In his new role, McClain will be responsible for leading the equity clearing day-to-day, and for running strategic initiatives.
He will report to Murray Pozmanter, managing director and head of clearing agency services.
McClain joins from the Options Clearing Corporation, where he was COO and part of the office of the executive chairman, overseeing technology and operations.
He has sat on the advisory board of directors for the International Options Market Association, and on the operations and technology steering committee at the Securities Industry Financial Markets Association. He has also been involved in the Futures Industry Association.
Pozmanter said, “Michael McClain has decades of experience and a deep knowledge of the financial markets, and his leadership will be critical as the industry continues looking to us for increased support.”
McClain added: “I couldn’t think of a more exciting time to join DTCC than right now. The firm is 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.”
“We have a unique opportunity during this period of financial transformation to build upon the firm’s legacy and help to further reduce risks and costs for clients.”