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DTCC Hires Derivatives Expert to Strengthen Global Business Development
Bill Stenning
DTCC has named Bill Stenning as vice president for Business Development. Based in London, Stenning joins DTCC’s over-the-counter (OTC) derivatives business development efforts in Europe. He will be integrally involved in advancing DTCC’s expansion strategy for its automated services for this market.
Most recently, Stenning was at Sungard as managing director, Trading and Risk Systems, responsible for trading products, primarily in the back office. Previously, Stenning was chief operating officer at SwapsWire, the electronic derivatives confirmations network that he helped launch in 2002. He has also worked on both the sell side at Chase Manhattan Bank (now JPMorgan Chase) and the buy side at Cargill Financial Markets.
“Bill Stenning is an expert in the derivatives marketplace, bringing a wealth of experience in OTC derivatives post-trade processing based on his leadership at Sungard and SwapsWire,” said Robert McGrail, DTCC executive managing director for Domestic and International Core Services. “We are extremely fortunate that a senior manager with Bill’s stature will be helping to take the business forward.”
'De facto standard'
Deriv/SERV’s customer base is the largest of any post-trade service provider in the marketplace and includes the 25 largest derivatives dealers globally and more than 200 buy-side firms, with a rapidly growing number of firms in the pipeline.
Deriv/SERV’s services are provided at no cost to the buy side, while sell-side dealers are charged at-cost only.
"I’m delighted to be joining DTCC at this pivotal point in the evolution of its OTC derivatives services," said Stenning.
"Over the last two years Deriv/SERV quickly established itself as the de facto standard for the post-trade processing of OTC derivatives and is now clearly the leader in this market space. It is the only platform that has gained mass popularity across both the sell side and the buy side," he continued. "DTCC has proven to be quick to satisfy the demands of the industry, offering 'one-stop' servicing for OTC deriv-atives, across asset classes, along with a reputation for proven strength and reliability."
Stenning joins Bill Hodgson, who came aboard DTCC in 2004 from LCH.Clearnet, where he led product development for its SwapClear OTC derivatives business. Both Stenning and Hodgson report to Peter Axilrod, managing director, DTCC Business Development.
"Stenning is an individual who can hit the ground running," said Axilrod, "with his exceptional background in the OTC derivatives market and his broad network of contacts at financial institutions across Europe. The demands on DTCC from the OTC derivatives market are growing at an explosive pace, and the addition of Bill Stenning to our staff in London will help assure that we are able to continue to deliver innovative solutions for OTC derivatives.” @