Government Relations Hub

Perspectives

Government Relations Perspectives - 315px

ARTICLES & BLOGS / SPEECHES & PRESENTATIONS / ALERTS & COMMENTS / ANNOUNCEMENTS / CONSULTATION RESPONSES / VIDEOS & PODCASTS / AWARDS & EVENTS

ARTICLES & BLOGS

Settlement Discipline Regime Preparations Echo MiFID II
With one year remaining until the settlement discipline regime (SDR) component of the Central Securities Depositories Regulation (CSDR) comes into force, some of the remaining challenges may feel familiar to firms that were bearing down on the revised Markets in Financial Instruments Directive (MiFID II) deadline two years ago. It's not surprising that CSDR would follow in the footsteps of MiFID II, given that both regulations are part of wider EU regulatory reforms adopted following the financial crisis, aiming to improve transparency and mitigate risk in the financial markets. Tony Freeman writes for Global Custodian. (November 26, 2019)

The Question Regulators Should be Asking Libra: How Safe is Your Tech?
Digital assets have captured their fair share of headlines over the past year, but Facebook's plan to launch Libra, a new cryptocurrency, continues to reverberate through policymaking circles around the globe. Libra has raised many questions among regulators and lawmakers, many relating to features of its design — would it activate laws and licensing related to securities, derivatives and commodities markets? Mark Wetjen writes for Financial News. (October 18, 2019)

Extra Time: Phase 4, 5 and Now 6 of Initial Margin Rules
As another wave of derivative market participants began exchanging initial margin this September, the penultimate phase of the implementation of BCBS/IOSCO's 2015 uncleared margin rules, the "FINAL" phase, has now been divided into two further phases, providing smaller market participants with additional time to prepare by pushing back their compliance date to the new Phase 6 in 2021. John Straley writes for Global Investor/FOW. (September 13, 2019)

In with the New: Rules for Implementing New Technologies for Market Infrastructure
Any discussion pertaining to the implementation of new technologies in the case of financial market infrastructures (FMIs) must focus on the question of what is the underlying purpose of deploying a new technology tool. An incorrect answer to this question will set any implementation project off onto the wrong course. Mark Wetjen writes for Eurofi Magazine. (September, 2019)

The Cloud Journey for Market Infrastructures
The rise of cloud computing continues, with worldwide spending on public cloud services and infrastructure forecasted to reach $210 billion in 2019. This is an increase of nearly 24% over 2018, according to a survey published in February this year by the International Data Corporation (IDC). Mark Wetjen writes for Fintech Futures. (August 21, 2019)

Trade Reporting: Why Standards are Imperative in Mitigating Cross-Border Fragmentation
I first joined the Commodity Futures Trading Commission (CFTC) in 2011, and since then, there has been enormous progress in creating transparency for derivatives markets. Regulators had considerably less visibility into this global marketplace during the crisis, and reporting has resulted in significant transparency improvements. Mark Wetjen writes for The Trade. (August 1, 2019)

DTCC's Wetjen Talks Regulation, Technology and the Rise of Socially-Responsible Investing
The Futures Industry Association (FIA)'s International Derivatives Expo (IDX), held this year in London June 3-5, featured Mark Wetjen as a panelist in the session entitled Forward Thinking: The Future Perfect? Here, Wetjen shares three key takeaways on regulation, technology and the rise of socially-responsible investing. (July 9, 2019)

The Risks and Rewards of DLT
Distributed ledger technology offers a wide range of possibilities for DTCC's future, from improving the client experience to reducing costs, but as with any new technology, it comes with risks as well as rewards. When assessing technology, the key questions for DTCC remain the same. Mark Wetjen blogs for DTCC Connection. (June 20, 2019)

Evaluating the Effects of Post-Crisis Reforms
A decade on from the global financial crisis, derivatives leaders are gathering in the City of London to assess whether and how the industry has evolved. Alongside President Donald Trump's state visit to the UK, FIA's International Derivatives Expo (IDX) is taking place. Mark Wetjen writes for Global Investor/FOW. (June 3, 2019)

CSDR: The Final Countdown
The CSD Regulation has been a slow burn. Conceived after the financial crisis and enforced legally since 2014, it's been a very long time coming. To most of us CSDR has had – so far – no direct impact. European CSDs, of which there are still about 40, have had to register and comply; however, this largely has been a technocratic exercise. Tony Freeman writes for Global Custodian. (May 17, 2019)

Growing Pains: The Post-Trade Challenge of Crypto
The crypto-asset market is still relatively small compared with the global financial marketplace. The projections on its likely growth have been questioned and some industry participants are even describing the current state of affairs as a 'crypto-winter'. Mark Wetjen writes for Global Investor/FOW. (May 3, 2019)

The Benefits of Compliance – Cost Reduction, Collaboration and Best Practice
As we enter a new phase of regulatory reporting implementation, in the form of the Securities Financing Transactions Regulation (SFTR), it is important to assess the wider benefits that post-crisis regulatory mandates have delivered to the industry and to consider what the future state of reporting could look like as firms continue to need to reduce costs, improve operational efficiencies and ensure compliance. The cost of compliance has driven the need for market participants to do more with less in all areas of post-trade. Val Wotton writes for Global Investor/FOW. (April 12, 2019)

