The London Metal Exchange has announced that it has hired a top industry executive who will help push the company towards clearing. The company has also claimed to have received a range of third party proposals despite having no clear future goal in relation to its clearing business.

Trevor Spanner, who was previously the chief operating officer of EuroCCP, has been hired to head its new post-trade services division. The group have also appointed Moelis and Company, to advice them on the future direction of the clearings business.

The hire has raised suspicions that the group are looking to set up their own counterparty for commodities and they are currently carrying out a feasibility study to see if they are capable of self clearing.

Martin Abbott, chief executive of the group, commented “Trevor joins the LME at an exciting time, as we examine options in clearing to maximise efficiencies and value for our members.”