The Depository Trust & Clearing Corporation (DTCC) has appointed Peter Tierney as regional head of Asia for DTCC Deriv/SERV, which provides automated repository and asset servicing for over-the counter (OTC) credit derivatives trades.
Tierney will be based in Singapore and serve as head of business operations in Asia. He will report to Stewart Macbeth, CEO of DTCC Deriv/SERV.
Tierney, who has worked in the U.S., U.K. and spent much of his career in Asia, has held senior executive roles with NYSE Euronext, BT Radianz and was a founding executive of Omgeo.
"Peter brings his extensive experience in the Asian markets to this challenging role," Macbeth says. "He is a valuable addition to the company as we continue to grow our business and serve our clients."
DTCC's Asia Pacific global data center, which opened in December in Singapore, supports the firm's Global Trade Repository (GTR). The firm has also set up operations and client support in Singapore and Japan. Tierney will lead the team in helping regional market participants to comply with current and future regulatory requirements for OTC derivatives trade reporting.
"I'm very excited about this opportunity and look forward to promoting the DTCC vision of transparency and risk mitigation in the OTC markets in this region," says Tierney. "2013 is gearing up to be a busy year as regional regulators look to implement key G20 OTC reforms. The timing is great, and I am looking forward to expanding DTCC relationships with financial firms and regulators across the region."