The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced that Jim Hraska has joined the firm as a Managing Director and General Manager of DTCC’s Fixed Income Clearing Corporation (FICC).
Mr. Hraska will be leading FICC’s efforts to continue to reduce risks and costs in the U.S. Fixed Income markets. Specifically, Mr. Hraska will be responsible for activities including, but not limited to, expanding buy-side participation in FICC clearing services, which will increase efficiency and transparency while reducing systemic risk in the U.S. Government Securities market; and implementing the Mortgage-Backed Securities (MBS) Novation initiative, a multi-year project to simplify the MBS netting and settlement process.
Mr. Hraska joins DTCC from Barclays, where he most recently served as Global Director of Product Management specializing in financing and structural reform. He has 26 years of experience in the securities industry, with background in fixed income and equity financing, fixed income and equity derivatives, financial engineering, reinsurance, structured credit products, futures, and global clearance and custody. He is a long-standing member of SIFMA, where he served as the Government Operations Chair and as a participant in numerous working groups, and the Treasury Market Practices Group (TMPG), supporting integrity and efficiency in the treasury, agency debt and agency mortgage-backed securities markets. He has also served as a senior member of the U.S. Federal Reserve’s Tri-Party Reform Task Force, which was responsible for driving risk and liquidity improvements.
“Jim joins DTCC at a critical time, as the industry looks to further reduce risks and costs across asset classes while retaining the safety and soundness that are paramount to the functioning of the global markets,” said Murray Pozmanter, Head of Clearing Agency Services at DTCC. “His extensive experience will be a significant asset to the firm, and we look forward to having him spearhead new initiatives at FICC that provide even greater value to our clients and the broader industry.”
Added Mr. Hraska, “I am pleased to be joining DTCC and, more specifically, FICC. There is significant potential to transform post-trade operations within the fixed income space, such as through DTCC’s MBSD novation initiative and adding buy-side participants to the FICC, and I look forward to working with my peers and the industry to drive continued improvements.”