Michael Dawley, Chairman of the Board of Directors, said: "The Clearing Corporation is making steady progress in its transition to a new business model that encompasses technology and software development and consulting services, in addition to its clearing and settlement services. We thank Dennis for his capable stewardship " he is truly one of the industryâs leading experts in clearing and settlement -- and we look forward to working with his successor in seeing through the full implementation of our business plan."
Mr. Dutterer said: "It has been an extraordinary 20 years with the Clearing Corporation, especially the last two years. I am pleased to have had the opportunity to work with the Board of Directors as we restructured the corporate organization and to work with a tremendous staff to initiate an exciting new business model. I believe that CCorp is now poised to achieve its long-term goals, and I am very confident that its future is bright. I look forward to a new stage in my professional career."
For 78 of its first 80 years in business, the Clearing Corporationâs primary role was to provide clearing and settlement for one client. In 2003, CCorp's stockholders overwhelmingly approved a corporate restructuring that positions CCorp to offer a diversified range of technology and consulting services beyond clearing and settlement. The Clearing Corporation now serves numerous clients in a variety of different markets, including Eurex AG, the worldâs largest futures exchange, with whom it is engaged in implementing a revolutionary Global Clearing Link. CCorpâs recent acquisition of onExchange, a leading financial technology services company, is also yielding new business agreements and opportunities.
Mr. Dutterer joined The Clearing Corporation in 1985 and was appointed President and CEO in 1998. He was formerly Executive Vice President, Chief Administrative Officer and General Counsel of The Clearing Corporation. From April 2000 to January 2001, he also served as Interim President and CEO of the Chicago Board of Trade. Prior to joining The Clearing Corporation, he served as General Counsel of the Commodity Futures Trading Commission (CFTC) from 1981 to 1983. From 1983 to 1985, he was a partner in the Washington, D.C. law firm of Wiley, Rein and Fielding. Before beginning professional activities in the commodities industry, he practiced as a trial lawyer from 1973 to 1977 at the United States Department of Justice, and served from 1977 to 1981 as Assistant United States Attorney for the District of Columbia. From 1978 to 1981, he was Deputy Chief of the Civil Division of the United States Attorney's Office.