Mitigating Risk, Improving Efficiency

DTCC’s Cosgrove Appointed Chair of DTCC Deriv/SERV

By DTCC Connection Staff | Jan 21, 2020

Susan Cosgrove, DTCC Managing Director and Chief Financial Officer
Susan Cosgrove, DTCC Managing Director and Chief Financial Officer

Susan Cosgrove, DTCC Managing Director and Chief Financial Officer, has been appointed Chair of the DTCC Deriv/SERV LLC (Deriv/SERV) Board of Directors, effective March 18. Cosgrove, who currently sits on the Deriv/SERV Board, replaces Tim Keady, who served as interim chair following the departure of Mark Wetjen, who left DTCC on January 3, 2020. In addition, Cosgrove will chair the boards of several of the DTCC trade repositories: DTCC Data Repository (U.S.) LLC; DTCC Derivatives Repository Plc; and DTCC Data Repository (Ireland) Plc.

“Susan has been a key strategic contributor on the Board, and we are delighted that she will be in a position to make an even larger impact as Chair,” said Chris Childs, CEO, Deriv/SERV. “Susan’s experience as Group CFO, as well as her deep business knowledge, will be invaluable as we continue to identify new opportunities to address client pain points in the processing of OTC derivatives.”

“I am excited to take on this expanded role and look forward to partnering with my fellow Board members and the Deriv/SERV senior management team to continue advancing the strategic direction of the Repository and Derivatives Services business,” Cosgrove said. “DTCC’s expertise in the OTC derivatives market creates many new opportunities to grow our global footprint, provide additional value for our clients and further reduce risks and costs for the industry.”

Cosgrove has served as DTCC’s CFO since 2013 with responsibility for leading DTCC’s global finance and treasury teams and overseeing the company’s financial processes and liquidity and capital position. She is a member of DTCC’s Management Committee and Management Risk Committee and co-chairs the firm’s Investment and Operating Committee. Cosgrove also serves as a Member of the DTCC ITP Board of Managers and the Board of DTCC-Euroclear GlobalCollateral Ltd. (GlobalCollateral). In addition, Cosgrove is a Board member of WisdomTree (WETF) and serves as Vice Chair of the Board of PENCIL, an education non-profit that brings together business professionals, educators and students.

Initially launched in 2003, Deriv/SERV provides automated asset servicing for OTC credit derivatives trades. Deriv/SERV's customer base, which includes dealers and buy-side firms from more than 52 countries, is the market's largest post-trade service provider for OTC derivatives.

The company oversees DTCC’s Repository and Derivatives Services through registered or licensed trade repositories as part of DTCC’s Global Trade Repository services (GTR), which provides regulatory reporting of detailed data on OTC derivatives transactions and transparency into the marketplace, and the Trade Information Warehouse (TIW), an asset servicing platform that provides a “golden copy” record for credit default swaps (CDS) activity. Both GTR and TIW are undergoing significant upgrades to their platforms – including moving TIW to distributed ledger technology – which aim to reduce both cost and risk for the industry.

 

 

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