DTCC Undergoes Executive Shuffle, Bolstering OTC Management

The Depository Trust & Clearing Clearing Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Read this Term Corporation (DTCC) has announced a pair of executive management appointments in its Global Trade Repository division, as the group eyes continued expansion and transparency for over-the-counter (OTC) derivatives markets.

The DTCC is a post-trade financial services entity that aims to provide transparent clearing and settlement services for a variety of financial instruments and markets, including Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and OTC derivatives, among others. In a bid to help financial firms meet an ever-growing pantheon of regulatory mandates for trade reporting, the DTCC has reshuffled its executive panel: Chris Childs will assume the role of Chief Executive Officer Deriv/SERV, while Ian McLelland will now grapple an augmented role as the Chief Executive Officer or DTCC’s European Trade Repository (DDRL Europe).

Mr. Childs has been the Chief Operating Officer of DTCC Deriv/SERV for over a year, having now received a further directive to also oversee and manage the group’s OTC derivatives services. Prior to DTCC he has manned other senior management positions at Citigroup, acting as the Global Processing Head of Capital Markets Operations. Alternatively, Mr. McLelland currently is tasked with the everyday operations of DTCC's European trade repository – a role that will now be expanded. He joined DTCC in 2011, having worked previously at JPMorgan Chase as Executive Director.

According to Larry Thompson, DTCC General Counsel and Chairman of the DTCC Deriv/SERV Board of Directors, in a recent statement on the moves, "The dynamic regulatory environment is creating new opportunities for DTCC to help financial firms meet complex derivatives trade reporting requirements in the most efficient and cost-effective manner possible. As we continue increasing our coverage to new markets worldwide, Chris and Ian bring a combined half-century of experience to drive product innovation and enhance our ability to serve clients and the industry. They will also build upon the work we are doing with regulators to enhance transparency and mitigate risk in this market."