The Depository Trust & Clearing Corporation (DTCC) has appointed Michael McClain as a managing director and general manager of equity clearing.
McClain will be responsible for leading day-to-day equity clearing business operations and strategic initiatives.
He will report to Murray Pozmanter, managing director and head of clearing agency services.
McClain joins DTCC from the Options Clearing Corporation (OCC), the world's largest equity derivatives clearing organisation, where he served as chief operating officer and was part of the office of the executive chairman. In this capacity, McClain oversaw OCC's technology and operations. Prior to that, McClain held senior roles in business development, new products and strategy and was responsible for the build-out of OCC’s business continuity site in Texas.
Earlier in his career, he held positions at Accenture and IBM, specialising in large-scale initiatives for the financial industry.
McClain previously served as a member of the Advisory Board of Directors for the International Options Market Association (IOMA) and also held positions on the Securities Industry Financial Markets Association (SIFMA) Operations and Technology Steering Committee and the Futures Industry Association.
Pozmanter says: “Michael has decades of experience and a deep knowledge of the financial markets, and his leadership will be critical as the industry continues looking to us for increased support. We look forward to Michael bringing new ideas on how we can leverage our technology to help solve the industry’s top operational challenges.”
McClain says: “I couldn’t think of a more exciting time to join DTCC than right now. The firm is at the forefront of so many important industry issues and remains committed to advancing an agenda focused on protecting the safety and soundness of the capital markets. We have a unique opportunity during this period of financial transformation to build upon the firm’s legacy and help to further reduce risks and costs for clients.”
