LONDON, Dec 19 (IFR) - Olivier Grimonpont has been appointed CEO of GlobalCollateral, the joint venture between Euroclear and the Depository Trust & Clearing Corporation.
He will assume the role from January 1 following the retirement of Michael Shipton, who has headed the collateral management business since its 2014 creation. Grimonpont will continue in his role as Euroclear’s global head of collateral management. Shipton will remain on the GlobalCollateral board in a non-executive capacity.
In addition, Murray Pozmanter, head of clearing agency services and global operations at DTCC, will also be appointed to the GlobalCollateral Board.
Both appointments are subject to regulatory approval.
GlobalCollateral was created in response to regulatory mandates that require counterparties to post additional margin backing their derivatives exposures. The venture aims to address a highly fragmented and complex collateral management industry by providing efficient allocation and mobilisation of capital.
The service includes the Margin Transit Utility, which enables straight-through processing of margin calls, while the Collateral Management Utility automates collateral management tasks. (Reporting by Helen Bartholomew)