DTCC Names CEO and COO For EuroCCP
Diana Chan
Trevor Spanner
Two industry leaders, each with more than 20 years’ experience working in Europe, have been named to lead European Central Counterparty Limited (EuroCCP). Diana Chan, a former executive at Citi, has been named as the new permanent chief executive officer (CEO) of EuroCCP, and Trevor Spanner, a former executive at Merrill Lynch, has been named chief operating officer (COO).
EuroCCP was named to provide clearing and settlement services for the new pan-European market created by Turquoise, a consortium of investment banks in Europe. This new multilateral trading facility (MTF) is expected to begin operations next year and will trade the most liquid equity securities in Europe. EuroCCP will use Citi’s Global Transaction Services as its settlement agent.
EuroCCP’s contract with Turquoise is not exclusive. With the advent of the Markets in Financial Instruments Directive (MiFID) and the growth of MTFs in Europe, EuroCCP is actively exploring opportunities to provide support to MTFs and other trading platforms in Europe.
Global experience
“We are delighted to have someone with Diana Chan’s global experience leading EuroCCP,” said Donald F. Donahue, DTCC’s chairman and CEO. “She has been a well-regarded leader on industry issues involving improving the efficiencies of the capital markets and clearing and settlement in Europe. She has worked for both Citi and Euroclear, and has been active in a number of committees and organizations in Europe focused on the changes occurring in clearing and settlement.
“We are also pleased to have an executive of Trevor’s talent and broad background as COO for EuroCCP. Under the leadership of these two executives, we believe EuroCCP will achieve its goal to help lower costs for clearing and settlement throughout Europe,” Donahue noted.
EuroCCP as catalyst
“This is a terrific opportunity,” said Chan, “to help EuroCCP bring about greater efficiency in Europe. The challenge here is to make sure that there is sufficient competition, based on initiatives such as MiFID, the Code of Conduct and TARGET2 Securities, so that economies of scale and savings can be passed through to the investors. I believe EuroCCP can serve as a catalyst in helping move Europe forward in meeting these challenges.”
Donahue noted, “EuroCCP has achieved considerable progress to date in developing the technology we need to make it functional. Most of the systems development, risk management procedures and business process flows have been completed at this point, our application with the FSA [Financial Services Authority] to receive the necessary designation as a Recognised Clearing House in the U.K. is pending, and we’ve worked closely with Citi to prepare for the settlement of these transactions.
“Since Turquoise has now chosen the trading platform, we will speed the process along. Rick Macek, EuroCCP’s interim CEO, and his team have done a great job to this point, and we are now prepared to have two seasoned executives take over, who know and understand intimately the concerns of customers in Europe.”
Chan will report directly to Michael Bodson, DTCC executive managing director, Business Management, Strategy and Marketing, and Spanner will report to Chan. Richard Macek, who served as the interim CEO for EuroCCP since it was formed, will return to the United States.
More on Chan
Chan most recently served with Citi in London as managing director for Market Strategy, Global Transaction Services EMEA (Europe, Middle East and Africa) and global head of Market Policy for Securities and Fund Services, a position she assumed in 2005. She also has worked with Citi in Paris as managing director for Direct Custody and Clearing, in New York as global product manager for Securities Services, Broker Dealers and Emerging Markets, and in Singapore as regional product management head, Securities Services, Asia.
Prior to joining Citi, Chan worked between 1997 and 1982 for J.P. Morgan and Bank of New York in Singapore and New York, as well as with Euroclear (then part of J.P. Morgan) in Brussels. At Euroclear, she served as product manager for the U.K. and Asia, manager in Strategic Research and head of Management Information and Profitability Analysis. From 1977 to 1979, she worked as an account executive for Computer Processing Services Ltd. in Hong Kong.
Chan is a graduate of the University of Hong Kong, where she majored in social sciences. She earned a master’s degree in business administration (MBA) from Harvard Business School.
In 2003, Chan was personally invited to join the European Central Bank’s Contact Group for Euro Securities Infrastructure (COGESI), making Citi the only American bank to have a seat in the group. She is also a member of the European Commission’s Clearing and Settlement Advisory and Monitoring Expert Group (CESAME), and the European Central Bank’s TARGET2 Securities Advisory Group. She has well-established relationships with senior management of the European Commission, the European Central Bank, the FSA, Bank of England, HM Treasury and Committee of European Securities Regulators (CESR).
More on Spanner
Prior to joining EuroCCP, Spanner was managing director, European head of Transaction and Custody Services for Merrill Lynch until 2006. He was responsible for the process management and delivery of post-trade services and managed 550 people across the region. From 2001, Spanner led a number of key strategic projects, including the development and implementation of core infrastructure and technology platforms.
Before joining Merrill Lynch, he worked from 1996 to 2001 for UBS as managing director within its Global Operations and Logistics division. Following the merger of Swiss Bank Corporation and UBS, he managed 1,300 people across three regions, and was responsible for service delivery of securities and exchange-traded derivatives. Throughout his career, Spanner has been proactively involved in the development of market infrastructure, serving as a board member of London Clearing House from 2003 to 2004 and on several advisory committees and boards.
From 1994 through 1996, he was head of Operations in London for Deutsche Bank, and from 1990 to 1994 was director of Operations for Swiss Bank Corporation. Prior to this he held management positions at NatWest Markets and began his career as an auditor with accounting firms Dearden Farrow and Ernst & Whinney. He graduated with a bachelor’s degree from the University of Kent in the U.K. and is a chartered accountant.
EuroCCP, a subsidiary of DTCC, will provide clearing and settlement services in 14 countries in seven different currencies. @