New York Portfolio Clearing Names Independent Board Members
09 Marzo 2011 - 3:23PM
Business Wire
New York Portfolio Clearing, LLC (NYPC), the innovative
derivatives clearinghouse that will deliver “one-pot” margining of
proprietary interest futures positions cleared by NYPC with fixed
income cash positions cleared by The Depository Trust &
Clearing Corporation’s Fixed Income Clearing Corporation, today
announced the election of Bernard Dan, Richard Prager and Tom Wipf
as independent members to its board of directors. These
appointments add significant independent expertise in the strategic
development, risk management, regulation and operations of NYPC.
NYPC, which is expected to create significant capital efficiencies
through this “one-pot” margining arrangement, will begin operations
on March 21st.
“We are thrilled to have these talented individuals—each a
leader in their field—join our board as we prepare to launch a
truly innovative offering for the futures market later this month,”
said NYPC Board Chairman Murray Pozmanter. “They add an independent
perspective and a diversity of experience that is needed to work
through the complex issues facing financial markets today.”
Walt Lukken, CEO of NYPC, added: “The quality of directors we’ve
attracted is exceptional, including executive level experience from
the exchange, end-user and fixed-income trading communities. NYPC
will benefit greatly from having these influential voices
represented as we seek to challenge and compete in the fixed income
futures market.”
- Bernard “Bernie” Dan is President of
Sun Holdings, LLC—the parent of Sun Trading, a registered U.S.
broker-dealer focused on market making activities across a range of
asset classes. He brings extensive financial leadership experience
to NYPC, having recently served as CEO of MF Global Holdings as
well as CEO of the Chicago Board of Trade, where he oversaw the
firm’s demutualization, its subsequent initial public offering, and
its acquisition by the CME.
- Richard Prager is Managing
Director and Global Head of BlackRock’s Trading and
Capital Markets for Fixed Income. He is a member of the
Fixed Income Executive Committee, BlackRock’s Operating
Committee and oversees and coordinates all trading across
BlackRock’s fixed income platform.
- Tom Wipf is Managing Director at Morgan
Stanley where he serves as head of Bank Resource Management,
responsible for secured funding, securities lending, collateral
management and counterparty portfolio management activities. He is
the current Chair of the Treasury Market Practices Group, a
professional organization supporting best practices in the markets
for Treasury, agency debt and agency mortgage-backed
securities.
For more information on NYPC’s board of directors and
governance, please visit www.nypclear.com/governance.
About NYPC
New York Portfolio Clearing, LLC (NYPC) is registered as a U.S.
Derivatives Clearing Organization with the Commodity Futures
Trading Commission. NYPC will clear interest rate products and will
support the cross-margining of U.S. Treasury and agency securities
and repurchase agreements cleared by The Depository Trust &
Clearing Corporation’s Fixed Income Clearing Corporation with their
related, offsetting derivatives trades in a “single pot”. For more
information, please visit: www.nypclear.com.
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