Stewart Macbeth has joined the Depository Trust & Clearing Corporation (DTCC) from UBS as managing director, DTCC and general manager of the Trade Information Warehouse.
The Warehouse is the markets only central repository and post-trade processing infrastructure for OTC credit derivatives contracts, supporting global dealers and 1400 buy-side firms who trade these instruments from 35 countries.
Macbeth, who will be based in DTCCs London office, will be responsible for all aspects of the day-to-day operations and continuing development of Warehouse services globally. He reports to Peter Axilrod, managing director, DTCC Business Development and Deriv/SERV.
Macbeth comes to DTCC with more than 15 years of OTC derivatives industry experience. He was most recently managing director, global head of operations risk and business architecture at UBS, a position he held since 2007. From 1996 to 2002, he ran fixed income derivatives operations globally for the firm, managing credit derivatives support activities, which also included designing and implementing settlement and confirmation applications. In 2002, he became global head of all OTC derivatives operations, at which time he assumed responsibility for equity derivatives.
Prior to UBS, Macbeth was at KPMG in London, in their financial services practice, where he qualified as a Chartered Accountant. He earned a Bachelors degree in mathematics from Nottingham University and a Masters degree from the University of London.
Depository Trust & Clearing Corporation (DTCC) recently called for maintaining a single trade repository for OTC derivatives contracts. This is a role that the DTCC has assumed in recent times through the construction of its OTC Trade Information Warehouse. Larry E. Thompson, DTCC General Counsel, said, We are concerned that some in the OTC derivatives market may assume, once a trade guarantee is provided through a central counterparty, there may be less need for a central registry to track the underlying position data.
In May, DTCC announced that it filed applications with the Federal Reserve system and with the New York State Banking Department (NYSBD) to form a limited purpose trust company that will house the functions of the Warehouse. The new company, to be called The Warehouse Trust Company LLC (Warehouse Trust), will become a wholly-owned subsidiary of DTCC Deriv/SERV LLC, which operates DTCCs automated services for OTC derivatives. It is expected that the Warehouse Trust will also become subject to a collaborative global regulatory framework involving interested regulators in Europe as well as the US.