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NYPC appoints Sandy Broderick CEO

02 April 2012  |  1372 views  |  0 Source: New York Portfolio Clearing

New York Portfolio Clearing (NYPC) today announced the appointment of Alexander "Sandy" Broderick as Chief Executive Officer.

His appointment comes at an important time for the company as volumes grow and it expands its portfolio of products through its "one-pot" model.

"We are delighted to have secured Sandy's wealth of experience to take NYPC forward," said Thomas Callahan, NYPC Chairman and CEO, NYSE Liffe U.S. "He brings a unique blend of expertise in risk management, technology and clearing for OTC and listed futures products, so is ideally placed to lead NYPC during the transition from innovative start-up to a central player in the new market structure for multi-asset class derivatives clearing."

A joint venture of The Depository Trust & Clearing Corporation (DTCC) and NYSE Euronext (NYX), NYPC was created to deliver capital and operational efficiencies to the U.S. futures market by evaluating and cross margining a clearing member's risk on a portfolio basis across related cash fixed income and derivative positions. Having added 12 members in only one year of operation and surpassing 900,000 contracts in total open interest, NYPC also recently announced an agreement to explore the expansion of the existing "one-pot" to include interest rate swaps cleared by LCH.Clearnet's SwapClear U.S. platform.

"NYPC has realised steady growth since its launch and we are excited about the many opportunities ahead," said Murray Pozmanter, NYPC Board Director and Managing Director, Clearing Services, DTCC. "In a short time, NYPC has established a strong market presence and has a clear business strategy to expand and diversify. Sandy's extensive experience in derivatives clearing and depth of product knowledge over a long period further strengthens NYPC's management team as it enters its next phase of expansion."

"I am looking forward to joining NYPC at a time when we are seeing greater collaboration between clearing houses, exchanges and infrastructure providers," commented Broderick. "This will be a period of great opportunity and challenge, and I look forward to making sure that NYPC is at the forefront of these developments.

"This cutting-edge clearing house offers an exciting new vision for clearing and risk management that provides significant benefits for the industry. The impending change in market regulation makes NYPC perfectly placed to serve and help market participants adapt to the new environment," he added.

Currently based in London, Broderick will be taking up his post in New York in June.

About Sandy Broderick

Sandy has been with Societe Generale for 14 years, most recently as Head of GBP derivatives and bond trading. He has been at the centre of a number of industry initiatives in clearing and market infrastructure, including development of the LCH.Clearnet SwapClear system, and most recently as Chairman of the OTCDerivNet Board. Prior to this, Sandy had a long career at Bank of America trading swaps and options. He graduated from Heriot-Watt University, Edinburgh with a degree in Computer Science. 

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