Reval has formed a board-level risk and compliance committee and has hired a chief compliance officer (CCO) in advance of its registration as a swap data repository (SDR) with the US Commodity Futures Trading Commission (CFTC).
Patrick Trozzo, who has 28 years of strategic planning, operations and compliance experience in derivatives market making, will serve as the company’s CCO and report to the new board committee, comprising derivatives industry and technology experts Dr Steven Kohlhagen, co-creator of the now standard Garman-Kohlhagen model; Fred Cohen, retired PricewaterhouseCoopers (PwC) partner and financial risk management specialist; Jiro Okochi, Reval chief executive offcier (CEO), co-founder and chairman of the board; and data management solutions veteran Steve Rosenberg.
“These moves represent Reval’s first steps in complying with the rules governing SDR’s,” Okochi said. “Although complete rules governing SDR’s have yet to be written by the CFTC, section 728 of the recently passed Dodd-Frank bill requires that SDR’s register with the CFTC and designate a CCO who will report directly to the board or a senior officer of the repository.”
Reval first announced its intention to become an official SDR for non-financial entities and their counterparties last July, after the company began working with lawmakers in Washington, DC, on behalf of its corporate end-user clients. Okochi explained then that Reval already operates as an SDR in that it books, manages risk, values and accounts for derivatives that companies use to hedge commercial risk.
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