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Bernie Dan joins NYPC board
01 April 2011
New York Portfolio Clearing, the derivatives clearing house backed by NYSE Liffe and the Depository Trust and Clearing Corp, has elected Bernie Dan, former head of the Chicago Board of Trade and MF Global, as an independent member of its board of directors.
Richard Prager and
Tom Wipf have also been added. The firm began operations on March 21, offering
one-pot margining of proprietary interest futures positions cleared by NYPC
with fixed income cash positions cleared by DTCC’s Fixed Income Clearing
Corporation.
Walt Lukken, CEO
of NYPC, said in a statement: “The quality of directors we’ve attracted is
exceptional, including executive-level experience from the exchange, end user
and fixed income trading communities. NYPC will benefit greatly from having
these influential voices represented as we seek to challenge and compete in the
fixed income futures market.”
Trading in the
Safex equity derivatives market grew in terms of value and number. However,
revenue fell slightly, which the bourse blamed on a change in product mix.
Trade in international derivatives also grew.
Trading in
currency derivatives fell compared to 2009, though the commodity derivatives
market grew 12% to 2.1m contracts.
Bucking the trend
at many global exchanges, revenue from issuer services rose from R79m to R86m,
while equity trading revenue swelled by 5% to R325m.