DTCC appoints new chairman of Deriv/SERV 13 February 2019London Reporter: Jenna Lomax
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Mark Wetjen, DTCC’s managing director and head of global public policy, has been appointed chairman of the DTCC Deriv/SERV LLC (Deriv/SERV) board of directors.
Wetjen was appointed to the Deriv/SERV Board in September, replacing Larry Thompson who retired in December.
Thompson retired from DTCC after working at the firm for more than three decades, serving in a variety of senior-level roles, including general counsel and, most recently, vice chairman of the firm.
Prior to joining DTCC in 2015, Wetjen served as a commissioner on the US Commodity Futures Trading Commission (CFTC).
Currently, Wetjen is responsible for developing and coordinating strategic engagement to help shape policy-making to reduce risk for the financial services industry.
Initially launched in 2003, Deriv/SERV provides an automated repository and asset servicing for over-the-counter (OTC) credit derivatives trades. It also provides related matching of payment flows and bilateral netting services.
Chris Childs, CEO of DTCC’s Dervi/SERV, said: “We are grateful to Larry Thompson for his leadership and service to the Deriv/SERV board.”
He added: “We are extremely fortunate to continue a legacy of excellent leadership in Mark Wetjen who has distinguished himself for his combination of financial services acumen and policy-making expertise. We look forward to collaborating with him as we advance OTC derivatives processing in the global marketplace.”
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