A collateral service offered by Euroclear and a partner has promoted Olivier Grimonpont (pictured) to chief executive.
DTCC-Euroclear GlobalCollateral, a joint venture between Euroclear and The Depository Trust & Clearing Corporation (DTCC), has made the appointment after the current CEO, Michael Shipton, said he would retire at the end of the year.
Grimonpont will take up his post on January 1, 2018, and continue in his role as Euroclear’s global head of collateral management.
Euroclear and DTCC are two of the largest post-trade infrastructure providers in the world and intend to reduce costs in the fragmented collateral management industry.
They launched GlobalCollateral in 2014 partly in response to regulatory requirements on firms to post higher levels of collateral to reduce counterparty and systemic risk.
Shipton, who has been at the helm since launch, will sit on the GlobalCollateral board as a non-executive director.
The joint venture has also appointed Murray Pozmanter as head of clearing agency services and global operations.
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