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New York Portfolio Clearing appoints chief risk and chief compliance officers

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New York Portfolio Clearing has appointed Joseph Benning as chief risk officer and Laura Klimpel as chief compliance officer and counsel.

NYPC, a joint venture of The Depository Trust & Clearing Corporation and NYSE Euronext, is a US futures clearing organisation.

NYPC is currently undergoing regulatory review, with an anticipated launch later this year.

“The addition of Joseph and Laura to NYPC further strengthens our senior management team, and complements the important operational appointments we’ve made in recent months,” says Walter Lukken, chief executive officer of NYPC. “Given the continued emphasis among public policymakers, regulators and market participants on systemic risk management and compliance, especially following recent Congressional action on financial services reform, we are fortunate to have attracted such exceptional and knowledgeable professionals as Joseph and Laura. Their insights will be invaluable and will help NYPC fulfil its mission to deliver needed competition and powerful capital efficiency to the US futures market.”

Prior to joining NYPC, Benning was a director at Moody’s Analytics, where he worked with clients in North America, Europe, Asia, and the Middle East, providing training and consulting services in capital markets and derivatives. Before that, he was a senior economist at the Chicago Board of Trade, where he invented the Dow Jones CBOT Treasury Index.

Klimpel comes to NYPC from the New York office of Cleary Gottlieb Steen & Hamilton, where as an attorney she focused on US commodities law regulation, corporate and financial transactions, and recent legislative developments regarding regulation of the OTC derivative markets.

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