Preparing for the Settlement Discipline Regime - Warning, External Shock Therapy Needed!
In the 10 years since the financial crisis the middle-office has been significantly affected by a swathe of new regulation. This has led to significant adjustments to their post-trade processes, brought about by regulations such as the European Markets Infrastructure Regulation (EMIR) and the Markets in Financial Instruments Directive (MiFID) II. Tony Freeman writes for Global Custodian. (March 2019)

Further Harmonisation Needed to Deliver on Full Potential of EU Capital Markets
As early as 1999, it was hoped that the introduction of the euro would naturally lead to a convergence among Europe's capital market and post-trade market infrastructures but it's fair to say that progress was a lot slower than anticipated. This led to the creation of the Giovannini Group whose mission was to identify barriers (later known as the Giovannini barriers) preventing efficient cross-border clearing and settlement in the EU. Andrew Douglas writes for Eurofi Magazine. (March 2019)

The Role International Standards Bodies Can Play in Mitigating the Risks of Market Fragmentation
Global reform efforts introduced since the 2008 crisis have largely focused on increasing the safety and soundness of financial markets, and significant progress has been made. As reforms have been implemented, concerns about market fragmentation and its impact on market liquidity have arisen. Mark Wetjen writes for WFE Focus. (February 2019)

Derivatives Reform Must Come Together
Unlike their exchange-traded counterparts (ETDs), such as futures and options contracts, OTC derivatives transactions were opaque to regulators and other parties. This lack of transparency, along with their complexity, was highlighted during the demise of Lehman, and indeed, contributed to the spread of the financial contagion. Oliver Williams writes for The Asset. (February 21, 2019)

SFTR: What Asian Financial Firms Need to Know
The Securities Financing Transactions Regulation (SFTR) is the next EU regulation set to transform the financial securities industry. Like MiFID and the European Market Infrastructure Regulation (EMIR), SFTR will bring greater transparency to securities financing and repo markets. Oliver Williams writes for Regulation Asia. (February 14, 2019)

Learning Curve: Lessons for SFTR from EMIR
Nearly six years ago to the day (December 19, 2012), the European Commission adopted the technical standards for the European Market Infrastructure Regulation (EMIR) that, among other things, mandated the reporting of derivatives contracts to trade repositories. EMIR was the European regulatory community's first response to the G20 mandate established in Pittsburgh in 2009 to increase transparency in the OTC derivatives market as a means of addressing some of the weaknesses in the financial system which surfaced following the 2008 Global Financial Crisis (GFC). Val Wotton writes for Global Capital. (December 20, 2018)

There is a Better Way to Supervise Crypto Assets
In the crypto-asset world, there are many divergent opinions on the appropriate way to supervise the sector. Some are philosophical, others more practical. Mark Wetjen writes for Financial News. (November 15, 2018)

The Devil is in The Data: The Role of FMIs in Providing Data Services and the Importance of a Best Practice Approach
In recent years, it has been claimed that data has eclipsed oil as the world's most valuable resource. Financial market infrastructures (FMIs) are on a constant search for 'new oil' and the value of data is certainly on the list of new services they are developing. Post crisis reforms and the requirement for greater transparency in financial markets through new transaction and trade reporting rules has led to a much larger volume of data being captured within the financial system. Tim Lind writes for Data Management Review. (October 22, 2018)

Forthcoming Regulation Necessitates Automation
The middle- and back-office operations of financial institutions have come a long way in the last 20 years. Considered an essential piece of the market's plumbing, they have had to constantly keep up with increasingly complex workflows, process higher trading volumes at greater speeds, and at the same time adapt to an environment of great regulatory change. Tony Freeman writes for Global Investor/FOW. (September 26, 2018)

Harmonize SEC, CFTC Rules for a Better Trading World
Dodd-Frank's move towards transparency in the swaps market was a deliberate attempt to shift away from an opaque market, to one that encourages greater access to information, and thereby further confidence in the financial marketplace. This access, however, is hindered by the lack of harmonization between the swaps and security-based swaps data reporting rules. Mark Wetjen writes for The Hill. (September 25, 2018)

Light at the End of the Tunnel? A Decade on From the Global Financial Crisis the System is Safer but There is Still Further to Go
Ten years on from the start of the global financial crisis (GFC), now seems like a good point at which to reflect and evaluate what tangible progress has been made with regards to strengthening the system and to assess if the vulnerabilities exposed during that time have now been addressed. The communiqué that resulted from the 2009 G20 Pittsburgh Summit, which was established to discuss financial markets and the world economy following the crisis, was clear in its intentions regarding OTC derivatives. Mark Wetjen writes for Thomson Reuters Compliance Complete. (September 20, 2018)

Governance, Standards and Security: The Essential Mix for Fintech Success
Fintech innovations like distributed ledger technology (DLT), cloud computing, artificial intelligence (AI) and robotics will transform the global marketplace over time. In fact, we're already seeing the impact in certain pockets of the industry, from providing a better client experience to strengthening market infrastructure, increasing access to capital markets, realising efficiencies and reducing costs. Mark Wetjen writes for Eurofi Magazine. (September 2018)

