DTCC hires Tierney to head Asia Pacific unit
US post-trade services utility the DTCC has appointed Peter Tierney as regional head of Asia, as the company continues its drive to be a global centre for OTC derivatives reporting.
Based in Singapore, Tierney will report to Stewart Macbeth, chief executive at the DTCC’s Deriv/Serv business, which provides automated matching and confirmation services for OTC derivatives, as well as matching of payment flows and bilateral netting services.
Tierney has 20 years of experience in pre- and post-trade processing, telecoms, trading architecture and data management. Before joining the DTCC, he has held senior roles at NYSE Euronext, BT Radianz and Omgeo, the DTCC’s joint venture with Thomson Reuters. Tierney has worked in the UK and US but spent the majority of his career in Asia.
The DTCC opened its Asia Pacific data centre in Singapore in December. The Asia presence is part of the firm’s strategy to build up a global network of trade repository services. On 1 April, the firm also opened an OTC trade repository in Japan, based in Tokyo. Tierney will play a role by helping market participants in Asia to comply with new regulations requiring the reporting of OTC derivatives trades.
“2013 is gearing up to be a busy year as regional regulators look to implement key G20 OTC reforms,” said Tierney. “The timing is great and I am looking forward to promoting the DTCC vision of transparency and risk mitigation in the OTC markets in this region.”
Earlier this month, information services firm Markit announced it would buy out the DTCC’s share in MarkitServ, a joint venture between the two firms that focuses on post-trade processing for OTC derivatives.
“The DTCC’s strategy in the OTC derivatives market is to place greater focus on its global services for trade reporting and downstream processing such as collateral and payment processing. The divesture of MarkitSERV’s matching and confirmation platform is aligned with this strategy,” said the firm in an official statement.