存祝贺Murray Pozmanter, 董事总经理, President of 存 清算 Agency 服务 and Head of Global Business Operations, 谁最近宣布退休了, 4月14日生效. Pozmanter has had a profound and positive impact on 存 and the US financial markets during his 16 years with the firm, 大大有利于行业, 我们的客户和, 最终, 终端投资者.
存管连接 与波兹曼特坐下来讨论他的显著成就, industry milestones and what’s next – both for himself and the industry.
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DC: What were your initial impressions of 存 when you joined 16 years ago? 在这段时间里，你是如何看待公司的发展的?
MP: I had been in financial services and had worked with 存 for a long time before I was hired here. I knew coming in that a lot of the employees at 存 were home grown, 有长期任职的人，有深厚的专业知识. 自从我加入存以来，它已经成长了很多. It doesn’t feel like I’ve been here for 16 years because the company – the culture, 我们的全球视野, 企业家精神已经转变, 进化和变化如此之大. 这是一个特殊的组织.
DC: You had a hand in successfully managing though numerous market shocks over the years. 你觉得哪个最具挑战性? What lessons did you learn early on that you applied to future crises?
MP: When I started, it was right at the beginning of the 2008 financial crisis. 首先是贝尔斯登, 继而引发了更大范围的崩溃, 雷曼兄弟倒闭. There were so many lessons learned in how we handled Bear Stearns and Lehman. The firm failures we had managed before that were small broker-dealers, 从来没有前五名, 以前从未有过这样的规模和影响. We gained a tremendous amount of experience from navigating and containing the fall-out from Lehman that we still use some of those lessons in our close-out Playbook today.
There are things that we still return to again and again – the wind-down plans, the new requirements and legislation that drove the early days of Dodd-Frank, 我们如何应对市场波动带来的冲击, our responsibility to the industry as a Systemically Important Financial Market Utility (SIFMU). 所有这些都是我们吸取的经验教训，我们将继续加以应用.
DC:在您的领导下, 存 launched several new services that have helped shape the direction of the industry. 你最引以为傲的成就是什么? 它们对市场结构和市场稳定产生了什么影响?
MP: I am especially proud of the MBS Central Counterparty (CCP) initiative. 它改变了整个行业的游戏规则. 我们将其作为“CCP”在试点中运行了一天,” and thus were able to use it for the Lehman close-out to resolve market risk and bring much-needed stability to during a moment of crisis. The sheer size of the Lehman close-out would have been incredibly disruptive without these CCP tools available to us, 即使是在试验的基础上.
Shortening the settlement cycle from T+3 to T+2 in 2017 was also a huge achievement for 存 and the industry. The incredible collaboration and partnership across the industry to ensure a seamless transition was unprecedented. 以及转到T+2的成功, 当然, has led to the conversations we’re having today about shortening further to T+1 and beyond.
大卫-库塔:如果你可以改变任何事情，你会做什么不同的事情?
MP: Hindsight is always 20/20 but I do think it’s important to look to the past to help shape how you move forward. I’m really proud to have played a role in advancing so many exciting initiatives and transformational ideas. 我们建立了存作为广泛主题的思想领袖, and those efforts have recently translated into several exciting industry-wide initiatives, 如 T+1,增加 美国国债的中央清算, 应对新规则和监管变化, 仅举几个例子, 这使得市场更加安全, 更有弹性, 和高效的. In addition, we’re making good progress on our own modernization efforts. 这是一项重要的工作, so the firm will need to continue prioritizing to execute successfully.
业界希望存在未来发挥更大的作用, 这家公司有远见, 以新方式支持客户的人才和专业知识. 对我们的客户来说，这是一个充满挑战的时期, 但我相信存将继续产生积极影响. 对我来说, it’s not about changing the past but about building on those past accomplishments to make a bigger impact.
DC: You helped guide the industry through the change from T+3 to T+2 in 2017 and have been coordinating plans to move to T+1 in 2024. 这一招有什么不同? 定居点下一步走向何方?
MP: 从T+3到T+2并不需要结构上的改变, which meant that we didn’t need to change processes on Trade Date (T). 然而，这种转变为T+1奠定了基础. 在某些情况下, firms added more resources and managed to squeeze a day out of the cycle and accelerate their processing at that time.
现在, 从T+2到T+1, firms recognize that there will need to be a lot of changes to cut offs and deadlines, 自动化确认和确认, 调整行业处理外汇的方式, 股票贷款, and other market structure shifts to accommodate a shorter settlement cycle.
The institutions that put increased effort into move from T+3 to T+2 are relatively well positioned for T+1. Others will need to prioritize work and move quickly to make the deadline. One thing I’m certain about is that 存 will continue to provide support to market participants to help them during this period.
至于下一步的解决方向, 从T+1转移到T+0的任何当日结算, 甚至是早上的T+1, 还需要进一步讨论, 包括对整个行业的严格成本效益分析, 因为这需要重大的市场结构变化.
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DC:在同行中, 大家都知道你是促进多样性的坚定盟友, 存的公平和包容. 你是如何将你的信念付诸行动的?
MP: I've always focused on putting the very best talent into positions where they will succeed. It is very important to be mindful of how we promote people in the middle ranks, 增加我们的板凳力量, including them in growth opportunities and preparing them to serve as leaders of tomorrow. 你不可能奇迹般地让它发生. You must increase diversity in the talent pool and purposely and intentionally foster diversity of opinion.
DC:展望未来, what do you think are the most important issues that the industry will need to address?
MP: 当然，所有与网络有关的东西都将是一个非常重要的话题. 当你考虑一般的信息安全时, 部署新技术, AI, DLT以及公共和私有云的使用增加, 这些将为攻击创造新的载体. 攻击不会减慢我的速度, so the industry needs to work collaboratively among itself and with the public sector to strengthen protections and build greater resilience.
DC:你对存和整个行业都产生了重大影响. 你接下来要做什么?
MP: 现在 that we’re stabilized following the pandemic, I know I am leaving 存 at a good time. 我在存的职业生涯非常精彩和丰富, and there are so many exciting things about being at the center of it all. 我知道我想花点时间休息和充电, 但我也想积极参与市场基础设施建设.
大卫-库塔:vns6060威尼斯城官网你计划从存退休，最后有什么想法吗?
MP: 这可能听起来很老套，但我会想念那里的人. 存有最好的同事, 这真是太神奇了, unique place that fosters that kind of passion and deep commitment to excellence. Colleagues become friends, and friends become family, and I will miss my 存 family.