The Depository Trust & Clearing Corporation (DTCC) today announced the appointment of Peter Tierney as Regional Head of Asia, DTCC Deriv/Serv LLC.
Tierney will be based in Singapore, and serve as head of business operations in Asia. He will report to Stewart Macbeth, CEO, DTCC Deriv/SERV LLC.
"Peter brings his extensive experience in the Asian markets to this challenging role. He is a valuable addition to the company as we continue to grow our business and serve our clients," said Macbeth. "A hiring of this caliber is another example of our commitment to the region and our recognition of the Asian marketplace as a critical component of the global capital markets."
"I'm very excited about this opportunity and look forward to promoting the DTCC vision of transparency and risk mitigation in the OTC markets in this region," said Tierney. "2013 is gearing up to be a busy year as regional regulators look to implement key G20 OTC reforms. The timing is great and I am looking forward to expanding DTCC relationships with financial firms and regulators across the region."
Tierney draws on over 20 years of deep subject matter expertise in pre- and post-trade processing, telecommunications, trading architecture and data management. He has held senior executive roles with NYSE Euronext, BT Radianz and was a founding executive of Omgeo, DTCC's joint venture with Thomson Reuters. Tierney has specialized in developing services that bring together communities within the financial space, a close strategic fit with DTCC's global mission. Tierney has worked extensively in the U.K. and U.S. but has spent the majority of his career in Asia.
DTCC opened its Asia Pacific global data center headquartered in Singapore in December 2012. The Asia location is part of the global triangulated infrastructure designed to support DTCC's Global Trade Repository services. In March 2013, the Japan Financial Services Authority approved an application by DTCC Data Repository (Japan) KK (DDRJ) to become a Japanese OTC derivatives trade repository, which gives the country a robust system for the storage and reportinting of trading data. The repository, which went live from April 1, is based in Tokyo and is the first trade repository to be approved and established for the Japanese market.
The GTR will also play a key support role in the implementation of regulatory reporting for Hong Kong's OTC derivatives market. DTCC has been working with the Hong Kong Monetary Authority (HKMA) to operate as an agent in sending data to HKMA on behalf of its participants, so that multinational entities can report once and meet their multiple reporting obligations.
In addition to establishing the Asia Pacific global data center, DTCC set up operations and client support in Singapore and Japan. Under Tierney's leadership, this team will play a key role in helping the region's market participants comply with current and future regulatory requirements for OTC derivatives trade reporting. The team will also provide client support and operational processing in the region.