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Chamber of Digital Commerce Names DTTC Executive to Advisory Board

Last Updated March 4, 2021 4:49 PM
Lester Coleman
Last Updated March 4, 2021 4:49 PM

The Chamber of Digital Commerce (CDC) has appointed Mark Wetjen, head of global public policy at the Depository Trust & Clearing Corporation (DTCC), to its board of advisors. The DTCC, the world’s top post-trade market infrastructure for international financial services, has joined the chamber’s executive committee.

Mark Wetjen
Mark Wetjen

The DTCC processed nearly $1.5 quadrillion in securities transactions in 2015. Prior to DTCC, Wetjen was a commissioner at the U.S. Commodity and Futures Trading Commission (CFTC).

Wetjen Sees Big Opportunities

Wetjen said new technologies are creating opportunities to link economies globally. These technologies can make markets safer and more efficient and provide services to consumers in new ways.

Distributed ledger technology, in particular, offers an opportunity to push targeted improvements to the financial market infrastructures underpinning the international capital market.

“I am pleased to join the chamber and look forward to collaborating with the industry around fintech and blockchain strategies, which will be important to any future re-architecting of the post-trade environment,” he said.

Also read: Chamber of Digital Commerce: can it centralize bitcoin’s political efforts in the U.S.? 

DTCC Pursues Use Cases

DTCC has a blockchain strategy to ensure that it capitalizes on distributed ledger opportunities in a secure and safe manner. It has made progress with several internal business use cases and is presently working on proofs of concept such as initiatives related to credit default swaps and repurchase agreements.

Perianne Boring, chamber president and founder, said Wetjen brings extensive knowledge and experience in technology and financial markets. Boring said Wetjen and the board will shape a new chapter in financial services technology.

The chamber represents operators, innovators and investors in the blockchain technology and digital asset ecosystem. They include IT consultancies, software companies, start-ups, financial institutions and investment firms.

Featured image from Shutterstock.