NEW YORK, NY—March 9, 2011—New York Portfolio Clearing, LLC (NYPC), the innovative derivatives clearinghouse that will deliver “one-pot” margining of proprietary interest futures positions cleared by NYPC with fixed income cash positions cleared by The Depository Trust & Clearing Corporation’s Fixed Income Clearing Corporation, today announced the election of Bernard Dan, Richard Prager and Tom Wipf as independent members to its board of directors. These appointments add significant independent expertise in the strategic development, risk management, regulation and operations of NYPC. NYPC, which is expected to create significant capital efficiencies through this “one-pot” margining arrangement, will begin operations on March 21st.
“We are thrilled to have these talented individuals—each a leader in their field—join our board as we prepare to launch a truly innovative offering for the futures market later this month,” said NYPC Board Chairman Murray Pozmanter. “They add an independent perspective and a diversity of experience that is needed to work through the complex issues facing financial markets today.”
Walt Lukken, CEO of NYPC, added: “The quality of directors we’ve attracted is exceptional, including executive level experience from the exchange, end-user and fixed-income trading communities. NYPC will benefit greatly from having these influential voices represented as we seek to challenge and compete in the fixed income futures market.”
· Bernard “Bernie” Dan is President of Sun Holdings, LLC—the parent of Sun Trading, a registered U.S. broker-dealer focused on market making activities across a range of asset classes. He brings extensive financial leadership experience to NYPC, having recently served as CEO of MF Global Holdings as well as CEO of the Chicago Board of Trade, where he oversaw the firm’s demutualization, its subsequent initial public offering, and its acquisition by the CME.
· Richard Prager is Managing Director and Global Head of BlackRock’s Trading and Capital Markets for Fixed Income. He is a member of the Fixed Income Executive Committee, BlackRock’s Operating Committee and oversees and coordinates all trading across BlackRock’s fixed income platform.
· Tom Wipf is Managing Director at Morgan Stanley where he serves as head of Bank Resource Management, responsible for secured funding, securities lending, collateral management and counterparty portfolio management activities. He is the current Chair of the Treasury Market Practices Group, a professional organization supporting best practices in the markets for Treasury, agency debt and agency mortgage-backed securities.