The Depository Trust & Clearing Corporation (DTCC) has appointed former Commodity Futures Trading Commissioner (CFTC) Michael V. Dunn, who served from 2004-09, as non-executive chairman of its U.S. Swap Data Repository (SDR).
Dunn will report to DTCC President and CEO-elect Michael Bodson, who will succeed the retiring Donald F. Donahue in July.
Dunn will oversee DTCCs development of its U.S. SDR working clients, regulators and industry partners. He will also ensure the SDR is compliant with existing regulation and work with global regulators to harmonize the various international reporting constituencies.
This appointment is a key part of DTCCs long-term strategy to effectively and seamlessly build our U.S. SDR capability, Bodson says. “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.
Robert Druskin, DTCCs executive chairman of the board, adds: Commissioner Dunns 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.
Dunn adds that while he was at the CFTC, DTCC consistently demonstrated why it is entrusted by both the market and regulators as the critical link to accurate, detailed, transparent and aggregated data from the global financial markets. He says with Dodd-Frank requirements coming down the pipeline, he will be able to provide a deeper regulatory insight into DTCCs SDR development and its operational capabilities.
(CG)