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Michael Bodson, DTCC

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DTCC confirms significant expansion in Europe

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The Depository Trust & Clearing Corporation (DTCC) has confirmed significant expansion of its workforce across the firm’s primary European locations in London and Wrexham as the company continues to increase its support for financial market participants.

In addition to providing a diverse range of services and participating in a number of industry joint ventures, including Clarient Global LLC, Soltra and DTCC-Euroclear GlobalCollateral Ltd, DTCC is on target to employ 700 people in the UK by the end of this year – an increase of 40% on 2014, which is the result of a sustained hiring programme in the North Wales area over the past 18 months.
 
Michael Bodson (pictured), President and CEO at DTCC, says: “Financial markets are changing at a pace never before witnessed. Economic and regulatory pressures, new technologies and the growing interconnectedness of financial firms are transforming market structures and sparking changes to the industry’s operating model and its global view of risk management.
 
“Financial market infrastructures like DTCC are playing a more prominent role than ever before because of our track record in centralising, standardising and automating post-trade, clearing and settlement processes to mitigate risk, reduce costs and enhance operating efficiencies. Developing specialist centres of excellence is important for our future development as it allows us to look at opportunities holistically, understand the perspectives of different market participants across regions and offer our global client community innovative new solutions.”
 
DTCC’s London office was initially established in 1995 to address the post-trade requirements of clients who were rapidly expanding their footprints in Europe. Six years later, in 2001, DTCC further grew its presence when it partnered with Thomson Reuters (formerly Thomson Financial) to create Omgeo, a joint venture focused on streamlining post-trade operations, including trade matching and confirmation and standing settlement instructions (SSIs). DTCC fully acquired Omgeo in 2013, facilitating a unified strategy around industry initiatives such as the SSI Utility.
 
Throughout the years, DTCC has continued to invest in its European and UK operations. In 2014, DTCC’s Global Trade Repository (GTR) began supporting EMIR regulatory reporting requirements and the GTR family of repositories are now the leading source of data for all derivative asset classes globally. In addition, DTCC remains part of EuroCCP, now a joint venture with ABN AMRO Clearing Bank, BATS Chi-X Europe and Nasdaq – which is today the largest equities central counterparty in Europe by the volume of trades cleared. Both GTR and EuroCCP have significant European client bases that are supported by DTCC’s growing workforce.
 
Mark Davies, Managing Director, DTCC Europe and General Manager of Avox, says: “It is exciting to see how DTCC’s workforce has grown in London over these past two decades and in Wrexham since we commenced operations. We look forward to continuing to expand our workforce, and contributing to the London and Welsh economies. We remain committed to the local communities where we live and work, and currently support a number of initiatives, including East London’s Newham All-Star Sports Academy (NASSA) and the Caia Park Partnership.”
 
Wrexham has served as a cornerstone for DTCC’s expansion beginning with the 2010 acquisition of Avox, the industry leader in legal entity reference data. The office became the base for the development and launch in 2012 of the Global Markets Entity Identifier (GMEI) utility, the largest issuer of legal entity identifiers, offered by DTCC in collaboration with SWIFT. It also serves as the European Operations Centre for Clarient Global, launched last year as a joint venture with Barclays, BNY Mellon, Credit Suisse, Goldman Sachs, JPMorgan Chase and State Street, to deliver a comprehensive client data management and KYC utility for the industry.
 
First Minister of Wales, Carwyn Jones, says: “Last year, we were delighted that DTCC chose to create 200 new quality jobs in Wrexham. The Welsh Government continues to work very closely with DTCC, which plays a critical role in the financial services sector, on plans to expand its Wrexham site – home to Avox and other reference data companies, and on supporting the creation of quality jobs, including help from the Wales Economic Growth Fund. Wrexham offers a large catchment area of dedicated people, and DTCC’s goal of becoming an employer of choice and approach to investment in the local communities it operates is to be commended by all.”

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