Chicago, May 10, 2005 - The Clearing Corporation ("CCorp") announced today the creation of its sales and business development team. Mr. Martin J. ("Chip") Dempsey has joined CCorp as Senior Vice President and Head of Sales. Additionally Mr. Pasi Miettinen has been promoted to Head of Business Development and Chief Strategy Officer.
Richard Jaycobs, Chief Executive Officer, said, "The formation of this new group indicates the increased emphasis CCorp is placing on expanding its revenue sources with technology and consulting services in addition to its core clearing and settlement offerings. The Clearing Corporation is already moving forward with several new business initiatives in the global markets. This team is charged with aggressively executing all aspects of CCorp's growth projections."
Before joining The Clearing Corporation, Mr. Dempsey was Senior Vice President of Sales, Strategy and New Business Development for SunGard Futures Systems. Prior to working in trading technology, Mr. Dempsey was an interbank FX trader at Chemical Bank and a member and options market-maker at the Chicago Board of Trade.
Mr. Miettinen has been with CCorp since it acquired onExchange, Inc. in August, 2004. Mr. Miettinen joined onExchange in June, 2000 where he was Executive Vice President for Business Development. Prior to joining onExchange, Mr. Miettinen managed cross-market derivatives market development for Southern Company's trading unit, and has provided derivatives strategy advisory services to numerous Fortune 1000 clients.
Over the past year, CCorp has established business relationships with HedgeStreet Inc., the Chicago Futures Exchange (through The Options Clearing Corporation); ChemConnect; and the Chicago Climate Exchange. In December, CCorp announced an integrated securities and derivatives clearing system agreement with the JSE Securities Exchange of South Africa. In addition, last year CCorp launched the first phase of the revolutionary Global Clearing Link with Eurex, the world's largest futures exchange.