The Depository Trust & Clearing Corporation (DTCC) has poached Bill Hodgson from LCH.Clearnet to head up its OTC derivatives business development efforts in London.
At LCH.Clearnet Hodgson led product development for the SwapClear initiative.
In his new position he will be responsible for further developing DTCC's OTC derivatives post-trade processing business, with a particular focus on the needs of London and continental European-based participants.
Peter Axilrod, managing director, DTCC business development, says: "Europe, and London specifically, is a major centre for OTC derivatives trading, and we are looking to Bill to help us further develop our services to this area."
DTCC introduced a credit default swaps matching and confirmation service in 2003 and this year introduced a payment reconciliation service for OTC derivatives. This past week, DTCC announced enhancements to its matching service that would allow for the automated matching and confirmation of credit default swap indices (such as iBoxx and DJ CDX), as well as credit default swaps on Asia-Pacific corporate credits and sovereign credits.
Axilrod says DTCC is looking longer-term to extends its post-trade processing services for credit default swaps into equity options and interest rate swaps.