by Bari Trontz
We're in the middle of a storm, and when the wind finally stops, you'll see a very different landscape," said Thomas Sakaris, DTCC managing director, Equities Clearance, at the annual election luncheon of the Securities Operations Section of SIFMA (Securities Industry Financial Markets Association).
His remarks covered the rapidly changing environment for global financial markets and the industry's response to it. Noting how much the focus in global markets has shifted to reducing risk since 2008, Sakaris talked about the importance of the industry working collectively to develop innovative solutions to manage risk and help protect the safety and soundness of the financial markets.
He also said new capital requirements for banks and the rules coming out of Dodd-Frank are just starting to have an impact, and will affect the entire financial services sector, including DTCC. He touched on a number of riskfocused initiatives DTCC has designed and implemented to help adapt to the new environment, including Universal Trade Capture, Trade Risk Pro, Cost Basis Reporting Service, new global trade repositories, New York Portfolio Clearing and the mortgage-backed securities central counterparty that is awaiting regulatory approval, among others.
Sakaris is the former president of SIFMA's Securities Operations Section. @