The Depository Trust & Clearing Corporation (DTCC) announced today that it has named Mark Davies to the new position of vice president, Data Business Development, focusing on DTCC's involvement in the Legal Entity Identifier (LEI) program in Europe.
LEI is a global program designed to create and assign unique identifiers to every financial organization that engages in a financial transaction. Regulators need LEIs to better gauge systemic risk, and risk managers at financial institutions need LEIs to better understand and aggregate counterparty exposures and risk. A group of industry associations has recommended to regulators a group of organizations to provide the LEI solution, with DTCC as the proposed facilities manager for project. DTCC has responsibility for gathering, validating, storing and distributing various data on each legal entity. The other organizations recommended include the International Organization for Standards (ISO), the Society for Worldwide Interbank Financial Telecommunication (SWIFT) and the Association of National Numbering Agencies (ANNA).
Davies will be based in London and will be responsible for strategy and liaison activities in Europe regarding the LEI project. That will include participating in the development of a distribution strategy, serving as a subject matter expert on the LEI business with regulators and industry committees and representing DTCC in customer meetings, customer forums and regulatory meetings. He will report directly to Ronald Jordan, DTCC managing director and chief data officer, who is based in New York.
"We are delighted to have someone with Mark's expertise and experience join DTCC to assist in this critical international effort," Jordan said. "Not only does Mark have a long history of working with data management services, he has played a critical role on the industry's LEI Steering Committee representing the Royal Bank of Scotland in developing the requirements for the LEI project, and we know he will continue to provide continued leadership in his new role with DTCC."
Davies joined DTCC from the Royal Bank of Scotland (RBS), where from 2008 he served as head of Reference Data within Shared Services Finance. He headed a globald a global team of 90 and managed the legal entity database for RBS across divisions. He also managed all datasets required for reporting in the group Risk Platform, and set strategy for reference data involving legal entities and risk data.
Prior to being at RBS, Davies served as the associate director for Shared Data Services at Barclays Capital from 2000 to 2008, managing the group's central counterparty database.
Before working at BarCap, Davies served as manager of the Client Reference Data Division and supervisor for the strategic projects team for Credit Suisse First Boston from 1998 until 2000, with overall responsibility for the provision of international client/counterparty data to all internal U.K. departments and a number of overseas offices.
Davies earned a bachelor's degree with honors in Business Administration from the University of Leicester. He is also a Six Sigma Green Belt.