US clearing head leaves Morgan Stanley
Andrew Huszar, US head of over-the-counter client clearing at Morgan Stanley, has left the bank.
Huszar was based in New York, reporting to Stephen O’Connor, global head of OTC client clearing at the firm. Morgan Stanley would not comment on the reasons for his departure.
Huszar’s exit comes as dealers jostle to provide clients with access to derivatives clearing houses. Last year, CME Group reported a spike in clearing volumes that dealers attributed to Pimco starting to clear, and other big asset managers have also made progress – on February 23, Morgan Stanley announced it had been selected by New York-based asset manager BlackRock as one of its primary clearing brokers.
In June last year, Huszar participated in a Risk webinar on the future of the OTC derivatives market. Although buy-side take-up of OTC derivatives clearing at that point had been anaemic, Huszar said the market was beginning to pick up, with regional banks and asset managers among the early adopters of clearing services.
Prior to joining Morgan Stanley in January 2011, Huszar oversaw the Federal Reserve Bank of New York’s $1.25 trillion agency mortgage-backed securities purchase programme. He has also worked in the New York Fed’s bank supervision group and at RBS Greenwich Securities, where he specialised in Basel II rules within the firm’s transactions advisory group.
According to a source familiar with the matter, there are no immediate plans to replace Huszar.
This article was first published on Risk