A Global Approach to SFTR
Ten years on from the start of the global financial crisis which was marked by the collapse of Lehman Brothers, policy makers have made great strides in implementing reforms to financial markets, originally agreed by G20 jurisdictions in Pittsburgh in 2009. Thus far in Europe, post-crisis reform has been implemented through the European Markets Infrastructure Regulation (EMIR) and the second Markets in Financial Instruments Directive (MiFID II). Val Wotton writes for Markets Media. (August 14, 2018)

SFTR 101: Bringing Transparency to Securities Finance Transactions
This year marks a decade since the collapse of Lehman Brothers, after which followed the global financial crisis. In those 10 years, regulators and policymakers have responded to the issues exposed by the crisis through the implementation of regulations to ensure greater transparency in the global financial system and the mitigation of systemic risk. Val Wotton writes for Global Investor/FOW. (July 16, 2018)

Act Now to Be Ready for Fundamental New Capital Rules
A decade on since the global financial crisis, large swathes of financial regulation aimed at addressing the weaknesses exposed during that time have come into force. Among many lessons learned in terms of market risk, there were two specific gaps that regulators wanted to address: ensure risk model sensitivities are appropriately calibrated to account for tail risk; and ensure banks are sufficiently capitalised to account for illiquidity in OTC asset classes. Tim Lind writes for Data Management Review. (June 26, 2018)

The Ties That Bind: Market Connectivity Continues to Increase Despite Opposing Rhetoric
Whether it is geopolitical tensions in North Asia, the UK's exit from the European Union or new U.S. trade policies, globalisation would appear to many to be in retreat in many regions of the world. Wherever one looks, social, political and economic boundaries appear to be isolating nations, reversing a trend that only a few years ago seemed all but unstoppable. Larry Thompson writes for Regulation Asia. (May 30, 2018)

Safety, Stability and Simplicity: The Vision for the EU's Post-Trade Landscape
Following the plethora of regulatory reform at EU and global levels, there is a continuing need for greater harmonisation and coherence in post-trade services in areas such as trade reporting, collateral management, clearing and settlement. Regarding trade reporting, markets still need a globally consistent set of critical data elements, to enable a complete and harmonised view of the derivatives market and facilitate efforts to share and aggregate data in support of systemic risk monitoring. Andrew Douglas writes for Eurofi Magazine. (April 2018)

Rethinking Regulation in the Fintech Age
New fintech innovations have the potential to revolutionize financial services and change how many parts of the industry operate. These innovations should, however, be carried out in collaboration with key industry players, including policymakers, to ensure that fintech innovation meets the needs of the marketplace in a manner that does not increase risk in the global financial system. Andrew Douglas writes for Börsen-Zeitung – article in French. (April 17, 2018)

Defending Globalization — The Role of Collaboration
Recent geopolitical events such as the UK's decision to exit the European Union (EU) and the US administration's review of financial regulations have heightened concerns that there could be a retreat from globalization. Over the past few decades, financial markets have become more interconnected and, as a result, global. Andrew Douglas writes for L'Agefi – article in French. (February 27, 2018)

The Importance of Collaboration and Harmonisation When Leveraging New Technologies
As we look to the year ahead, the financial industry has many important priorities it must consider, including how to respond to the rapid pace of change that has altered market structure and upended well-established business models. In such a dynamic, fast-moving environment, the industry must manage a variety of key issues, including the emergence of new technologies, preparing for new regulations on a global scale and adjusting to a politically uncertain landscape that seems increasingly inclined to greater isolation than we've experienced in many decades. Larry Thompson writes for Global Investor/FOW. (January 24, 2018)

LEIs: Asia Following the Rest of the World
Firms in the region either embrace, endure or avoid MiFID II's LEI requirement, but must accept that it's not just regulations from the US which now have a profound extraterritorial impact. In 1972, during President Nixon's visit to Beijing, the Chinese Premier Zhou Enlai was asked about his viewpoint on the French Revolution – an event almost 200 years prior. His now infamous answer was that it was "too early" to tell. Tony Freeman writes for Regulation Asia. (January 18, 2018)

The Ongoing Challenge of Managing Systemic Risk
Next year will mark a decade since the start of the global financial crisis. While there has been significant progress in addressing the shortcomings that led to the near-meltdown of the global financial system the question remains: Have we done enough to protect against a future large-scale crisis? Larry Thompson writes for Global Investor/FOW. (December 20, 2017)

The Final Countdown: MiFID II is Coming, Ready or Not
With just three weeks to go before the implementation of the Markets in Financial Instruments Directive II (MiFID II), how close is the industry to being ready for the biggest change in financial markets infrastructure for decades? This article will look at the industry's state of readiness and influencing factors, as well as what will become of those who fail to meet the 3 January deadline. Tony Freeman writes for City AM. (December 14, 2017)

Looking Ahead: Setting a Standard for the Future
As fintech innovations, such as distributed ledgers, artificial intelligence, robotics and cloud computing, transform how financial services are provisioned, the need for stakeholder collaboration to ensure alignment of approach and policies increases. Meanwhile, globalization continues apace, in many cases abetted by technological advances, notwithstanding interruptions caused by reactions of the public that lead to political disruption. Mark Wetjen writes for Traders magazine. (November 15, 2017)

Market Structure: Complexity Now, Globalization Later
Globalization looks likely to continue despite ongoing strained public confidence in the financial system caused by the global financial crisis. However, the near-term impact of the current political environment could make market infrastructure more complicated and costly for participants. Mark Wetjen writes for Global Investor/FOW. (October 24, 2017)

