Euroclear’s global head of collateral management, Olivier Grimonpont, has been appointed chief executive of its joint venture company, DTCC-Euroclear GlobalCollateral.
Grimonpont will assume his new role from the beginning of 2018, replacing Michael Shipton who plans retire at the end of the year.
Grimonpont will continue in his role as Euroclear’s global head of collateral management.
Meanwhile Murray Pozmanter, head of clearing agency services and global operations for DTCC, will be appointed to the GlobalCollateral board.
“We extend our welcome to Olivier and Murray. Both bring a wealth of collateral management knowledge and expertise to the JV, and we look forward to working with them in the coming months and years as we transform the collateral and margin management infrastructure across the industry,” said Mark Jennis, executive chairman of DTCC-Euroclear GlobalCollateral.
The joint venture between DTCC and Euroclear was created in 2014 in a bid to streamline collateral management and settlement processes.
It has seen constant delays to the launch of its flagship margin transit utility (MTU), originally penciled to go live in 2015, due to a lack of client pick-up.
However, some progress has been made, and over the year has partnered with Fintech firm CloudMargin and tech vendor LombardRisk to boost access for the utility. Furthermore GlobalColalteral launched the inventory management service (IMS), allowing clients to mobilise securities from the US to Europe for use as collateral.