The DTCC has appointed Andrew Leonard as md and head of its operational risk group. In this new position, Leonard will report directly to Donald Donahue, the firm's chairman and ceo.

Leonard has over 25 years of experience leading operational risk, regulatory compliance and auditing. Most recently, he served as svp and head of operational risk for Fannie Mae. Prior to this, he held senior roles with both Wachovia Bank and Goldman Sachs.

Donahue adds: "Andy will play a key role in helping us transform DTCC in how we think about risk, how we manage it and how we achieve 'best in class' risk capabilities to protect DTCC - and the industry."

Over the past several months, DTCC has been working with Ernst & Young to craft a detailed vision of the enhanced operational risk capabilities that it is looking to implement. The new programme will serve as a road map for the company and Leonard will have primary responsibility for guiding the execution of the plan.