Life After T+2
The transition to T+2 demonstrated that the meticulous preparations, coordination and testing undertaken by infrastructure providers and market participants, as well as regulators, paid off. Given the sheer size of the US market, not only did the development signify a tectonic shift toward the global harmonisation of settlement cycles to T+2, it also has meant that due to the amount of cross border investment in to the US, the full impact and benefit of T+2 can finally be felt globally. Tony Freeman and John Abel write for Global Custodian. (October 13, 2017)

The Long Arm of MiFID II
The second Markets in Financial Instruments Directive (MiFID II) is fast becoming the dominant black hole of 2017, and nothing can escape it. Irrespective of where you are based or where you sit in the trading and investment process, if your clients or counterparties need to comply with the MiFID II requirements then you are also very likely to be affected by this regulation. Tony Freeman writes for Asset Servicing Times. (September 20, 2017)

Questions Hang Over Readiness of Financial Services Firms as MiFID II Deadline Looms
With less than six months until the Markets in Financial Instruments Directive (MiFID II) is enacted by the EU, it is not clear that firms in Asia are fully prepared for the game changing regulatory shake-up. Springing from the aftermath of the 2008 financial crisis, when regulators began their quest for greater transparency, MiFID II will represent the most radical overhaul of financial regulation governing European markets. Tony Freeman writes for The Asset. (September 17, 2017)

Cloud Computing: A Blueprint for Market Infrastructures
Cloud computing has reached a pivotal point and market infrastructures are evaluating opportunities to expand the use of the cloud more broadly across external services and applications where most appropriate. This is because many cloud operations have reached new levels of robustness and sophistication, which many large corporates are unable to achieve with respect to performance, security, cost and scale. Mark Wetjen writes for Global Investor/FOW. (July 3, 2017)

MiFID II and Post-Trade Processes — Where to and How Much Further to Go?
The implementation of MiFID II in January 2018 is being predicted by many market participants as a Big Bang moment for Europe's financial markets. This is because the scope of MiFID II/MiFIR is so wide-ranging and covers a much broader range of financial instruments and activities than its predecessor, MiFID I. Tony Freeman writes for Global Custodian. (April 12, 2017)

The Countdown to MiFID II — Post-Trade Priorities
MiFID II will alter the landscape for post-trade processing and will require affected firms to adapt their middle- and back-office activities accordingly. There is still a tremendous amount of work to be done before the industry can claim it is ready for its implementation in January 2018. Tony Freeman writes for TabbFORUM. (March 23, 2017)

The Endless Pursuit of a Well-Functioning Treasury Market
Since last November's elections, the U.S. stock markets have been on a tear. The Dow Jones Industrial Average surpassed 20,000 for the first time in history a few weeks ago, and at the time of writing, the index has seen gains of around 10 percent since the election. Mark Wetjen writes for The Hill. (February 16, 2017)

Do We Really Need Financial Technology 'Sandboxes'?
At a recent fintech conference, a member of the audience posed a question to a panel about whether the U.S. needed a more pro-innovation regulatory approach, perhaps one that included "regulatory sandboxes," a phrase currently in vogue. Regulatory "sandboxes" can mean different things to different people, as well as to different sectors of the financial services industry. Mark Wetjen writes for The Hill. (December 14, 2016)

SPEECHES & PRESENTATIONS

Delivering Innovation, Ensuring Global Market Stability
Good afternoon, thank you all for joining us today. It's a pleasure to be here in Gibson Hall, a beautiful and historic banking hall here in London, for our 3rd European Client Forum. Mike Bodson spoke at DTCC's European Client Forum. (November 28, 2017)

Distributed Ledger Technology and its Impact on Market Infrastructure
Good morning, thank you for inviting me today and providing this opportunity to discuss distributed ledger technology and its impacts on market infrastructure. As you know, DTCC has a unique position in the marketplace. Mike Bodson spoke at the SEC Investor Advisory Committee Meeting. (October 12, 2017)

Distributed Ledger and Innovation
I would like to thank the European Central Bank, the Bank of England and the U.S. Treasury Department's Office of Financial Research for inviting me to be with you today. I commend each of you for your leadership in helping push our financial markets to continue embracing global data standards. Larry Thompson spoke at the U.S. Treasury Department's Office of Financial Research, European Central Bank and Bank of England Workshop. (March 29, 2017)

The Blockchain Disruption: Harnessing the Potential of Financial Technology
Good morning, I'm Mike Bodson, President & CEO of DTCC. Thank you for taking the time to join us for a discussion on the topic of blockchain and opportunities for harnessing the potential of financial technology. Mike Bodson spoke at DTCC's blockchain event on the Hill. (June 20, 2016)

Balancing Financial Stability, Innovation and Economic Growth Initiative
Good afternoon and thank you for allowing me to speak to you today. It's always a pleasure and honor to participate in a conference sponsored by the World Economic Forum. Mike Bodson spoke at the 'World Economic Forum: Balancing Financial Stability, Innovation, and Economic Growth Initiative' conference. (June 6, 2016)

Global Economic Integration, Pressures to Cut Costs, and the Role of FinTech
Good afternoon. It's an honor to be with you today at the "Conference on Policy Challenges for the Financial Sector." Mark Wetjen spoke at the World Bank/International Monetary Fund/Federal Reserve Board conference. (June 2, 2016)

