The US Depositary Trust & Clearing Corporation is shifting one of its top executives from the US to London to oversee the launch of a platform which will handle trades on Project Turquoise, the alternative European trading venue being set up by seven investment banks.

The DTCC, which is building a new clearing and settlement platform for the new trading venture, is sending Richard Macek, a former Dillon Read executive who has been on the clearer's executive team since it was created in 1999, to London to develop the new subsidiary.