Source: Depository Trust & Clearing Corporation
A leading Depository Trust & Clearing Corporation (DTCC) senior executive, Richard R. Macek, has been chosen to serve as the interim chief executive officer (CEO) for EuroCCP, the new clearing and settlement platform that's being created to support the Turquoise pan-European trading platform.
Macek has been a member of DTCC's executive leadership team since the formation of DTCC in 1999, most recently as an executive managing director responsible for Risk Management, Finance and the firm's family of Wealth Management Services. He is also chairman of the board of Omgeo, a joint venture owned by DTCC and Thomson Financial.
In taking on this critical leadership role for EuroCCP, Macek will be relocating to London, and he'll be relinquishing his current responsibilities for Finance, Risk Management and Wealth Management Services. He will, however, continue to serve as chairman of Omgeo.
"Rick is one of DTCC's most experienced and knowledgeable executives," said Donald F. Donahue, DTCC chairman-elect and CEO. "He has more than 35 years of experience in financial services, focusing on finance and risk management issues. Rick was heavily involved in developing our proposal for Turquoise, and he has strong international experience through his chairmanship of Omgeo.
"During this start-up phase and launch of EuroCCP, Rick's appointment represents a significant commitment by DTCC to ensure the success of this new clearing corporation. We do plan, on a longer term basis, to recruit a European executive to serve as the permanent CEO for this subsidiary," Donahue said.
Macek was chief financial officer and managing director for DTCC from 1999 until April 2004. In 2003, he assumed the additional responsibility for all DTCC Risk Management activities, as well as being named CEO of DTCC's Fixed Income Clearing Corporation (FICC) subsidiary, which clears and settles U.S. Government securities and mortgage-backed securities. In addition, he was also named CEO of the Emerging Markets Clearing Corporation (EMCC), another DTCC subsidiary, in August 2003. Macek gave up the CEO positions at FICC and EMCC when he assumed the chairmanship of Omgeo in 2005.
Macek joined National Securities Clearing Corporation (NSCC) in 1998, prior to the formation of DTCC, as manaanaging director, treasurer and chief financial officer. NSCC is now a DTCC subsidiary. He also was responsible for overseeing the financial operations of what was then known as the Government Securities Clearing Corporation (GSCC) and Mortgage-Backed Securities Clearing Corporation (MBSCC), two organizations that later merged to form FICC.
Prior to joining NSCC, Macek had a 15-year career with Dillon, Read & Co., Inc., where he was managing director for the firm's finance and accounting operations in New York and London. Before that, he spent two years as a director with Morgan Stanley and 10 years with Arthur Young & Co. (now Ernst & Young) as an audit principal.
Macek, a certified public accountant, earned a bachelor's degree in business administration from Manhattan College. He served in the U.S. Army from 1969 to 1971 and was awarded the Bronze Star in Vietnam for meritorious service.
EuroCCP was selected to provide clearing and settlement services to Turquoise, a consortium of seven major investment banks in Europe, after a major competition and is expected to begin operation at the end of this year. EuroCCP is a subsidiary of DTCC. The objective of Turquoise is the lower the costs of trading in Europe.