ALERTS & COMMENTS

DTCC Comments on Senate Confirmation of Federal Reserve Board Governor Michelle Bowman
Mark Wetjen: "We congratulate Michelle Bowman on her re-appointment to the Federal Reserve Board. We look forward to continuing to work with Governor Bowman and all of the members of the Board as we pursue our mission of protecting the safety and soundness of the financial services industry." (September 12, 2019)

DTCC Comments on Senate Confirmation of CFTC Chairman Tarbert
Mark Wetjen: "We congratulate Heath Tarbert on his confirmation as CFTC Chairman. Chairman Tarbert's experience at the Treasury, FSB and elsewhere in government, plus time in the private sector, put him in a strong position to lead the CFTC going forward." (June 5, 2019)

DTCC Comments on the Applicability of SEC's Clearing Agency Rules to Distributed Ledger Technology Platforms
DTCC discusses the potential application of SEC rules to platforms using DLT or blockchain technology to provide post-trade processing of tokenized security platforms (Security Token Platforms). (June 7, 2019)

DTCC Comments on Senate Confirmation of CFTC Chairman Tarbert
Mark Wetjen: "We congratulate Heath Tarbert on his confirmation as CFTC Chairman. Chairman Tarbert's experience at the Treasury, FSB and elsewhere in government, plus time in the private sector, put him in a strong position to lead the CFTC going forward." (June 5, 2019)

DTCC Comments on Senate Confirmation of SEC Commissioner Elad Roisman
Larry Thompson: "DTCC welcomes the appointment of Elad Roisman as a Commissioner of the SEC. We look forward to working with Commissioner Roisman, as well as Chairman Clayton, Commissioners Stein, Jackson and Peirce and SEC staff to further increase transparency and reduce risk across the financial markets." (September 5, 2018)

DTCC Comments on Senate Confirmation of CFTC Commissioners Berkovitz and Stump
Larry Thompson: "DTCC congratulates Daniel Berkovitz and Dawn Stump on their recent appointments as CFTC Commissioners. Both bring a wealth of financial services experience, and we look forward to working with them, along with Chairman Giancarlo and each of the CFTC Commissioners, to continue to increase the safety of the financial markets." (August 29, 2018)

DTCC Plans to Open New Office in Dublin and Begins Recruitment Process
Andrew Douglas: "DTCC's GTR serves approximately 80% of the global financial market, and, according to European Securities Markets Authority (ESMA) figures, is operating as the largest trade repository in Europe. Regardless of the outcome of the final negotiations between the EU and the UK, DTCC's GTR will maintain a presence in the UK as well as aim to establish a new trade repository entity in Ireland, ensuring ongoing compliance with both ESMA and the Financial Conduct Authority (FCA)'s requirements under the relevant legislation in both jurisdictions." (July 18, 2018)

DTCC Comments Responding to ESMA Statement on LEI Grace Period
Larry Thompson: "ESMA's announcement that no additional forbearance will be afforded to market participants means they need to make it a priority to apply for their LEIs ahead of the July 2 expiry date. Furthermore, if firms outside Europe which transact in European markets do not put the necessary measures in place to comply with the MiFID II LEI requirement by this time, they simply will not be able to trade with European counterparties." (June 20, 2018)

DTCC Comments on Senate Confirmation of FDIC Chair Jelena McWilliams
Larry Thompson: "DTCC applauds Senate confirmation of Jelena McWilliams as Chair of the Federal Deposit Insurance Corporation (FDIC). She brings a wealth of experience to the position that will be helpful as the Administration addresses a wide range of issues related to regulatory policy, cybersecurity and financial stability." (May 29, 2018)

DTCC Comments on New ASIC Chairman James Shipton
Larry Thompson: "DTCC welcomes the recent appointment of James Shipton as Chairman of ASIC and we look forward to his contributions to the important work of ASIC in promoting safety and confidence in Australia's financial system." (February 6, 2018)

DTCC Comments on Senate Confirmation of Federal Reserve Chairman Jerome Powell
Larry Thompson: "We congratulate Jerome Powell on becoming Federal Reserve Chairman, and look forward to working closely with him, as well as the Vice-Chairman for Supervision Randal Quarles and all of their staff at the central bank to ensure the continued safety and soundness of the global financial system." (January 24, 2018)

DTCC Comments on Senate Confirmation of SEC Commissioners Peirce and Jackson
Larry Thompson: "DTCC applauds Senate confirmation of Hester Peirce and Robert Jackson to serve as SEC Commissioners. We look forward to working with them, as well as with Commissioners Piwowar and Stein, Chairman Clayton and all of their staff to bring greater risk mitigation, operational efficiency and transparency to the securities industry." (December 22, 2017)

Systemic Risk Barometer Survey: 2018 Risk Forecast
Mark Wetjen: "The escalation of geopolitical tensions globally as well as the continued emergence of new and significant geopolitical flash points is only increasing the level of risk across markets and concerns among financial service professionals. As these tensions continue to simmer and the consequences of any missteps or aggression exacerbate – there is the possibility of broad spikes, fluctuations and/or dislocations to ripple through markets." (December 11, 2017)

