The Depository Trust & Clearing Corporation (DTCC), a provider of post-trade market infrastructure for the global financial services industry, has on-boarded Michael McClain as its newest Managing Director and General Manager of Equity Clearing, according to a company statement.
In his new role Mr. McClain will be tasked with overseeing the day-to-day equity clearing business operations and strategic initiatives. In this capacity he will be reporting to Murray Pozmanter, Managing Director and Head of Clearing Agency Services.
Mr. McClain lands at DTCC from the Options Clearing Corporation (OCC), having worked previously as its Chief Operating Officer. Additional roles also include senior stints in its Business Development, New Product, and Strategy units at OCC.
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According to Mr. Pozmanter in a statement on the appointment: “Michael has decades of experience and a deep knowledge of the financial markets, and his leadership will be critical as the industry continues looking to us for increased support. We look forward to Michael bringing new ideas on how we can leverage our technology to help solve the industry’s top operational challenges.”
“I couldn’t think of a more exciting time to join DTCC than right now. The firm is at the forefront of so many important industry issues and remains committed to advancing an agenda focused on protecting the safety and soundness of the capital markets. We have a unique opportunity during this period of financial transformation to build upon the firm’s legacy and help to further reduce risks and costs for clients,” explained Mr. McClain.