Simpson Joins EuroCCP as Head of Product Management in London.
Simpson comes to EuroCCP from SWX 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, 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 and borrowing transactions in the UK market. EuroCCP has also signed a memorandum of understanding with NASDAQ OMX 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 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.
Simpson will report to Chan and to Neil Henderson, DTCC 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 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 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.