The Depository Trust & Clearing Corporation (DTCC) has appointed Mark Wetjen (pictured) as Managing Director with responsibility for leading the firm’s global public policy function and related business and legal activities.
Wetjen will join DTCC on 28 September, 2015, and will be based in Washington, DC. He will report to Larry Thompson, Vice Chairman of DTCC and General Counsel.
“We are delighted to welcome Mark to DTCC as we continue to grow our role as a resource on how financial market utilities can help achieve the risk mitigation and transparency goals of policymakers,” says Thompson. “Mark’s reputation for consensus-building and his collaborative and thoughtful approach to addressing complex topics related to financial reform will be critical as policymakers continue implementing new rules to govern the financial markets.”
“DTCC has been a strong public advocate for the tenets of the G20 and Dodd-Frank market reforms, and has worked in partnership with regulators and lawmakers to advance these principles in the best interests of all stakeholders,” says Wetjen. “It was important for me to join a company that shares this commitment and that will continue to be a leading voice in support of policy designed to enhance the stability of the global marketplace. It also was important for me to join a dynamic organisation with a strong leadership team that embraces new technologies and innovations in pursuit of those goals.”
In Europe and Asia, Wetjen will work in partnership with Andrew W Douglas, Chief Executive Officer of DTCC’s European Trade Repository (DDRL Europe), on outreach to policymakers in the region.
Wetjen previously served as commissioner on the US Commodity Futures Trading Commission (CFTC) from October 2011 to August 2015, including five months as acting chairman in which he managed daily operations, set overall policy direction of the agency and served as a principal on the US Financial Stability Oversight Council. During his tenure, Wetjen oversaw implementation of the first trading mandate for certain interest rate and credit default swaps and supported and helped craft over 90 proposed and final CFTC rules and orders implementing Dodd-Frank. He also was sponsor of the CFTC’s Global Markets Advisory Committee.
Prior to joining the CFTC, Wetjen worked for seven years in the US Senate as a senior leadership staffer advising on all financial-services-related matters, including the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Before that, Wetjen was a lawyer in private practice.
