The Options Clearing Corporation (OCC) has hired Citi’s long-serving senior executive John Davidson as its new chief operating officer.
Davidson, who was previously Citi’s chief compliance officer, will join the US equities clearing house in May following the departure of Michael McClain, who most recently joined DTCC.
“John brings to OCC extensive experience in clearinghouse financial risk management, along with broader knowledge in operations, IT management, enterprise risk management, and compliance,” said Craig Donohue, CEO, OCC.
“He is a very forward-looking, results-oriented leader who will help us deliver on our responsibilities as a SIFMU, including the work we are doing on covered clearing agency rules and SEC Regulation SCI.”
Previously at Citi, Davison led its global compliance team, responsible for identifying, evaluating, mitigating and reporting on compliance, regulatory and reputation risks across its operations.
He took over as chief compliance officer in 2013, with the aim to clean up its operations following accusations of interest rate rigging and spoofing.
Prior to Citi, Davidson spent 12 years at Morgan Stanley, serving as managing director and operations officer for the firm’s global operations and services division.