OCC appoints Vishal Thakkar as Chief Risk Officer

Rick Steves

“We’re confident that his knowledge and expertise will ensure OCC continues to provide a strong, independent and collaborative ‘second line of defense’ as part of our obligations as a Systemically Important Financial Market Utility.”

Options Clearing Corporation (OCC) has appointed Vishal Thakkar as Chief Risk Officer after a brief stint as Acting CRO. Serving on the Management Committee, he will be responsible for implementing OCC’s risk management framework.

Vishal Thakkar has become the CRO at the world’s largest equity derivatives clearing organization after nearly 20 years of industry risk management experience, having previously led OCC’s Enterprise Risk Management function. Other leadership roles at OCC include Financial Risk Management and Internal Audit.

He earned both a bachelor’s degree in information systems and an MBA in entrepreneurship from DePaul University. Vishal Thakkar is a member of the Institute of Internal Auditors and ISACA and a regular speaker at industry events. He is a Certified Information Systems Auditor and a Certified Fraud Examiner.

Second line of defense as part of OCC’s obligations as a Systemically Important Financial Market Utility

John Davidson, Chief Executive Officer at OCC, said: “Vishal has been key to our efforts to strengthen OCC’s resiliency. We’re confident that his knowledge and expertise will ensure OCC continues to provide a strong, independent and collaborative ‘second line of defense’ as part of our obligations as a Systemically Important Financial Market Utility.”

Andrej Bolkovic, OCC Chief Executive Officer-Elect, added: “Vishal has been a collaborative partner to many in the organization and the industry during his impressive career. We are pleased he has agreed to serve as our Chief Risk Officer as we continue our focus on operational excellence and ensuring confidence in the financial markets and the broader economy.”

Craig Donohue, OCC Executive Chairman, added, “Our Board and I value Vishal’s counsel, perspective and leadership and are gratified that he will serve as our organization’s CRO. We look forward to continuing to work with Vishal in this well-earned role.”

Baton Systems connected DLT-based post-trade processing platform to OCC

In August, Baton Systems announced connectivity to the OCC through the Baton Core-CollateralTM ecosystem. The DLT-powered post-trade processing platform is expanding connectivity to allow clearing firms to automate collateral management across 11 major CCPs globally, together comprising more than 93% of margin, placed by U.S. registered FCMs.

With the rise of interest rates, FCMs are increasingly being pressured to maximize their non-cash collateral usage and Baton’s Core-Collateral solution enables Clearing Members to automate and optimize their collateral management processes by providing intraday visibility of current margin obligations and collateral holdings at the CCPs. This helps

Helping FCMs to improve both the financial and operational efficiency of their collateral movements for centrally cleared derivatives, they are able to minimise what can otherwise prove to be a massive operational burden, with significant associated risks.

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