DTTC has named Mark Davies as vice president for Data Business Development focused on the clearing house's involvement in the Legal Entity Identifier (LEI) programme in Europe. He joins DTCC from the Royal Bank of Scotland (RBS), where from 2008 he served as head of Reference Data within Shared Services Finance. He has also held various positions at Barclays Capital and Credit Suisse First Boston.
In his new role, Davies will be based in London and responsible for strategy and liaison activities in Europe regarding the LEI project.That will include participating in the development of a distribution strategy, serving as a subject matter expert on the LEI business with regulators and industry committees and representing DTCC in customer meetings, customer forums and regulatory meetings. He will report directly to Ronald Jordan, DTCC managing director and chief data officer, who is based in New York.
“We are delighted to have someone with Mark’s expertise and experience join DTCC to assist in this critical international effort,” Jordan said. “Not only does Mark have a long history of working with data management services, he has played a critical role on the industry’s LEI steering committee representing the Royal Bank of Scotland in developing the requirements for the LEI project, and we know he will continue to provide continued leadership in his new role with DTCC.”
LEI is a global program designed to create and assign unique identifiers to every financial organisation that engages in a financial transaction. Regulators need LEIs to better gauge systemic risk, and risk managers at financial institutions need LEIs to better understand and aggregate counterparty exposures and risk.
A group of industry associations has recommended to regulators a group of organisations to provide the LEI solution, with DTCC as the proposed facilities manager for project. DTCC has responsibility for gathering, validating, storing and distributing various data on each legal entity. The other organisations recommended include the International Organisation for Standards (ISO), the Society for Worldwide Interbank Financial Telecommunication (SWIFT) and the Association of National Numbering Agencies (ANNA).
