General Manager
Depository Trust & Clearing Corp.
[PNR]

Complex and opaque, credit default swaps played a much maligned role in the financial crisis and are still elusive quarry for regulators. Depository Trust & Clearing Corp.’s Trade Information Warehouse, led by Stewart Macbeth in London, is shining light on CDSs — or at least creating valuable tools to do so. New York–based DTCC introduced the repository in 2006 as a network for servicing over-the-counter derivatives trades, and it has evolved into an aggregator of contract and position details for analytical purposes. TIW has made major strides under Macbeth, 42, its general manager since 2009 after 15 years with UBS, three of them as global head of OTC derivatives operations. In 2010, DTCC launched a central registry for equity derivatives as part of a global OTC transparency initiative. This year came an online CDS data portal specifically tailored for regulators. Acknowledging that cross-border consensus can be difficult and that system implementation was technically challenging, Macbeth notes that 30 agencies are on the portal, which he sees as “a model of global harmonization and cooperation.” TIW’s goal, in view of emerging and sometimes conflicting rules, he says, “is to have a location-agnostic solution for derivatives reporting that can apply in the G-20 countries and many others.”