.Clearnet Group Limited in 2006, helped to improve (2009: €29.6 million). its operational effectiveness, consolidated its position as a leading clearing house and, critically, ensured that The changing landscape is engendering opportunities LCH.Clearnet became the global leader in OTC clearing. and challenges and it is imperative that the Group We are all indebted to his effective management in positions itself appropriately. The Management, with the September 2008 of the largest default in clearing Board’s support, is focused on ensuring LCH.Clearnet is history and the resounding success of the Group in a best-in-class clearing services provider.
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