Finbarr Hutcheson will leave IBA for ICE Clear

Feb 8, 2017 - 4:13 PM GMT

Finbarr Hutcheson will leave ICE Benchmark Administration (IBA) to replace Paul Swann at ICE Clear, Metal Bulletin has learned.

Hutcheson has been at IBA as its president since 2014. He will remain at his post until his replacement is found, sources told Metal Bulletin.

Swann, who has been the president and md of ICE Clear Europe since 2007, will leave the company later in the year, Metal Bulletin understands.

In his role, Swann oversees all technology, operations and financial functions at the London-based clearing house.

IBA is the administrator for the London Bullion Market Assn (LBMA) gold price, which has replaced the London gold fix.

The twice-daily gold fix, which had been in operation since September 12, 1919, has come under increased regulatory and media scrutiny. A third-party operator was seen as a critical step in modernising the image of the process, while also providing enhanced transparency and compliance with legislation.

ICE subsidiary IBA, which was established in April 2013 to administer benchmarks, now provides the price platform, methodology and overall administration and governance for the LBMA gold price.

ICE declined to comment.

This article was updated on Wednesday February 8 at 15:13 London time to include information about Paul Swann.