DTCC Comments on Senate Confirmation of Federal Reserve Vice Chairman Randal Quarles
Larry Thompson: "We congratulate Randal Quarles on becoming Federal Reserve Vice-Chairman for Supervision, and look forward to working closely with him to ensure the continued safety and soundness of the global financial system." (October 5, 2017)

DTCC Comments on Senate Confirmation of CFTC Chairman Giancarlo and Commissioners Behnam and Quintenz
Larry Thompson: "Chairman Giancarlo's industry experience and his thoughtful approach to public policy make him a strong choice to lead the CFTC. We applaud the steps he's taken with his colleagues to explore how fintech can increase the effectiveness of the CFTC as well as his ongoing commitment to building greater technological expertise within the agency." (August 3, 2017)

DTCC Comments on Senate Confirmation of SEC Chairman Jay Clayton
Larry Thompson: "DTCC applauds Senate confirmation of Jay Clayton to serve as SEC Chairman. DTCC will continue to work alongside the SEC in order to increase transparency and reduce risk across the financial markets." (May 2, 2017)

Blockchain Regulation Comes into Focus
Mark Wetjen: "Regulators globally are reviewing potential risks and opportunities offered by emerging technologies and should continue doing so in close coordination with the industry. However, policymakers are challenged with the formidable task of encouraging safe and secure innovation while at the same time preserving core policy objectives." (February 23, 2017)

National Economic Council Publishes Fintech Framework
Mark Wetjen: "While transformative technologies are likely to enhance the post-trade process by further reducing costs and mitigating risk, regulators globally are closely monitoring potential opportunities and challenges these advancements may present. Regulatory review and analysis, in collaboration with industry participants, are key steps to ensuring that regulation allows for advancement while preserving key policy objectives." (January 13, 2017)

U.S. Repeals Dodd-Frank Provision that Hindered OTC Data Sharing
Larry Thompson: "We applaud the U.S. Administration, Senate and House of Representatives for taking action to strengthen global information sharing by signing into law legislation that removes Dodd-Frank's indemnification provisions. By signing this non-controversial measure into law, we're one step closer to ensuring regulators globally can obtain a consolidated and accurate view of the OTC derivatives marketplace – a key goal established by the G20 in the wake of the 2008 financial crisis." (December 4, 2015)

ANNOUNCEMENTS

DTCC Outlines Guiding Principles for Post-Trade Processing of Tokenized Securities
DTCC has published a white paper that outlines function-based guiding principles for regulators and market participants for the post-trade processing of tokenized securities. The market for trading crypto assets that are security tokens where the post-trade processing uses distributed ledger technology (DLT), has created a need for safety, security and reliability around these transactions to protect market stability. (March 13, 2019)

DTCC's Wetjen Appointed Chairman of DTCC Deriv/SERV Board of Directors
Mark Wetjen, DTCC Managing Director and Head of Global Public Policy, has been appointed Chairman of the DTCC Deriv/SERV LLC (Deriv/SERV) Board of Directors. Wetjen, who was appointed to the Deriv/SERV Board in September, replaces Larry Thompson who retired in December. (February 11, 2019)

DTCC's Larry Thompson Retires After More Than Three Decades at the Firm
Larry Thompson, who served in a variety of senior-level roles at DTCC, including General Counsel and, most recently, Vice Chairman of the firm, will retire at the end of this year after more than three decades at the company. "Larry has been a trusted colleague, mentor and partner over the years, playing a significant role in many of our organization's most important endeavors and helping to shape the company we are today," said Mike Bodson. (December 20, 2018)

DTCC's Wetjen Appointed to DTCC Deriv/SERV Board of Directors
Mark Wetjen has been appointed to the DTCC Deriv/SERV LLC (Deriv/SERV) Board of Directors. "Mark's experience in consensus-building and his collaborative approach to complex topics related to global public policy, financial reform and fintech advancements will further progress Deriv/SERV's agenda of addressing client regulatory needs while innovating the over-the-counter (OTC) derivatives industry," said Larry Thompson. (September 17, 2018)

Larry E. Thompson Elected Vice Chairman of the Federal Home Loan Bank of New York
The Federal Home Loan Bank of New York ("FHLBNY") announced today that Larry E. Thompson has been elected by its Board of Directors ("Board") to serve as the Board's vice chairman for 2018. "In my four years on the Board, I have seen firsthand the direct and positive impact the FHLBNY has on the local communities we serve, and I am honored to serve as vice chairman of this institution," said Larry Thompson. (December 21, 2017)

New DTCC White Paper Concludes That Cloud Computing Has Moved Past a Tipping Point of Maturity
A new white paper from DTCC suggests that cloud computing has reached a tipping point, with capabilities and cost efficiencies exceeding those achieved via in-house data centers. "Regulators globally have acknowledged the appropriateness of leveraging cloud vendors as long as mandates and compliance obligations are met," said Mark Wetjen. (May 15, 2017)

DTCC Backs Blockchain Advocacy Group Coin Center
DTCC has become a supporter of Coin Center, the leading non-profit voice advocating for sound government policy toward open blockchain and decentralized computing technologies. Additionally, Mark Wetjen, has been appointed to Coin Center's advisory board, which is comprised of noted academics, technologists and investors. (July 12, 2016)

