News Releases

 
New York Portfolio Clearing Names Joseph Benning as Chief Risk Officer, Laura Klimpel as Chief Compliance Officer and Counsel
NEW YORK – August 4, 2010 – New York Portfolio Clearing, LLC (NYPC) today announced the appointments of Joseph Benning as Chief Risk Officer and Laura Klimpel as Chief Compliance Officer and Counsel, effective June 1 and August 2, 2010, respectively. NYPC, a joint venture of The Depository Trust & Clearing Corporation (DTCC) and NYSE Euronext (NYX), is a U.S. futures clearing organization that will deliver significant capital and operational efficiencies for market participants, while mitigating risk and enhancing transparency.  NYPC is currently undergoing regulatory review, with an anticipated launch later this year.

“The addition of Joseph and Laura to NYPC further strengthens our senior management team, and complements the important operational appointments we’ve made in recent months,” said Walter Lukken, Chief Executive Officer of NYPC. “Given the continued emphasis among public policymakers, regulators and market participants on systemic risk management and compliance, especially following recent Congressional action on financial services reform, we are fortunate to have attracted such exceptional and knowledgeable professionals as Joseph and Laura.   Their insights will be invaluable and will help NYPC fulfil its mission to deliver needed competition and powerful capital efficiency to the U.S. futures market.”

Prior to joining NYPC, Benning was a Director at Moody’s Analytics, where he worked with clients in North America, Europe, Asia, and the Middle East, providing training and consulting services in capital markets and derivatives. Before that, he was a Senior Economist at the Chicago Board of Trade (CBOT), where he invented the Dow Jones CBOT Treasury Index. Other related experiences include serving as a trader, trading desk manager, and national sales manager in both New York  and London . Benning has served as an adjunct professor at New York University and New School University , and has authored a book, “Trading Strategies for Capital Markets.”

Klimpel comes to NYPC from the New York  office of Cleary Gottlieb Steen & Hamilton LLP, where as an attorney she focused on U.S. commodities law regulation, corporate and financial transactions, and recent legislative developments regarding regulation of the OTC derivative markets. She is a member of the Futures Industry Association’s (FIA’s) Law and Compliance Division and a member of the New York Bar.

NYPC will be the first clearing organization to bring together cash positions and their natural derivatives hedge in an open manner designed to substantially improve both operational and capital efficiency. At the same time, NYPC will significantly increase transparency by giving regulators the ability, from a central vantage point, to see and assess systemic risk across asset classes.

 

About NYPC
New York Portfolio Clearing, LLC (NYPC) is a U.S. futures clearing organization, a joint venture of The Depository Trust & Clearing Corporation (DTCC) and NYSE Euronext.  NYPC will clear interest rate products and will support the cross-margining of fixed income cash products from DTCC’s Fixed Income Clearing Corporation with their related, offsetting derivatives trades in a "single pot."  This innovative approach to margining will deliver significant capital and operational efficiencies for market participants, while reducing risk and enhancing transparency.  NYPC will be a CFTC-regulated Derivatives Clearing Organization, and is pending regulatory approval.
For more information, please visit: www.nypclear.com.
   

NYPC Media Contacts: 

Contact: Doug Donsky (FD)
Phone: 212.850.5740
Email: doug.donsky@fd.com

Contact: Stephen Letzler (DTCC)

Phone: 212.855.5469  

Email: sletzler@dtcc.com



Contact: Eric Ryan (NYSE Euronext)
Phone: 212.656.2411
Email:  eryan@nyx.com