New York Portfolio Clearing (NYPC) has appointed Walter Lukken as CEO, effective May 1, 2010. Mr Lukken will lead NYPC's drive to be the clearing organisation to margin cash fixed income positions and their natural derivatives hedges together, designed to improve both operational and capital efficiency.
Since July 2009, Mr Lukken has been serving as senior vice president in the Office of the General Counsel of the NYSE and as a board member for both NYSE Liffe in London and NYSE Liffe US. Prior to this role, he served as acting chairman of the Commodity Futures Trading Commission (CFTC) for 18 months and was also a commissioner of the CFTC since 2002.
Donald Donahue, chairman and chief executive officer at DTCC, said: “NYPC is a story of innovation, and Walt is a proven leader who can execute on this visionary partnership. NYPC will be a catalyst for change in the US futures market by delivering capital efficiency to its members and by introducing a unique, horizontal clearing model. Walt’s leadership and expertise are the perfect combination to lead this ambitious, new clearing house to success.”
Duncan Niederauer, chief executive officer at NYSE Euronext, said: “Walt is the ideal candidate to lead NYPC in opening the US futures market to new competition. Walt is a respected voice in this industry with a unique and diverse set of experiences that will lend themselves well to this project. I am confident that under his leadership, NYPC will quickly grow to become a world-class clearing organization.”
NYPC is a joint venture of The Depository Trust & Clearing Corporation (DTCC) and NYSE Euronext, created to deliver capital efficiencies to the market by evaluating and margining a clearing member’s risk on a portfolio basis across both cash bonds and derivatives.