The Depository Trust & Clearing Corporation (DTCC) today announced that Andrew Douglas, a respected industry veteran, has joined the company to lead its Public Affairs efforts in Europe. In this position, Douglas will play a key role in representing DTCC’s public policy positions to officials of the European Union and its Member States. He will also represent DTCC in dealings with other European organisations, such as regulators, central banks and industry associations.
Douglas will be responsible for communicating DTCC’s European policy agenda and for building upon existing relationships with key individuals and groups in the public policy-making process. In addition, Douglas will represent DTCC at relevant forums, advise senior management on pending legislation and policy issues and provide input to DTCC line business managers about European issues relevant to their products.
He will be based in London and will report locally to Diana Chan, CEO of EuroCCP, in her capacity as head of the DTCC London Operating Committee.
He will report functionally to Larry Thompson, DTCC General Counsel, in New York. Douglas is joining DTCC from the Society for Worldwide Interbank Financial Telecommunication (SWIFT), where he most recently served as head of that Belgium-based cooperative’s Securities Research and Development Team.
During his tenure at SWIFT, Douglas was instrumental in developing the “Giovannini protocol,” which harmonized communication standards among equity post-trade infrastructures in Europe. He was also responsible for the research and development of new business solutions for diverse sectors of the finance services industry, including insurance, Islamic banking and carbon trading.
“Andrew brings more than 20 years of experience in the global securities industry and has established close working relationships with European governmental, regulatory and institutional communities,” said Donald F. Donahue, DTCC chairman and CEO. “With Europe becoming more and more of a focus of DTCC’s business activities, we are delighted to have Andrew’s vast wealth of experience as we look to work and collaborate with the broad constituencies in the European market.”
Prior to joining SWIFT in 1999, Douglas spent two years as head of the middle office and client service teams for fixed income and money market products at Deutsche Bank’s investment bank, where he led initiatives aimed at eliminating the traditional investment banking vertical product focus. He began his financial services career in 1988 at Citibank, where he worked in the clearing and custody business and created and ran a team that sold Citibank’s South American sub-custody services to European banks. He was also in charge of the client service that supported Citibank’s European global custody and clearing businesses and its UK domestic custody operation.
Douglas is a highly regarded industry commentator on key European integration issues such as interoperability. He contributed to the work of the European Commission’s Clearing and Settlement Advisory and Monitoring Expert (CESAME) group and is a member of that group’s successor organization, CESAME2.
Global Custodian magazine recently inducted Douglas into its Securities Services Hall of Fame in honour of his outstanding contributions to the securities services industry. He was also nominated for an award for Best Personal Contribution for Operational Excellence by ISITC Europe in 2006.
Douglas has an MBA from Manchester Business School and a Bachelor of Science degree in Materials Science and Engineering from the University of Surrey.