The Depository Trust & Clearing Corporation (DTCC) has named Bill Hodgson vice president for Business Development. He will head DTCC’s OTC derivatives business development efforts in London.
In his new position, Hodgson will be responsible for further developing DTCC’s OTC derivatives post-trade processing business, with a particular focus on the needs of London and continental European-based participants in the OTC derivatives market.
Hodgson joins DTCC from LCH.Clearnet, where he led product development for that organization’s SwapClear OTC derivatives clearing business. In that role, he was responsible for delivering extensions to the service and leading industry working groups involved with development of the SwapClear service. Prior to assuming that role, Hodgson worked at Barclays Capital and other London-based capital markets firms, where he gained experience in OTC derivatives post-trade processing.
“Bill has been an extremely active and knowledgeable figure in London in the development of systems and services for the OTC derivatives market, and we are extremely lucky to have him join the DTCC team as we continue to grow our services in this area,” says Peter Axilrod, managing director, DTCC Business Development. “Europe, and London specifically, is a major center for OTC derivatives trading, and we are looking to Bill to help us further develop our services to this area.” Hodgson will report to Axilrod.
DTCC introduced a credit default swaps matching and confirmation service in 2003, and this year introduced a payment reconciliation service for OTC derivatives. This past week, DTCC announced enhancements to its matching service that would allow for the automated matching and confirmation of credit default swap indices (such as iBoxx and DJ CDX), as well as credit default swaps on Asia-Pacific corporate credits and sovereign credits.
DTCC plans to extend its post-trade processing services for credit default swaps to assignments and partial termination of swaps later this year. Longer term, DTCC is looking at possibly offering services for equity options and interest rate swaps.