August 04, 2005

DTCC Expands Deriv/SERV to Match and Confirm OTC Derivatives

The Depository Trust & Clearing Corporation (DTCC) has expanded its Deriv/SERV platform to provide automated matching and confirmation services for interest-rate swaps and swaptions, and equity swaps and variance swaps, according to today's announcement.

DTCC said the expansion of Deriv/SERV was the result of intense collaboration with both the dealer and buy-side communities over a period of months. Support for interest-rate swaps and swaptions will begin immediately and equity swaps and variance swaps will begin next month.

"The ability to process trades for all our derivative products through a single platform is of particular interest to us and other market participants. This expansion in Deriv/SERV's services is an important move in that direction," stated Ann Marie Davis, managing director, Global Operations, Citadel Investment Group, in the release.

The Clearing Corporation Taps Dundon for Risk Management

Michael Dundon has joined The Clearing Corporation as vice president, risk management, it was announced Wednesday. As a senior member of its management team, Dundon will be responsible for risk management with emphasis on implementing risk policies and practices in conjunction with new product development and services to markets. He reports to Brett Paulson, president and chief operating officer.

Dundon, 42, who has more than 15 years experience in the financial services industry, including 9 years in risk management, previously served as business consultant with Man Group PLC, where he was a member of its North American team. Dundon also served as first vice president and internal risk manager at Carr Financial (formerly Carr Futures, Inc.) and prior to that he was risk information manager at AIB Capital Markets in Dublin, Ireland.

The Clearing Corporation is an independent derivatives clearinghouse based in Chicago.