Mr Swann, president and managing director of ICE Clear Europe, has been a member of the panel since November 2010.
In addition, John Hitchins, financial services partner at PwC, and Alexander Justham, chief executive of the London Stock Exchange, have been appointed as sector representatives.
Mr Justham also worked as director of markets at the Financial Services Authority until 2008.
The panel was formed in 2000 and represents the interests of practitioners, independently from the FSA.

Chairman Joe Garner said: "I am pleased to be welcoming two well regarded and experienced new members to the Practitioner Panel as well as a leading member of the markets community in Paul Swann as deputy chairman.
"At this time of regulatory change, it is vital that the Practitioner Panel continues to be able to offer the cross sectoral and senior level perspective to the FSA, particularly as plans are developed for the new Financial Conduct Authority and the Prudential Regulation Authority."
The panel consists of 12 members, Mr Garner, Mr Swann, Mr Hitchins, Mr Justham and Graham Beale of Nationwide, Paul Geddes of Direct Line and Mark Harding of Barclays. The remaining members are Simon Hogan from Morgan Stanley, Guy Matthews from Sarasin & Partners, Helena Morrissey from Newton Investment Management, John Pollock from Legal and General and Malcolm Streatfield from Lighthouse Group.