DTCC appoints new head of equity clearing

Former chief operating officer at the Options Clearing Corporation joins DTCC after 16 years.

The Depository Trust & Clearing Corporation (DTCC) has poached the chief operating officer at the Options Clearing Corporation (OCC) to head up its equity clearing business.

Michael McClain has been named managing director and general manger of equity clearing at DTCC and will be responsible for leading the firm’s day-to-day equity clearing operations.

He joins from OCC where he worked as part of the executive team overseeing technology and operations for 16 years.

Earlier in his career, McClain worked at Accenture, IBM and has held several board positions at the International Options Market Association (IOMA), the Securities Industry Financial Markets Association (SIFMA) and the Futures Industry Association (FIA).

He will report to Murray Pozmanter, managing director and head of clearing agency services at the DTCC.

Pozmanter said McClain’s experience and deep knowledge “will be critical as the industry continues looking to us for increased support.”

McClain added the DTCC is currently “at the forefront of so many important industry issues and remains committed to advancing an agenda focused on protecting the safety and soundness of the capital markets.”