Former Commodity Futures Trading Commissioner (CFTC) Michael Dunn is joining DTCC to serve as the non-executive Chairman of its U.S. Swap Data Repository (SDR).
Dunn will report to DTCC President and CEO-elect Michael Bodson, recently named to succeed Donald F. Donahue in July.
Dunn will play an instrumental role in DTCC’s development of its U.S. SDR, ensuring open lines of communication with its clients, regulators and industry partners, according to a release.
In addition to his direct role in developing procedures and policies to ensure that the U.S. SDR is fully and effectively compliant with existing regulation, Dunn will also work with global regulators to harmonize the various international reporting constituencies.
“This appointment is a key part of DTCC’s long-term strategy to effectively and seamlessly build our U.S. SDR capability,” said Bodson. "Commissioner Dunn is a seasoned regulator who has demonstrated a significant understanding of how our business works to reduce risk and increase transparency, especially during the last few years of market volatility and industry change.”
DTCC’s Executive Chairman of the Board, Robert Druskin, added: “Commissioner Dunn’s deep experience in Washington, D.C. – in Congress, at the Department of Agriculture and at the CFTC – has given him a strong understanding of the legislative and regulatory needs for comprehensive data and tools to evaluate and mitigate risk in the global financial markets. We have great confidence that he will be able to fully align our SDR development with the needs of both our regulators and our clients for the benefit of all.”
Commissioner Dunn added that with the pending new requirements of the Dodd-Frank Act, his role is to add “both a deeper regulatory insight into DTCC’s SDR development and its operational capabilities, so that the intent of the DFA and the needs of the financial markets are effectively met while retaining the use and availability of these critical financial tools.”