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“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
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
Klimpel comes to NYPC from the
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.