New York Portfolio Clearing Names Walter Lukken CEO
13 Aprile 2010 - 1:55PM
Business Wire
New York Portfolio Clearing (NYPC) today appointed Walter Lukken
as Chief Executive Officer, effective May 1, 2010.
NYPC is the innovative joint venture of The Depository Trust
& Clearing Corporation (DTCC) and NYSE Euronext (NYSE: NYX),
created to deliver unique capital efficiencies to the market by
evaluating and margining a clearing member’s risk on a portfolio
basis across both cash bonds and derivatives. Announced in June
2009, NYPC is currently undergoing regulatory review and expects to
be operational in the third quarter of 2010.
Since July 2009, Lukken has been serving as Senior Vice
President in the Office of the General Counsel of the NYSE and as a
board member for both NYSE Liffe in London and NYSE Liffe US. Prior
to this role, Lukken, served as Acting Chairman of the Commodity
Futures Trading Commission (CFTC) for 18 months and was also a
Commissioner of the CFTC since 2002. At NYPC, Lukken will lead
NYPC's drive to be the first clearing organization to margin cash
fixed income positions and their natural derivatives hedges
together, in a way designed to substantially improve both
operational and capital efficiency.
“NYPC is a story of innovation, and Walt is a proven leader who
can execute on this visionary partnership,” said Donald F. Donahue,
Chairman and Chief Executive Officer of DTCC. “NYPC will be a
catalyst for change in the U.S. futures market by delivering
capital efficiency to its members and by introducing a unique,
horizontal clearing model. Walt’s leadership and expertise are the
perfect combination to lead this ambitious, new clearing house to
success.”
“Walt is the ideal candidate to lead NYPC in opening the U.S.
futures market to new competition,” said Duncan Niederauer, Chief
Executive Officer of NYSE Euronext. "Walt is a respected voice in
this industry with a unique and diverse set of experiences that
will lend themselves well to this project. I am confident that
under his leadership, NYPC will quickly grow to become a
world-class clearing organization."
“I am thrilled to assume a leadership role in this dynamic new
company,” said Lukken. “I look forward to using my extensive
knowledge and relationships within the derivatives industry to help
NYPC bring new competition, efficiency and innovation to the
marketplace."
About Walter Lukken
Walter Lukken was named as Senior Vice President in the Office
of the General Counsel of NYSE Euronext on July 16, 2009. While in
this position he focused on global market structure issues,
including the company's expansion in U.S. derivatives markets.
Lukken was first appointed CFTC Commissioner in 2002 and served as
Acting Chairman of the Commission from June 27, 2007 until Jan. 20,
2009. As a Commissioner, Lukken testified numerous times before
Congress and represented the agency as part of the President's
Working Group on Financial Markets. He also represented the
Commission before international organizations and forums, including
the International Organization of Securities Commissions (IOSCO)
and the Committee of European Securities Regulators (CESR). Lukken
served as the first chairman of the CFTC's Energy Markets Advisory
Committee, which was created in February 2008 to address the
critical regulatory issues connected to the energy futures markets.
He also served as chairman of the CFTC's Global Markets Advisory
Committee (GMAC) from October 2003 through January 2008, fostering
an industry dialogue on global regulatory issues facing the futures
industry. Prior to joining the CFTC, Lukken served for five years
as counsel on the professional staff of the U.S. Senate Agriculture
Committee under Chairman Richard Lugar, specializing in futures and
derivatives markets. A native of Richmond, Indiana, he received his
B.S. degree in finance with honors from the Kelley School of
Business at Indiana University, and his Juris Doctor degree from
Lewis and Clark Law School in Portland, Oregon. Lukken is a member
of the Illinois Bar.
About NYPC
NYPC is a 50/50 joint venture between NYSE Euronext and DTCC.
NYSE Euronext plans to commit a $50 million financial guarantee as
an additional contribution to reinforce the safety and soundness of
the NYPC default fund. Pending required regulatory approvals, NYPC
initially plans to clear interest rate products traded on NYSE
Liffe U.S. NYPC will be powered by NYSE Euronext’s market leading
clearing technology, TRS/CPS, which currently facilitates member
position management for the NYSE Liffe market in London and ICE
Clear Europe. DTCC will provide Fixed Income Clearing Corporation’s
(FICC’s) market-leading capabilities in risk management,
settlement, banking and reference data systems. For more
information, please visit: www.nypclear.com.
Cautionary Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements,
including forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Such
forward-looking statements include, but are not limited to,
statements concerning NYSE Euronext's plans, objectives,
expectations and intentions and other statements that are not
historical or current facts. Forward-looking statements are based
on NYSE Euronext's current expectations and involve risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied in such forward-looking statements.
Factors that could cause NYSE Euronext's results to differ
materially from current expectations include, but are not limited
to: NYSE Euronext's ability to implement its strategic initiatives,
economic, political and market conditions and fluctuations,
government and industry regulation, interest rate risk and U.S. and
global competition, and other factors detailed in NYSE Euronext's
reference document for 2008 ("document de référence") filed with
the French Autorité des Marchés Financiers (Registered on April 28,
2009 under No. R. 09-031), 2008 Annual Report on Form 10-K and
other periodic reports filed with the U.S. Securities and Exchange
Commission or the French Autorité des Marchés Financiers. In
addition, these statements are based on a number of assumptions
that are subject to change. Accordingly, actual results may be
materially higher or lower than those projected. The inclusion of
such projections herein should not be regarded as a representation
by NYSE Euronext that the projections will prove to be correct.
This press release speaks only as of this date. NYSE Euronext
disclaims any duty to update the information herein.
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