DTCC Connection

Apr 01, 2011 • DTCC Connection

NYPC Premiers at FIA Conference

by Steve Letzler


New York Portfolio Clearing (NYPC) got a warm reception from industry members at this year’s Futures Industry Association (FIA) 36th Annual International Futures Industry Conference in Boca Raton, Florida.


NYPC and NYSE Euronext held a joint “information exchange” for attendees at the conference, drawing an interested crowd of about 100 people. The FIA conference was held from March 15-18, just days before NYPC began initial operations, and shortly after announcements that the clearing house had received all the necessary approvals to offer one-pot margining.


“The timing was just perfect for us,” said Murray Pozmanter, chairman of NYPC’s Board of Directors and DTCC managing director and general manager, Clearing Services. “We had great attendance at our session, and we had a very engaged audience that asked a lot of good questions about NYPC’s operation.”


At the information exchange, John Lothian, editor of John Lothian’s Newsletter, a global newsletter on exchange-traded derivatives, securities and related over-the-counter industries, moderated the discussion. In addition to Pozmanter, panelists included Walter Lukken, CEO of NYPC; Bernie Dan, a member of NYPC’s Board of Directors, former CEO of the Chicago Board of Trade and current president of Sun Holdings LLC; James McNulty, chairman of NYSE Liffe U.S.’s Board and former CEO of the Chicago Mercantile Exchange; and Thomas Callahan, CEO of NYSE Liffe U.S.


Following a short presentation and video, most of the session was devoted to questions from the audience.


“We answered some questions about one-pot margining and our value proposition, and about our unique expiry and delivery process,” Pozmanter said. “And we talked about a wide range of other issues. For example, Bernie and Jim discussed why NYPC was different from other clearing efforts in the futures market, and why they expect it to succeed. Overall, we got a very positive response from the audience, and it was reflected in the successful launch of NYPC on March 21.” The FIA conference is one of the world’s largest futures industry events, drawing about 900 attendees from around the globe. @


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