The Depository Trust & Clearing Corporation (DTCC) today announced that Frank De Maria, an over-the-counter (OTC) derivatives industry leader, is joining DTCC as managing director, Business Development, effective September 24, 2007.
De Maria will lead a cross-organizational team with responsibility for DTCC Deriv/SERV’s Trade Information Warehouse, including design enhancements, industry take-up and support for all derivatives asset classes that will be serviced by the Warehouse. He will report to Peter Axilrod, DTCC managing director, Business Development.
“DTCC is fortunate to have someone with Frank’s talent and experience to lead the continued expansion of the market’s first and only automated repository for OTC derivatives, supporting these contracts over their lifecycles,” said Michael Bodson, DTCC executive managing director, Business Management, Strategy and Marketing. “Frank has broad expertise in the derivatives market and understands the pressures our customers face to reduce their costs and risks with these investment instruments.”
Prior to joining DTCC, De Maria was Global head of Derivative Client Services & Operations at Merrill Lynch, where he led a worldwide staff of financial derivative operations and client service professionals, including the firm’s reengineering efforts in that space.
Before he joined Merrill Lynch in 2001, De Maria was coo of Soros Private Funds Management. In 1999 he served as cfo of Oversight Partner I, the consortium entity that recapitalized and liquidated Long Term Capital Management. De Maria also held a variety of positions in Finance and Operations at Bankers Trust, worked at the Federal Reserve Bank of New York and in institutional sales.
De Maria received his Bachelor of Arts degree from Boston University, and his Master of Business Administration degree from New York University’s Stern School of Business.
“Frank has been an outspoken proponent of Deriv/SERV’s Warehouse since it was in its planning stages,” said Axilrod. “From his leadership experience on both the buy side and the sell side of the industry, Frank recognizes the immense value of this platform to the global marketplace, particularly at a time when market participants are focused on managing risk.”
DTCC launched the Trade Information Warehouse in November 2006 in close collaboration with key OTC derivatives market participants. As of mid-2007, backloading by the market’s largest dealers–those referred to as the Fed 14–of credit derivatives transactions that pre-date the Warehouse’s launch was essentially complete. So far, the Warehouse has rolled out its payment calculation function and central support processes for firms participating in ISDA credit event protocols. Central settlement, provided in partnership with CLS Bank International, is slated to go live in the near future.