They are big shoes to fill, but in choosing Frenchman Xavier Rolet, the London Stock Exchange has picked someone they know, who advised them on how best to defend the exchange against predators.

With Clara Furse’s departure set for May, Rolet begins his stint on the 20th. He said, “[The London Stock Exchange's] stategic position is unique and its business prospects excellent.” After nine years at Lehman Brothers, he will clearly be looking for more stable employment going forward.