The Depository Trust & Clearing Corporation (DTCC) has named Mark Davies, a former Royal Bank of Scotland (RBS) reference data expert, to the new position of vice president, Data Business Development, focusing on DTCC's involvement in the Legal Entity Identifier (LEI) program in Europe.
Davies will be based in London and will be responsible for strategy and liaison activities in Europe regarding the LEI project. His responsibilities will include participating in the development of a distribution strategy, serving as a subject matter expert on the LEI business with regulators and industry committees and representing DTCC in customer meetings, customer forums and regulatory meetings. He will report directly to Ronald Jordan, DTCC managing director and chief data officer, who is based in New York.
Most recently Davies was at RBS, where he served as head of reference data within Shared Services Finance since 2008. At RBS, he headed a global team of 90 and managed the legal entity database for RBS across divisions. Prior to his tenure at RBS, Davies served as the associate director for shared data services at Barclays Capital from 2000 to 2008, managing the group's central counterparty database. Davies also worked Credit Suisse First Boston earlier in his career.
"We are delighted to have someone with Mark's expertise and experience join DTCC to assist in this critical international effort," Jordan said in a press release. "Not only does Mark have a long history of working with data management services, he has played a critical role on the industry's LEI Steering Committee representing the Royal Bank of Scotland in developing the requirements for the LEI project, and we know he will continue to provide continued leadership in his new role with DTCC."
LEI is a global program designed to create and assign unique identifiers to every financial organization that engages in a financial transaction. Regulators need LEIs to better gauge systemic risk, and risk managers at financial institutions need LEIs to better understand and aggregate counterparty exposures and risk. A group of industry associations has recommended to regulators a group of organizations to provide the LEI solution, with DTCC as the proposed facilities manager for project. DTCC has responsibility for gathering, validating, storing and distributing various data on each legal entity. The other organizations recommended include the International Organization for Standards (ISO), the Society for Worldwide Interbank Financial Telecommunication (SWIFT) and the Association of National Numbering Agencies (ANNA).