DTCC Connection

May 01, 2012 • DTCC Connection

NYPC Names CEO

New York Portfolio Clearing (NYPC) has appointed Alexander "Sandy" Broderick as CEO. His appointment comes at a time when the company is experiencing volume growth and expanding its portfolio of products through its "one-pot" model. He replaces Walter Lukken, who recently left NYPC to become the head of the Futures Industry Association.


Broderick was with Société Générale for 14 years, most recently as Head of GBP derivatives and bond trading. He has been at the center of a number of industry initiatives in clearing and market infrastructure, including development of the LCH.Clearnet SwapClear system, and most recently as Chairman of the OTC DerivNet Board. Prior to this, he had a long career at Bank of America trading swaps and options.


"I look forward to joining NYPC at a time when we are seeing greater collaboration among clearinghouses, exchanges and infrastructure providers," commented Broderick. "This will be a period of great opportunity and challenge, and I look forward to working with the NYPC team to ensure the company is at the forefront of these developments.


"This cutting-edge clearinghouse offers an exciting new vision for clearing and risk management that provides significant benefits for the industry. The impending change in market regulation makes NYPC perfectly placed to serve market participants and help them adapt to the new environment," he added.


Currently based in London, Broderick will take up his post in New York in June.


Growth in all directions

NYPC, which is posting strong volume growth, marked its first year of operation in March 2012. As of April 5, open interest through NYPC stood at 900,000 contracts.


The company announced in March an agreement to explore the expansion of the existing "one-pot" to include interest rate swaps cleared by LCH.Clearnet’s SwapClear U.S. platform. (See @DTCC April 2012 issue.)


NYSE Liffe US also announced that it expected to begin trading futures contracts exclusively on DTCC’s GCF Repo Index beginning on July 16, pending regulatory approval. The GCF Repo market has an estimated value of $400 billion.


NYPC is a joint venture of DTCC and NYSE Euronext. @


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