Chamber of Digital Commerce Names DTCC's Mark Wetjen to Board of Advisors
Today the Chamber of Digital Commerce announced the appointment of Mark Wetjen of DTCC to its Board of Advisors. In addition, DTCC has joined the Chamber's Executive Committee. (June 29, 2016)

DTCC Appoints Mark Wetjen to Lead the Firm's Global Public Policy Activities
Today announced the appointment of Mark Wetjen as Managing Director with responsibility for leading the firm’s global public policy function and related business and legal activities. Mr. Wetjen will join DTCC on September 28, 2015, and will be based in Washington, D.C. (September 22, 2015)

CONSULTATION RESPONSES

DTCC Comments on ESMA Distributed Ledger Technology Discussion Paper
DTCC has submitted comments to the European Securities & Market Association (ESMA) in response to the discussion paper "The Distributed Ledger Technology Applied to Securities Markets," issued by ESMA in June. The paper analyzes the potential impact of the application of DLT on the securities market, including the post-trade infrastructure for these markets. (September 16, 2016)

VIDEOS & PODCASTS

The Case for More Clearing of Treasury Securities
Mark Wetjen reflects on the Treasury flash crash of 2014 and lays out why more Treasury trading activity should involve a central counterparty in this interview with John Lothian News. (July 31, 2019)

Trump's Appointments in Key Agencies Show Focus on International Cooperation
Larry Thompson told CNBC's Steve Sedgwick and Geoff Cutmore that Trump's appointments in key agencies (including the CFTC and SEC) show a focus on international cooperation. (November 9, 2018)

DTCC Reflects on the US Midterm Election
Larry Thompson and Mark Wetjen discuss the recent U.S. midterm election, including key takeaways and the potential impact on financial services. (November 9, 2018)

Changing After the Crisis: A CCP's Perspective
Mark Wetjen was interviewed by John Lothian News about his recollections from the global financial crisis, how policy has impacted DTCC and Treasury securities as the next potential beneficiary of more clearing. (October 30, 2018)

DTCC Reflects on the US Midterm Election
DTCC’s Larry Thompson, Vice Chairman and Mark Wetjen, Head of Global Public Policy discuss the recent U.S. midterm election, including key takeaways and the potential impact on financial services. (November 9, 2018)

A Regulatory Perspective on Crypto
Q&A with Mark Wetjen. It's still early days for regulators and cryptocurrencies. But with growing interest from retail investors in crypto currency markets, regulators are increasing their scrutiny of the digital currency. (September 5, 2018)

Regulation Needed in Financial Institutions, Says DTCC's Thompson
Larry Thompson discusses cyber security as well as key findings from its whitepaper with Oliver Wyman and our systemic risk barometer on Bloomberg TV. (May 3, 2018)

How the DTCC Safeguards Financial Services
Larry Thompson discusses cyber security and protecting financial services on Bloomberg TV. (June 13, 2018)

Regulation Needed in Financial Institutions, Says DTCC's Thompson
Larry Thompson discusses cyber security as well as key findings from its whitepaper with Oliver Wyman and our systemic risk barometer on Bloomberg TV. (May 3, 2018)

Legal Entity Identifiers Soon to be Required by MiFID II
Larry Thompson discusses MiFID II, LEIs and their significance in Asia on Bloomberg Radio. (April 25, 2018)

Dodd-Frank Bill Just Tinkers Around the Edges
Larry Thompson, Vice Chairman at DTCC, speaks about changes to Dodd-Frank regulation on CNBC. (March 17, 2018)

Fintech and the Global Regulatory Environment
Policymakers are working on a variety of initiatives to better understand and manage the risks associated with fintech, while trying to preserve the associated potential for fundamental enhancements. Executives from DTCC share their insights on key regulatory initiatives and challenges facing regulators in assessing fintech's impact on financial stability. (February 5, 2018)

Institutions Working Hard on MiFID II Compliance
Larry Thompson spoke with Bloomberg Radio's Juliette Saly and Doug Krizner on the implementation of new regulation, including MiFID II and FRTB. He explains the benefits fintech, AI and machine learning could bring to traditional banks. (November 29, 2017)

Adapting Policy to Meet the Demands of Globalization
At Sibos 2017, Mark Wetjen spoke with Finextra about whether geopolitical developments will impact the process of globalization, what implications, threats and benefits there are to bear in mind, what public policy issues there are to consider as market infrastructures grow and how he sees the fintech community and regulation coming together in the future. (November 7, 2017)

Geopolitical Risk and The Global Financial Marketplace
The increasing impact of geopolitical threats on global financial markets serves as the focus of a video produced by DTCC. In the video, Michael Leibrock and Mark Wetjen discuss emerging threats and a range of potential risk across global markets. (February 1, 2017)

DTCC's Larry Thompson Joins Handelsblatt 'PowerTalk'
Larry Thompson participated in a "PowerTalk" during the 21st Handelsblatt Annual Conference in Frankfurt. (2016)

DTCC Blockchain Video Series, Part 3: Regulators Take a Pragmatic Approach
In the final installment of a three-part video series from DTCC, Mark Wetjen explains that there is enormous interest among regulators in understanding the technology, how it works and how it fits into the current regulatory framework that has been crafted over decades. (June 20, 2016)

DTCC's Larry Thompson Joins Handelsblatt 'PowerTalk'
Larry Thompson spoke at the 20th Handelsblatt Annual Conference 'Banks in Transition' in Frankfurt. (2015)

