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 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.
“We are grateful to Larry for his leadership and service to the Deriv/SERV Board,” said Chris Childs, CEO, Dervi/SERV. “We are extremely fortunate to continue a legacy of excellent leadership in Mark who has distinguished himself for his combination of financial services acumen and policy-making expertise. We look forward to collaborating with him as we advance OTC derivatives processing in the global marketplace.”
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.
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.