The Depository Trust & Clearing Corp (DTCC), a post-trade financial services group, has appointed Mark Wetjen as its newest Managing Director, where he will help lead global policy moving forward, according to a DTCC statement.
Mr. Wetjen has landed at DTCC just one month after leaving the U.S. Commodity Futures Trading Commission (CFTC), having served as its Commissioner and Chairman for a period of time.
Back in August, Mr. Wetjen stepped down from his position, having formally relinquished his commissionership back on August 28, 2015. The decision snaps a nearly four-year stint at one of the USA’s chief regulating authorities – he had been the acting Chairman of the commission since January 2014.
Despite the short length, Mr. Wetjen has had a busy tenure with the CFTC, helping implement the landmark Dodd-Frank Act in the United States, whilst supporting over ninety sovereign CFTC actions.
In his new role at the DTCC, Mr. Wetjen will help steer the group’s global public policy function and business, as well as overseeing its legal activities. He will be joining the DTCC on September 28, 2015, and will be based out of Washington, DC where he he will be reporting to Larry Thompson, Vice Chairman of DTCC and General Counsel.
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According to Mr. Thompson in a recent statement on the appointment: “We are delighted to welcome Mark to DTCC as we continue to grow our role as a resource on how financial market utilities can help achieve the risk mitigation and transparency goals of policymakers. Mark’s reputation for consensus-building and his collaborative and thoughtful approach to addressing complex topics related to financial reform will be critical as policymakers continue implementing new rules to govern the financial markets.”
“DTCC has been a strong public advocate for the tenets of the G20 and Dodd-Frank market reforms, and has worked in partnership with regulators and lawmakers to advance these principles in the best interests of all stakeholders. It was important for me to join a company that shares this commitment and that will continue to be a leading voice in support of policy designed to enhance the stability of the global marketplace. It also was important for me to join a dynamic organization with a strong leadership team that embraces new technologies and innovations in pursuit of those goals,” added Mr. Wetjen in an accompanying statement.
In addition to the appointment of Mr. Wetjen, the DTCC has also undergone tentative steps to fortify its workforce across the several of its key European locales of operations, including London and Wrexham.
According to Michael Bodson, President and CEO at DTCC, regarding the personnel expansion, “Financial markets are changing at a pace never before witnessed. Economic and regulatory pressures, new technologies and the growing interconnectedness of financial firms are transforming market structures and sparking changes to the industry’s operating model and its global view of risk management.
Financial market infrastructures like DTCC are playing a more prominent role than ever before because of our track record in centralising, standardising and automating post-trade, clearing and settlement processes to mitigate risk, reduce costs and enhance operating efficiencies. Developing specialist centres of excellence is important for our future development as it allows us to look at opportunities holistically, understand the perspectives of different market participants across regions and offer our global client community innovative new solutions,” he added.