DTCC appoints managing director

The Depository Trust & Clearing Corporation has named Jim Hraska as managing director and general manager of its Fixed Income Clearing Corporation (FICC). Mr. Hraska will lead risk and cost reduction in the U.S. fixed income markets, including expansion of buy-side participation in FICC clearing services and implementation of the Mortgage-Backed Securities Novation initiative.

Mr. Hraska was most recently global director of product management at Barclays and has 26 years of securities experience. He was a senior member of the U.S. Federal Reserve’s Tri-Party Reform Task Force for risk and liquidity improvements.

“Jim joins DTCC at a critical time as the industry looks to further reduce risks and costs across asset classes while retaining the safety and soundness that are paramount to the functioning of the global markets,” DTCC head of clearing agency services Murray Pozmanter said.

“There is significant potential to transform post-trade operations within the fixed income space, such as through DTCC’s MBSD novation initiative and adding buy-side participants to the FICC,” Mr. Hraska said.