David M. Hardy is a derivatives industry executive who is currently chairman of the board of GCSA Capital LLC.
Previously, he was head of strategic market development at MF Global UK. While there, he worked on exchange ventures including Project Rainbow, which planned to start a rival to NYSE Euronext's Liffe derivatives market.
Before that, he was group chief executive, LCH.Clearnet Group Limited, where he chaired the group's management committee and had overall responsibility for the group’s strategic objectives and financial targets. Prior to the creation of LCH.Clearnet Group in 2003, Hardy served as chief executive of the London Clearing House Ltd.
On March 12, 2009, Hardy was inducted into the Futures Industry Association's Futures Hall of Fame, which was established in 2005 to commemorate outstanding contributions to the global futures and options community.
Hardy has worked in clearing since 1985, and became managing director of the London Clearing House division of the International Commodities Clearing House in 1987. This division became London Clearing House Ltd in 1991.
Hardy headed LCH.Clearnet and its legacy organizations for 19 years before resigning from the pan-European clearinghouse in July 2006.His departure followed a period of turbulence after rifts with the board, and frustration over customer complaints regarding a slow pace of technology development and lack of delivery of cost savings.
Early in his career, Hardy spent 12 years with Barclays Bank where he worked for the bank and its affiliates.
He was a member of the Commodity Futures Trading Commission Global Markets Advisory Committee (GMAC). In the UK, he has served on the Boards of the Futures and Options Association and the Financial Service Authority's Financial Services Practitioner Panel, which represents a cross-section of regulated firms. Hardy also served on the Board of Trustees for the Institute for Financial Marketsfrom 1999 to 2010. From 1993 to 1999, he served on the boards of the International Petroleum Exchange (1993-1999) and the London Commodity Exchange from 1991 until its merger with the London International Financial Futures and Options Exchange in 1996.
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