Ian Axe, a former managing director at Barclays Capital, has landed the top job at LCH.Clearnet, Europe’s largest independent clearing house, as competition mounts in the post-trade clearing market.

Axe's appointment comes as the Anglo-French clearing house faces pressure to hang onto clients amid increasing competitive pressure. NYSE Euronext, the transatlantic exchange group, plans to launch a rival clearing house service next year, and in August London Stock Exchange chief executive Xavier Rolet stepped down as a director of LCH.Clearnet - just weeks after launching a review that could lead to the LSE cancelling its contract with the clearing house.