New York Portfolio Clearing Names Ira Krulik as COO, Kevin Murray as Director of Business Operations
NEW YORK – May 27, 2010 – New York Portfolio Clearing (NYPC) today announced the appointments of Ira J. Krulik as Chief Operating Officer and Kevin Murray as Director of Business Operations, effective July 12 and June 1, 2010, respectively. NYPC, a joint venture of The Depository Trust & Clearing Corporation (DTCC) and NYSE Euronext (NYX), is a U.S. futures clearing organization that will deliver significant capital and operational efficiencies for market participants, while mitigating risk and enhancing transparency. NYPC is currently undergoing regulatory review, with an anticipated launch in the third quarter of 2010.
“Ira and Kevin’s demonstrated ability to drive change and effectively collaborate with the industry’s leading players make them ideal candidates to manage operations for NYPC,” said Walter Lukken, Chief Executive Officer of NYPC. “Their proven leadership and experience at several of the world’s leading financial services companies provide additional insight into the challenges and expectations of our members. Together, they will help NYPC fulfil its mission to deliver needed competition and powerful capital efficiency to the U.S. futures market."
With more than 30 years of experience as a futures industry specialist, Krulik joins NYPC from Credit Suisse, where he most recently served as the Co-head of the Futures Sales & Marketing team in the PrimeServices division. He previously was employed by Merrill Lynch, where he helped to develop the firm’s agency clearing division and managed the Financial Futures & Options client service team. He is an active member of the Futures Industry Association and has collaborated closely with regulators, exchanges and clearing houses to develop new rules and further the evolution of the industry.
Prior to joining NYPC, Murray was a Director of North America Clearing Operations at UBS Securities, where he was responsible for all clearing, delivery and reconciliation functions. Before that, he held a similar position at ABN AMRO. Murray started his career with Merrill Lynch. He has served on the FIA Futures Services Division board of directors since 1990, having held the Co-Chairman position of the Delivery Committee as well as the Clearing Committee.
New York Portfolio Clearing (NYPC) is a U.S. futures clearing organization, a joint venture of The Depository Trust & Clearing Corporation (DTCC) and NYSE Euronext. NYPC will clear interest rate products and will support the cross-margining of fixed income cash products from DTCC’s Fixed Income Clearing Corporation with their related, offsetting derivatives trades in a "single pot." This innovative approach to margining will deliver significant capital and operational efficiencies for market participants, while reducing risk and enhancing transparency. NYPC will be a CFTC-regulated Derivatives Clearing Organization, and is pending regulatory approval. For more information, please visit: www.nypclear.com.
Cautionary Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements concerning NYSE Euronext’s plans, objectives, expectations and intentions and other statements that are not historical or current facts. Forward-looking statements are based on NYSE Euronext’s current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Factors that could cause NYSE Euronext’s results to differ materially from current expectations include, but are not limited to: NYSE Euronext’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk and U.S. and global competition, and other factors detailed in NYSE Euronext’s reference document for 2009 ("document de référence") filed with the French Autorité des Marchés Financiers (Filed on April 22, 2010 under No. D.10-0304), 2009 Annual Report on Form 10-K and other periodic reports filed with the U.S. Securities and Exchange Commission or the French Autorité des Marchés Financiers. In addition, these statements are based on a number of assumptions that are subject to change. Accordingly, actual results may be materially higher or lower than those projected. The inclusion of such projections herein should not be regarded as a representation by NYSE Euronext that the projections will prove to be correct. This press release speaks only as of this date. NYSE Euronext disclaims any duty to update the information herein.
Contact: Doug Donsky (FD)
Contact: Stephen Letzler (DTCC)
Contact: Eric Ryan (NYSE Euronext)