Kansas City Board of Trade Clearing Corporation
|Kansas City Board of Trade Clearing Corp.|
|Key People||Michael L. Dean, President|
The Kansas City Board of Trade Clearing Corp. was founded in 1913.
Products and Services
The Kansas City Board of Trade Clearing Corp. is the financial arm of the exchange and acts as a third party to all futures and options transactions - so there is a buyer to every seller and a seller to every buyer. In this way, buyers and sellers do not have financial obligations to each other but instead to the Clearing Corp.
The Clearing Corp. ensures market integrity and is responsible for managing the exchange's investments. These investments provide protection against the financial insolvency of a clearing member. Since the Clearing Corp. was established in 1913, no KCBT customer has suffered a financial loss because of a clearing-member default.
Rock D. Marquardt, J.P. Morgan Securities, LLC, was elected first vice president for 2012 with a two-year director term; Bruce A. Wilson, individual member, was elected second vice president; and David J. Lehl, ADM Investor Services, Inc., was elected secretary-treasurer.
Elected as directors for two-year terms were: Maureen R. Corbett, ABN AMRO Clearing Chicago, LLC; and James F. Kanan, individual member. Thomas A. Beringer, individual member, was elected to a one-year term.