Simpson Joins EuroCCP as Head of Product Management in London.
Simpson comes to EuroCCP from SWX SWX Swiss Exchange (trademark of SWX Swiss Exchange)
SWX SolidWorks (3D solid modeling CAD software)
SWX Splitter / Wave Division Multiplexer Europe, the London-based exchange, where he served as COO for the past year.
"Andrew joins EuroCCP at a critical time for the European financial sector, when the marketplace is fragmented and when the industry values more than ever the risk management capabilities offered through CCPs," said Diana Chan, chief executive officer of EuroCCP. "We are fortunate to add to our team someone with experience on both the exchange and regulatory side, which will assist us greatly in shaping EuroCCP's competitive positioning."
EuroCCP, a Recognised Clearing House regulated by the Financial Services Authority The Financial Services Authority ("FSA") is an independent non-departmental public body and quasi-judicial body that regulates the financial services industry in the United Kingdom. Its main office is based in Canary Wharf, London, with another office in Edinburgh. , clears trades for multilateral trading facilities Turquoise, SmartPool and NYSE Arca Europe. EuroCCP is also working with SecFinex to develop a central counterparty solution for securities lending Securities Lending
When a brokerage lends securities owned by its clients to short sellers.
This allows brokers to create additional revenue (commissions) on the short sale transaction. and borrowing transactions in the UK market. EuroCCP has also signed a memorandum of understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. with NASDAQ NASDAQ
in full National Association of Securities Dealers Automated Quotations
U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on OMX OMX Office Max (stock symbol) Nordic Oy to be one of three central counterparties to provide clearing services for NASDAQ OMX's stock exchanges in Denmark, Finland and Sweden. Pipeline Financial Group Limited earlier this week announced the appointment of EuroCCP to support Pipeline's new pan-European block trading and specialist algorithmic trading Algorithmic Trading
A trading system that utilizes very advanced mathematical models for making transaction decisions in the financial markets. The strict rules built into the model attempt to determine the optimal time for an order to be placed that will cause the least amount of platform.
Prior to SWX Europe, Simpson was head of IS Strategy for the UK Financial Services Authority's (FSA's) Wholesale and Institutional Markets unit from April 2004 to November 2006. He holds a degree in Structural Engineering and Architecture from the University of Manchester The University of Manchester is a university located in Manchester, England. With over 40,000 students studying 500 academic programmes, more than 10,000 staff and an annual income of nearly £600 million it is the largest single-site University in the United Kingdom and receives .
Simpson will report to Chan and to Neil Henderson, DTCC DTCC
See: Depository Trust and Clearing Corporation managing director, International Clearing and Settlement.
European Central Counterparty Limited (EuroCCP), a UK-incorporated, FSA-regulated Recognised Clearing House, started operations in 2008. It is the European subsidiary of The Depository Trust & Clearing Corporation (DTCC) and is headquartered in London. EuroCCP was formed to provide clearing and settlement services for a wide range of trading venues across Europe, offering the scale economies of the US market to European market participants. It currently clears equity trades in 15 countries and in seven currencies. EuroCCP has been appointed to provide central counterparty services by Turquoise, SmartPool, NYSE Arca Europe and Pipeline Financial Group Limited for equity trades. NASDAQ OMX Nordic Oy has signed a Memorandum of Understanding with EuroCCP for clearing services for its stock exchanges in Denmark, Finland and Sweden. EuroCCP is also working with SecFinex to develop a central counterparty solution for securities lending and borrowing transactions. Market participants can trade equities on any venue EuroCCP supports and have their transactions netted for settlement and/or margin purposes for the same security traded on the same day, thereby reducing costs and operational risks.
DTCC, through its subsidiaries, provides clearance, settlement and information services for equities, corporate and municipal bonds, government and mortgage-backed securities, money market instruments Money market instruments
See: Cash investments and over-the-counter derivatives. In addition, DTCC is a leading processor of mutual funds and insurance transactions, linking funds and carriers with their distribution networks. DTCC's depository provides custody and asset servicing for more than 3.5 million securities issues from the United States and 110 other countries and territories, valued at US$27.6 trillion. In 2008, DTCC settled more than US$1.88 quadrillion One thousand times one trillion, which is 1, followed by 15 zeros, or 10 to the 15th power. See space/time. in securities transactions. DTCC has operating facilities in multiple locations in the United States and overseas. For more information on DTCC, visit www.dtcc.com.