The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced that Michael McClain has joined the firm as a Managing Director and General Manager of Equity Clearing. In this role, Mr. 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.
Mr. McClain joins DTCC from the Options Clearing Corporation (OCC), the world's largest equity derivatives clearing organization, where he served as Chief Operating Officer and was part of the Office of the Executive Chairman. In this capacity, Mr. McClain oversaw OCC's Technology and Operations. Prior to that, Michael 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, specializing in large-scale initiatives for the financial industry. Mr. 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.
Mr. Pozmanter said, “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.”
Mr. McClain said, “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.”
With over 40 years of experience, DTCC is the premier post-trade market infrastructure for the global financial services industry. From operating facilities, data centers and offices in 16 countries, DTCC, through its subsidiaries, automates, centralizes, and standardizes the post-trade processing of financial transactions, mitigating risk, increasing transparency and driving efficiency for thousands of broker/dealers, custodian banks and asset managers worldwide. User owned and industry governed, the firm simplifies the complexities of clearing, settlement, asset servicing, data management and information services across asset classes, bringing increased security and soundness to the financial markets. In 2015, DTCC’s subsidiaries processed securities transactions valued at more than US$1.5 quadrillion. Its depository provides custody and asset servicing for securities issues from over 130 countries and territories valued at US$45.4 trillion. DTCC’s global trade repository maintains approximately 40 million open OTC positions and processes roughly 280 million messages a week.