EuroCCP - the DTCC clearing and settlement subsidiary that will provide services to Project Turquoise - has named Citi's Diana Chan as its new CEO and Trevor Spanner from Merrill Lynch as COO.
Chan was previously Citi's global head of market policy for securities and fund service and had also worked for Euroclear.
She will take over from interim CEO Richard Macek to become the permanent head of Euro CCP (European Central Counterparty) in mid-November. Chan will report directly to Michael Bodson, executive MD, DTCC business management, strategy and marketing.
Trevor Spanner, former head of European transaction services Merrill Lynch, will take on the COO role, reporting to Chan.
EuroCCP will provide all clearing, settlement and risk management services to Turquoise, while Citi's global transaction services business will serve as settlement agent.
Last week Turquoise appointed Morgan Stanley managing director Eli Lederman as CEO and selected Sweden's Cinnober to provide the technology for the venture.
"Since Turquoise has now chosen the trading platform, we will speed the process along," says DTCC chairman and chief executive Donald Donahue. "Most of the systems development, risk management procedures and business process flows have been completed at this point, our application with the FSA to receive the necessary designation as a Recognised Clearing House in the UK is pending, and we've worked closely with Citi to prepare for the settlement of these transactions."