– Ira Krulik, NYPC chief operating officer
New York Portfolio Clearing (NYPC) announced the appointments of Ira Krulik as chief operating officer and Kevin Murray as director of Business Operations, effective July 12 and June 1, 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 in the third quarter of 2010.
“Ira and Kevin’s demonstrated ability to drive change and effectively collaborate with the industry’s leading players makes them ideal candidates to manage operations for NYPC,” said Walter Lukken, CEO of NYPC. “Their proven leadership and experience at several of the world’s leading financial services companies provide additional insight into the challenges and expectations of our members. Together, they will help NYPC fulfill its mission to deliver needed competition and powerful capital efficiency to the U.S. futures market.”
With more than 30 years of experience as a futures industry specialist, Krulik joins NYPC from Credit Suisse, where he most recently served as the co-head of the Futures Sales & Marketing team in the PrimeServices division. He previously was employed by Merrill Lynch, where he helped to develop the firm’s agency clearing division and managed the Financial Futures & Options client service team.
New York Portfolio Clearing (NYPC) is a U.S. futures clearing organization, a joint venture of DTCC and NYSE Euronext.
NYPC will clear interest rate products and will support the cross-margining of members’ fixed income cash products from DTCC’s Fixed Income Clearing Corporation with their related, offsetting derivatives trades in a “single pot.” This innovative approach to margining will deliver significant capital and operational efficiencies to market participants, while reducing risk and enhancing transparency.
NYPC will be a Commodity Futures Trading Commission (CFTC)-regulated Derivatives Clearing Organization and is pending regulatory approval.
For more information, visit www.nypclear.com.
Krulik is an active member of the Futures Industry Association (FIA) and has collaborated closely with regulators, exchanges and clearing houses to develop new rules and further the evolution of the industry.
Prior to joining NYPC, Murray was a director of North America Clearing Operations at UBS Securities, where he was responsible for all clearing, delivery and reconciliation functions. Before that, he held a similar position at ABN AMRO.
Murray started his career with Merrill Lynch. He has served on the FIA Futures Services Division Board of Directors since 1990, having held the co-chairman position of the Delivery Committee as well as the Clearing Committee. @.