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Lukken to head New York Portfolio Clearing
13 May 2010
Walter Lukken is to start on May 1 as chief executive of New York Portfolio Clearing, the joint venture between NYSE Liffe US and the Depository Trust and Clearing Corporation which plans to clear bonds and derivatives together.
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Lukken
New York Portfolio Clearing
Senate Agriculture Committee
DPTC
Lukken has been senior vice-president in the
NYSE’s office of general counsel since last July. He has also been a board
member of Liffe in London and NYSE Liffe US.
Before joining the exchange group, he was acting
chairman of the US Commodity Futures Trading Commission for 18 months, having
been a commissioner since 2002.
He worked for the Senate Agriculture Committee
for five years before joining the CFTC, as counsel on the professional staff.
“NYPC is a story of innovation, and Walt is a
proven leader who can execute on this visionary partnership,” said Donald
Donahue, chairman of DTCC. “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.”
NYPC is undergoing regulatory review and expects
to be operational in the third quarter of this year. It will offer
cross-margining between interest rate derivatives and underlying cash bonds.
NYSE Liffe US has announced that it plans to
list interest rate derivatives in the third quarter, to coincide with the
launch of NYPC.