LCH.Clearnet has hired the former head of currency options technology at Bank of America Merrill Lynch as its head of liquidity and collateral management IT, as global clearing houses battle to offer banks cost savings on cleared derivatives trades.

Emanur Rahman, previously managing director overseeing foreign exchange options technology at Bank of America Merrill Lynch's London office, joined the clearing house this month to a newly-created role as chief technology officer for collateral and liquidity management. An spokeswoman for LCH.Clearnet confirmed the move.