West previously served as Senior Director of Derivatives Oversight at the Autorité des marchés financiers in Quebec
New York/London/Hong Kong/Singapore, 17 January 2017 – The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced that Derek West, former Senior Director of Derivatives Oversight at the Quebec Autorité des marchés financiers (AMF), has joined the firm as Executive Director and Chief Compliance Officer for the firm’s European Global Trade Repository[1] (GTR) business. Mr. West will be responsible for ensuring GTR Europe remains in full compliance with European Market Infrastructure Regulation (EMIR) trade repository requirements, as well as other applicable laws and regulations. In addition, he will coordinate EMIR supervisory activities and examinations, as well as work closely with GTR senior management and the European Securities and Markets Authority (ESMA).
Mr. West is an internationally recognized expert in derivatives markets infrastructure regulation and joins DTCC following his role at the AMF. While there, he was responsible for drafting and implementing Quebec’s Derivatives Act and regulations, and eight national regulatory projects, including trade repository recognition and reporting rules and mandatory central counterparty clearing rules. He also built a team that was focused on trade repository data aggregation and analysis. Mr. West has participated on regulatory committees and working groups, including participation on several IOSCO (International Organization of Securities Commissions) working groups dedicated to the development of international regulatory standards. Previously, he was Director, Strategic Planning and Development at the National Futures Association in Chicago.
Commenting on the appointment, Andrew Douglas, CEO of GTR Europe, stated, “Derek brings a wealth of compliance knowledge and regulatory experience to DTCC. As the global regulatory environment continues to evolve, he will be a key asset to the firm, our community and the GTR Europe compliance program.”
About DTCC
With over 40 years of experience, DTCC is the premier post-trade market infrastructure for the global financial services industry. From operating facilities, data centers and offices in 16 countries, DTCC, through its subsidiaries, automates, centralizes and standardizes the post-trade processing of financial transactions, mitigating risk, increasing transparency and driving efficiency for thousands of broker/dealers, custodian banks and asset managers worldwide. Industry owned and governed, the firm simplifies the complexities of clearing, settlement, asset servicing, data management and information services across asset classes, bringing increased security and soundness to the financial markets. In 2015, DTCC’s subsidiaries processed securities transactions valued at more than US$1.5 quadrillion. Its depository provides custody and asset servicing for securities issues from over 130 countries and territories valued at US$45.4 trillion. DTCC’s global trade repository maintains approximately 40 million open OTC positions and processes roughly 280 million messages a week. To learn more, connect with us on LinkedIn, Twitter, YouTube and Facebook.
About the Global Trade Repository
As part of the DTCC suite of services, the Global Trade Repository (GTR) is the industry owned, market leading derivatives reporting solution. Designed to help companies meet their post-trade regulatory reporting requirements, the service reduces operational risk and promotes compliance with mandates.
GTR was launched as the first trade repository in the credit derivatives markets in 2007. Today, it processes 1 billion messages monthly across 100,000 individual entities, with 40 million open positions per week.
[1] Operating as DTCC Derivatives Repository Ltd (DDRL)