The American central securities depository, the Depository Trust & Clearing Corporation (DTCC), has expanded its London office. A new facility at Broadgate West in the City will enable the CSD to support a growing clientele in Europe and beyond, says DTCC – and especially London-based users of its OTC derivatives trade matching and data warehousing services.
“By strengthening our London presence, we will have an even broader base to provide our customers with increased service and support throughout Europe,” says William B. Aimetti, DTCC’s chief operating officer. “Since nearly half of our customer base are firms that operate globally, we are committed to expand our facilities in Europe to meet the growing needs of our global customers, who are looking to DTCC to help them reduce operational costs, streamline processing and manage risk wherever they operate.”
The DTCC London already office serves as the regional customer centre for its services, including DTCC Deriv/SERV and the Trade Information Warehouse for OTC derivatives, plus the Global Corporate Action Validation Service (GCA VS). DTCC says a new service now being developed for the alternative investment product (AIP) market will also be supported from London. In addition, says DTCC, the London office also provides a “critical liaison to DTCC’s European counterparts and industry organisations, as well as global hedge funds.”
The London office currently supports a range of functions, including relationship management, software development, business development and day-to-day customer support. DTCC has more than doubled its London staff over the past year and anticipates additional staffing to meet its growing market needs in Europe.