Kansas City Board of Trade Clearing Corporation

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Kansas City Board of Trade Clearing Corp.
Kcbt logo.jpg
Founded 1913
Headquarters Kansas City
Key People Michael L. Dean, President
Products Clearinghouse
Twitter @KCBoardofTrade
Website www.kcbt.com/kcbt_clearing.html
Releases Company News

The Kansas City Board of Trade Clearing Corp. clears and guarantees all futures and options trades for the Kansas City Board of Trade (KCBOT).


History

The Kansas City Board of Trade Clearing Corp. was founded in 1913.

Products and Services

The Kansas City Board of Trade Clearing Corp. is the financial arm of the exchange and acts as a third party to all futures and options transactions - so there is a buyer to every seller and a seller to every buyer. In this way, buyers and sellers do not have financial obligations to each other but instead to the Clearing Corp.

The Clearing Corp. ensures market integrity and is responsible for managing the exchange's investments. These investments provide protection against the financial insolvency of a clearing member. Since the Clearing Corp. was established in 1913, no KCBT customer has suffered a financial loss because of a clearing-member default.[1]

Key People

On Jan. 12, 2012, Michael L. Dean, Cargill, Inc., was elected president of the Kansas City Board of Trade Clearing Corp.

Rock D. Marquardt, J.P. Morgan Securities, LLC, was elected first vice president for 2012 with a two-year director term; Bruce A. Wilson, individual member, was elected second vice president; and David J. Lehl, ADM Investor Services, Inc., was elected secretary-treasurer.

Elected as directors for two-year terms were: Maureen R. Corbett, ABN AMRO Clearing Chicago, LLC; and James F. Kanan, individual member. Thomas A. Beringer, individual member, was elected to a one-year term.[2]

References

  1. "KCBT Structure - Kansas City Board of Trade, 11/1/07”. www.kcbt.com.
  2. Kansas City Board of Trade Clearing Corp. Elects Officers, Directors for 2012. KCBT.