The Depository Trust & Clearing Corporation (DTCC), one of the leading post-trade market infrastructures for the global financial services industry, has secured Jim Hraska as its newest Managing Director and General Manager of the group’s Fixed Income Clearing Corporation (FICC), per a DTCC statement.
In his new role Mr. Hraska will be tasked with leading the unit’s efforts to help mitigate risks and costs across the US Fixed Income markets, one of the largest segments in the country. This will also include a mandate to develop the DTCC’s buy-side participation in FICC clearing services, along with a multi-year project to simplify the MBS netting and settlement process.
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Mr. Hraska joins DTCC from the banking sector, having worked at Barclays as its Global Director of Product Management – in this capacity he focused on financing and structural reform. Overall he has over two decades of experience in the financial securities industry, garnering a rich background in fixed income and equity financing, equity derivatives, financial engineering, reinsurance, structured credit products, futures, and global clearance, among others.
According to Murray Pozmanter, Head of Clearing Agency Services at DTCC, in a recent statement on the appointment: “Jim joins DTCC at a critical time, as the industry looks to further reduce risks and costs across asset classes while retaining the safety and soundness that are paramount to the functioning of the global markets. His extensive experience will be a significant asset to the firm, and we look forward to having him spearhead new initiatives at FICC that provide even greater value to our clients and the broader industry.”
“I am pleased to be joining DTCC and, more specifically, FICC. There is significant potential to transform post-trade operations within the fixed income space, such as through DTCC’s MBSD novation initiative and adding buy-side participants to the FICC, and I look forward to working with my peers and the industry to drive continued improvements,” explained Mr. Hraska, in an accompanying statement.