Mark Wetjen, DTCC Managing Director and Head of Global Public Policy
Mark Wetjen, DTCC Managing Director and Head of Global Public Policy, 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, DTCC Vice Chairman and Chairman of the Board of Deriv/SERV. “I’d like to congratulate Mark on his appointment. I am confident that his expertise will strengthen the Deriv/SERV Board of Directors.”
Prior to joining DTCC in 2015, Wetjen served as commissioner on the U.S. Commodity Futures Trading Commission (CFTC). Currently, he is responsible for developing and coordinating strategic engagement to help shape policymaking to reduce risk for the financial services industry. Wetjen is also a member of the Chamber of Digital Commerce Advisory Board, the Coin Center Advisory Board and the LedgerX Board.
“Mark’s unique combination of financial services acumen and policy-making expertise will be a great asset to the Deriv/SERV Board of Directors,” said Chris Childs, CEO, Dervi/SERV. “We’re excited to have Mark join the Board and look forward to collaborating with him as we advance OTC derivatives processing in the global marketplace.”
Initially launched in 2003, Deriv/SERV provides automated repository and asset servicing for OTC credit derivatives trades. It also provides related matching of payment flows and bilateral netting services. 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’s two main products are DTCC’s Global Trade Repository, or GTR, which is a regulatory reporting tool that holds detailed data on OTC derivatives transactions and provides 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 products 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.
For GTR, the re-architecture of its infrastructure will continue over the coming years and will provide users with a more simplified application, a better user experience and greater stability.