The Need for Greater Market Transparency
In his interview with CNBC Europe, Larry Thompson provides insight into the barriers that continue to hamper progress towards transparency in the derivatives market. (September 24, 2015)

AWARDS & EVENTS

Navigating the Global Derivatives Regulatory Agenda
Mike Gill, Chief of Staff at CFTC, answered questions during a panel discussion with Mark Wetjen at the 3rd Annual Global Collateral Conference. The panel, "The Big Interview: Navigating the Regulatory Agenda," was a frank discussion on global derivatives regulation. (September 19, 2017)

DTCC's Systemic Risk Roundtable Focuses on Geopolitical Risk, T+2 and the Systemic Risk Barometer Survey Results
More than 30 senior-level risk and operations executives from across the financial services industry examined current and developing systemic risks impacting financial services institutions at DTCC's Q2 Systemic Risk Roundtable. The Q2 Systemic Risk Roundtable, hosted at DTCC's Jersey City Office, discussed challenges shaping the geopolitical risk landscape, the industry-wide effort to shorten the settlement cycle to T+2 and the results of the Q1 2017 DTCC Systemic Risk Barometer Survey. (June 19, 2017)

DTCC's Wetjen Discusses Role of Standard Setting Bodies at IOSCO 2017
Mark Wetjen discussed margin, data standards and the importance of the International Organization of Securities Commissions (IOSCO) and other standard setting bodies (SSBs) on a panel at IOSCO's 42nd Annual Conference in Montego Bay, Jamaica. The annual conference, held May 14 through 18, attracted a global audience including leaders from financial institutions, regulators and stock exchanges. (May 18, 2017)

DTCC's Wetjen Discusses Impact of Distributed Ledger Technology at FIA Law & Compliance Event
From DLT to cloud computing to artificial intelligence, fintech innovations are transforming the post-trade ecosystem, including regulatory and policy objectives. Mark Wetjen joined an expert's panel who discussed the regulatory impact of DLT on the derivatives industry during the 39th Annual Law & Compliance Conference on the Regulation of Futures, Derivatives and OTC Products (L&C 2017) in Washington, D.C. (May 5, 2017)

Thompson Wins Lifetime Achievement Award; DTCC Best in Clearing
Larry Thompson was named the recipient of the Lifetime Achievement Award, and DTCC took top honors as the "Best Clearing House," at the 5th Annual Markets Choice Awards. The black-tie awards dinner was co-sponsored by Markets Media and Traders Magazine and was held in Midtown Manhattan. (April 19, 2017)

Supporting Responsible Innovation in the U.S. Financial Sector: An OCC Perspective
Calling banking a "technology business," Thomas J. Curry, U.S. Comptroller of the Currency detailed his agency's efforts to advance what he called "responsible innovation" in the U.S. banking sector during DTCC's Fintech Symposium 2017 in New York. Curry spoke at the Symposium, which drew an audience of some 300, in a luncheon conversation with Mark Wetjen, who praised the Office of the Comptroller of the Currency under Curry's leadership for its "forward-leaning" stance on innovation. (March 1, 2017)

Assessing the Impact of Geopolitical Risk
The increasing impact of geopolitical threats on global financial markets was a focus of discussion during the DTCC Client Risk Forum in New York. Marcel Lettre, Under Secretary of Defense for Intelligence at the U.S. Department of Defense, and Mark Wetjen highlighted emerging threats and a range of potential risk across global financial markets. (November 15, 2016)

DTCC Participates in SEC's Inaugural FinTech Forum
With a backdrop of innovations like robo-advisors, crowdfunding and blockchain, the U.S. Securities and Exchange Commission (SEC) recently hosted its first Fintech Forum to discuss the potential impact disruptive technologies will have on financial services. Mark Wetjen spoke on one of the panels at the event in Washington, D.C. (November 14, 2016)

DTCC Executives Speak on Key Issues at Sibos Geneva
DTCC was well-represented at Sibos 2016 in Geneva, September 26-29, with DTCC executives speaking on four panels that explored the shifting nature of the global financial market. This year's conference theme, "Transforming the Landscape," gave DTCC executives the opportunity to share their expertise on cyber security, emerging technologies and data standardization with other industry leaders from around the world, as well as the challenges facing the financial industry. (September 29, 2016)

DTCC's Thompson Discusses Data Harmonization at Eurofi Panel
Larry Thompson and other global industry leaders discussed the status of capital market data harmonization efforts at the September 2016 Eurofi Financial Forum in Bratislava. Con Crowley, U.S. OFR Deputy Director and Chief Data Officer, moderated the panel. (2015)

DTCC Joins Industry Leaders at Annual Futures and Options Expo
DTCC participated in the 31st Annual Futures Industry Association (FIA) Futures and Options Expo in Chicago. Approximately 3,000 industry participants attended the conference, bringing together industry professionals, regulators and policymakers. (November 5, 2015)

Data Standards Critical to Risk Mitigation in OTC Derivatives Markets
The financial community is generating, processing and aggregating over-the-counter derivatives data at an unprecedented scale, but data collection alone will not provide the actionable information necessary to mitigate systemic risk. Standards are the answer, according to Larry Thompson. (2015)

View all news.

 

< Return to Government Relations



dtccdotcom