New York Portfolio Clearing, LLC (NYPC) appointed Joseph Benning as chief risk officer and Laura Klimpel as chief compliance officer and counsel, effective June 1 and August 2, 2010, respectively.
NYPC, a joint venture of DTCC and NYSE Euronext, is a U.S. futures clearing organization that will deliver significant capital and operational efficiencies for market participants, while mitigating risk and enhancing transparency. NYPC is currently undergoing regulatory review, with an anticipated launch later this year.
“The addition of Joseph and Laura to NYPC further strengthens our senior management team, and complements the important operational appointments we’ve made in recent months,” said Walter Lukken, CEO of NYPC. “Given the continued emphasis among public policymakers, regulators and market participants on systemic risk management and compliance, especially following recent Congressional action on financial services reform, we are fortunate to have attracted such exceptional and knowledgeable professionals as Joseph and Laura. Their insights will be invaluable and will help NYPC fulfil its mission to deliver needed competition and powerful capital efficiency to the U.S. futures market.”
Background on executives
Prior to joining NYPC, Benning was a director at Moody’s Analytics, where he worked with clients in North America, Europe, Asia and the Middle East, providing training and consulting services in capital markets and derivatives. Before that, he was a senior economist at the Chicago Board of Trade (CBOT), where he invented the Dow Jones CBOT Treasury Index.
Other related experiences include serving as a trader, trading desk manager and national sales manager in both New York and London. Benning has served as an adjunct professor at New York University and New School University, and authored a book, Trading Strategies for Capital Markets.
Klimpel comes to NYPC from the New York office of Cleary Gottlieb Steen & Hamilton LLP, where as an attorney she focused on U.S. commodities law regulation, corporate and financial transactions, and recent legislative developments regarding regulation of the over-the-counter derivative markets. She is a member of the Futures Industry Association’s Law and Compliance Division and the New York Bar. @
[For more information on NYPC, visit www.nypclear.com.]