US Commodity Futures Trading Commission chair Heath Tarbert has announced the appointment of Malcolm “Clark” Hutchison to serve as director of the Division of Clearing and Risk.

In his role, Hutchison will be responsible for the CFTC’s supervision of derivatives clearinghouses and their members, including oversight of clearing processes through risk assessment and surveillance.

“The CFTC is lucky to have a person of Clark’s calibre serving in this critical role,” says Tarbert. “His expertise in regulation, risk management, and market structure will be invaluable as we work to ensure our derivatives markets remain fair, innovative, and vibrant.

“After finishing a sterling 34-year career, Clark could have enjoyed a comfortable retirement,” he continues. “I am grateful he is instead pursuing public service so that everyday Americans can benefit from his extensive experience.”

Prior to joining the CFTC, Hutchison spent more than three decades in top positions in the US financial sector, where he specialised in clearing and risk management. In addition to his private sector experience, Hutchison has served as a special advisor to the board of directors of the Futures Industry Association, as a member of the Chicago Mercantile Exchange’s Risk Committee, and as a member of the board of directors of Nasdaq Futures.

Colin Lambert

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