The Warehouse is the market's only central repository and post-trade processing infrastructure for OTC credit derivatives contracts, supporting global dealers and 1400 buy-side firms who trade these instruments from 35 countries.

Macbeth, who will be based in DTCC's London office, will be responsible for all aspects of the day-to-day operations and continuing development of Warehouse services globally. He reports to Peter Axilrod, managing director, DTCC Business Development and Deriv/SERV.

"Having someone with Stewart's extraordinary experience and extensive knowledge of this complex market positions us well to expand the benefits of DTCC's central repository with services for CDS and to determine the extendibility of the Warehouse to other OTC derivative asset classes," said Michael Bodson, executive managing director, Business Management and Strategy.

Macbeth comes to DTCC with more than 15 years of OTC derivatives industry experience. He was most recently managing director, global head of operations risk and business architecture at UBS, a position he held since 2007. From 1996 to 2002, he ran fixed income derivatives operations globally for the firm, managing credit derivatives support activities, which also included designing and implementing settlement and confirmation applications. In 2002, he became global head of all OTC derivatives operations, at which time he assumed responsibility for equity derivatives.

Prior to UBS, Macbeth was at KPMG in London, in their financial services practice, where he qualified as a Chartered Accountant. He earned a Bachelor's degree in mathematics from Nottingham University and a Masters degree from the University of London.

"DTCC has been a proven leader in bringing greater efficiency and risk mitigation to the OTC derivatives market and the Warehouse played a critical role in helping market participants safely manage the unprecedented market challenges they faced this past year," sar," said Bodson.

In May, DTCC announced that it filed applications with the Federal Reserve system and with the New York State Banking Department (NYSBD) to form a limited purpose trust company that will house the functions of the Warehouse. The new company, to be called The Warehouse Trust Company LLC (Warehouse Trust), will become a wholly-owned subsidiary of DTCC Deriv/SERV LLC, which operates DTCC's automated services for OTC derivatives. It is expected that the Warehouse Trust will also become subject to a collaborative global regulatory framework involving interested regulators in Europe as well as the US.