06 April 2017
Reporter: Drew Nicol

OCC names Citi’s Davidson as new COO

OCC has wooed Citi’s John Davidson take up the role of COO following the departure of Michael McClain last month.

Davidson will join the organisation as president and COO on 8 May and report to OCC chairman and CEO Craig Donohue.

At Citi, Davidson served as chief compliance officer. He joined the bank in 2008 and previously held the position of the chief administrative officer for the risk division.

Prior to Citi, Davidson spent 12 years at Morgan Stanley, serving as managing director and operations officer for the bank’s global operations and services division.

Donohue said: “John Davidson brings to OCC extensive experience in clearinghouse financial risk management, along with broader knowledge in operations, IT management, enterprise risk management, and compliance.”

McClain left his role at OCC at the end of March to join the Depository Trust & Clearing Corporation as general manager of equity clearing.

Commenting on McClain’s departure, Donohue said: “Mike McClain made an impact at OCC on many levels. He effectively presented to market participants and policymakers about how our company performed and the value we bring every day to the financial markets.”

OCC enjoyed strong growth in securities lending in March, along with record breaking futures volume.

Securities lending activity was up 25 percent in new loans last month, compared to the same time last year.

Year-to-date lending activity increased 21 percent from 2016 with 551,730 new loan transactions in Q1 2017.

The average daily loan value at OCC in March was $155.3 billion.

Futures cleared by OCC reached its highest volume ever after a 68 percent boost saw 12.4 contracts completed last month, compared to the same time last year.

OCC’s average daily cleared futures volume in Q1 was 517,722 contracts, 51 percent higher than Q1 2016.

Overall exchange-listed options volume was also up 8 percent from March 2016, with 374.5 million contracts.

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