Paul Winchester has been appointed as head of exchange-traded derivatives (ETD) and OTC clearing sales within the State Street Global Markets business, based in London. He reports into Steve Winter, global head of futures and OTC clearing. ??
The new position follows the launch in September of State Street’s swaps clearing platform as market participants anticipate the migration of most swaps in major markets to be cleared through central counterparties (CCPs).?
Winchester was previously director and head of ETD clearing sales and execution EEMEA for Royal Bank of Canada for more than four years. His career in derivatives sales spans 15 years during which he spent 11 years with Dresdner Kleinwort, mostly as a director of client facing sales, marketing and execution for ETD products, before being promoted to deputy head of listed products.??
Parties to centrally cleared swaps trades soon will be required to work through a futures commission merchant that acts as intermediary between its clients and the CCP. New regulations in the US and Europe will also impose collateral requirements and real-time reporting requirements designed to reduce counterparty credit risk and bolster market transparency. ?
Reporting by: Janet Du Chenne, Global Custodian, an Asset International publication
With the recent addition of the derivatives clearing service, State Street’s derivatives offering also includes end-to-end OTC and exchange-traded derivatives servicing, collateral management and independent valuation.?