New York Portfolio Clearing, LLC
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| New York Portfolio Clearing | |
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| Founded | 2009 |
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| Headquarters | New York |
| Key People | Alexander Broderick, CEO |
| Products | Provides clearing services for fixed income derivatives |
| Corporate Website | www.nypclear.com |
New York Portfolio Clearing (NYPC) is a fixed income derivatives clearinghouse created to provide a single view of risk across asset classes. It was created as a joint venture between NYSE Euronext and The Depository Trust Clearing Corp..[1][2]
NYPC began clearing products on March 21, 2011. As of August of 2011, NYPC had 13 member firms.[3]
NYPC announced in November of 2011 that it had been awarded “Best Innovation By A Clearing House, North America,” by Futures and Options World (FOW) for 2011.[4]
On Apr. 2, 2012, NYPC named Alexander Broderick as chief executive officer. He replaced Walt Lukken in the position.[5]
Contents |
Products and Services
In early April of 2010, NYSE Liffe U.S. announced it would offer a full suite of interest rate futures to coincide with the anticipated regulatory approval and launch of New York Portfolio Clearing.
It was announced on March 2, 2011 that NYSE Liffe U.S. would begin trading Eurodollar futures on March 21, and would launch 2-year, 5-year and 10-year U.S. Treasury futures along with U.S. Bond and Ultra Bond futures products on March 28, subject to regulatory filings. These products would be cleared through NYPC, which had received all the required approvals from the Commodity Futures Trading Commission (CFTC) and the Securities Exchange Commission (SEC). Options on these futures were expected to follow.[6]The exchange launched Eurodollar futures in March 21 of 2011 and planned to list 2-year, 5-year, 10-year and 30-year U.S. Treasury futures on March 28, 2011. Options on these futures were expected to be launched in fourth-quarter 2011.[7]
It had been announced on March 1, 2011 that the SEC had granted a reciprocal approval to the Fixed Income Clearing Corporation (FICC) allowing for the “one-pot” cross-margining arrangement with NYPC. The regulatory approvals would allow NYPC and FICC to proceed with their plan to offer “one-pot” margining for fixed income cash and futures positions, with the aim of reducing risk and delivering capital efficiencies to the markets.[8]
It was announced on March 14 of 2011 that NYPC's products may include interest-rate swaps backed by the U.S. operations of LCH.Clearnet.[9]
History
On Apr. 13, 2010, NYPC announced it had appointed Walter Lukken as chief executive officer, effective May 1, 2010.[11] Lukken was replaced by Anthony Brokerick. Lukken left the firm in February of 2012 to become president of the Futures Industry Association.[12]
Due to CFTC regulatory reviews, the launch of interest rate futures and commencement of New York Portfolio Clearing was postponed to first quarter 2011. NYPC received its clearing license from the CFTC on Feb. 1, 2011.[13][14]
On March 1, 2011, the Depository Trust & Clearing Corporation, a partner in NYPC, received approval from the U.S. Securities Exchange Commission for "one-pot" cross margining between fixed income positions cleared by DTCC's Fixed Income Clearing Corporation (FICC) and interest rate futures clearing by New York Portfolio Clearing.[15]
Key People
- Alexander Broderick, CEO.
- Walter Lukken, former CEO
- Kevin Murray, Director of Business Operations
- Joseph Benning, Chief Risk Officer
- Laura Klimpel, General Counsel
- Peter Le Piane, Chief Compliance Officer
References
- ↑ NYSE Euronext and DTCC Finalize Joint Venture Agreement to Create New York Portfolio Clearing. DTCC.
- ↑ New York Portfolio Clearing Names Ira Krulik as COO, Kevin Murray as Director of Business Operations. NYPC.
- ↑ NYPC Announces Initial Clearing Members for March 21st Launch. NYPC.
- ↑ NYPC Awarded “Best Innovation by a Clearinghouse, North America” by Futures and Options World, 2011. NYPC.
- ↑ NYPC Names Sandy Broderick As New CEO. FOW Intelligence.
- ↑ NYSE Liffe U.S. to Offer Full Suite of Interest Rate Futures. NYSE Liffe.
- ↑ NYSE To Launch Interest-Rate Futures in Third Quarter. WSJ.com.
- ↑ NYPC Receives Final Regulatory Approval. Business Wire.
- ↑ LCH.Clearnet may join NYSE effort to take on CME Group on rates. Futures.
- ↑ Value Proposition. New York Portfolio Clearing.
- ↑ New York Portfolio Clearing Names Walter Lukken CEO. NYSE Euronext.
- ↑ NYPC MEDIA STATEMENT ON WALTER LUKKEN. New York Portfolio Clearing.
- ↑ CFTC Grants License to New York Portfolio Clearing. .
- ↑ New York Portfolio Clearing Receives DCO Registration from CFTC. Business Wire.
- ↑ DTCC Receives SEC Approval for Transformational One-Pot Margining. DTCC.
