Macek named interim chief executive of Turquoise clearing platform
Richard R Macek, a senior executive of the US Depository Trust & Clearing Corporation, has been chosen as the interim chief executive for EuroCCP, the clearing and settlement platform that is being created to support the Turquoise pan-European trading platform.
Macek has been a member of DTCC's executive leadership team since the formation of the organisation in 1999, most recently as an executive managing director responsible for risk management, finance and the firm's wealth management services. He is also chairman of Omgeo, a joint venture owned by DTCC and Thomson Financial.
Macek will be relocating to London and relinquishing his current responsibilities for finance, risk management and wealth management services at DTCC, of which EuroCCP is a subsidiary, although he will remain chairman of Omgeo.
'Rick is one of DTCC's most experienced and knowledgeable executives,' says Donald F. Donahue, DTCC's chairman-elect and chief executive. 'He has more than 35 years of experience in financial services, focusing on finance and risk management issues. Rick was heavily involved in developing our proposal for Turquoise, and he has strong international experience through his chairmanship of Omgeo.
'During this start-up phase and launch of EuroCCP, Rick's appointment represents a significant commitment by DTCC to ensure the success of this new clearing corporation. We do plan, on a longer-term basis, to recruit a European executive to serve as the permanent chief executive for this subsidiary.'
Macek was chief financial officer and managing director for DTCC from 1999 until April 2004. In 2003, he took on additional responsibility for all DTCC risk management activities, as well as becoming chief executive of DTCC's Fixed Income Clearing Corporation subsidiary, which clears and settles US government securities and mortgage-backed securities. He was also named chief executive of the Emerging Markets Clearing Corporation, another DTCC subsidiary, in August 2003, but quit the FICC and EMCC posts on becoming chairman of Omgeo in 2005.
Macek joined National Securities Clearing Corporation (now a DTCC subsidiary) in 1998 as managing director, treasurer and chief financial officer. He also oversaw the financial operations of what was then known as the Government Securities Clearing Corporation and Mortgage-Backed Securities Clearing Corporation, which later merged to form FICC.
Before joining NSCC, Macek had a 15-year career with Dillon Read, where he was managing director for the firm's finance and accounting operations in New York and London. Previously he spent two years as a director with Morgan Stanley and 10 years with Arthur Young, now part of Ernst & Young, as an audit principal.
EuroCCP was selected in a competition to provide clearing and settlement services to Turquoise, a consortium of seven major investment banks that aims to lower the costs of trading in Europe. It is expected to begin operation at the end of this year.
The Depository Trust & Clearing Corporation provides clearance, settlement and information services for equities, corporate and municipal bonds, government and mortgage-backed securities, money market instruments and over-the-counter derivatives. It is also a leading processor of mutual funds and insurance transactions, linking funds and carriers with their distribution networks. DTCC's depository provides custody and asset servicing for 2.8 million securities issues from the US and 100 other countries and territories, valued at $36trn, and last year, DTCC settled more than USD1.5qdrn in securities transactions.
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