DTCC shuffles trade repository management
06 August 2014 | 1700 views | 0
The Depository Trust & Clearing Corporation (DTCC) today announced two executive management appointments in its Global Trade Repository business as the company continues to expand operations globally to bring greater transparency to the over-the-counter (OTC) derivatives market and to help financial firms meet new regulatory trade reporting mandates.
Effective immediately, subject to final approval by the appropriate Board(s) and/or Committee(s) of Deriv/SERV and DTCC at their upcoming meetings, Chris Childs will assume the role of Chief Executive Officer, DTCC Deriv/SERV. Previously, Ian McLelland assumed expanded responsibilities as Chief Executive Officer of DTCC's European Trade Repository (DDRL Europe) in July 2014.
"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," said Larry Thompson, DTCC General Counsel and Chairman of the DTCC Deriv/SERV Board of Directors. "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."
Childs, who has served as Chief Operating Officer of DTCC Deriv/SERV since 2013, will now oversee all aspects of DTCC's OTC derivatives global post-trade processing and trade reporting services. He has more than 30 years experience in consumer and corporate banking operations, previously serving in senior-level roles at DTCC and, before that, at Citigroup, where he was Global Processing Head of Capital Markets Operations.
McLelland leads the day-to-day operations of DTCC's European trade repository, with responsibility for all aspects of the business, including new product development, regulatory outreach and strategy. McLelland, who joined DTCC in 2011, previously oversaw the company's global trade repository product development division. He has 20 years experience in financial services, particularly in interest rate and credit derivatives risk management and financial reporting. He has held a number of senior-level positions throughout his career, including most recently serving as Executive Director, Finance Technology, for JP Morgan Chase.