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Project Manager Management

Huntersville, NC
January 31, 2014

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**** ********* ****

Huntersville, North Carolina 28078



Global financial services operations technology executive with over 20 years experience specializing in

front to back office trade processing for the cleared derivatives marketplace. An influential leader at both

the executive and management level in multiple cross functional initiatives with a focus on building new

businesses and analyzing existing processing streams while adapting to the dynamic changes in the

industry. Comprehensive practical application experience building efficient and technically advanced,

cost-effective solutions in both the back office and technology areas. Extensive corporate and investment

banking experience managing large-scale programs and projects across several groups of both

operations and technology resources.

Operations Management Sungard GMI, Calypso, & Algorithmics

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Derivatives – Futures, Options and OTC Change Management

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Dodd Frank Reform Contract / Vendor Management

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Program / Project Management Relationship Management

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Business / Functional Requirements Budgeting

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Wells Fargo & Co. – Charlotte, North Carolina 2000 - 2013

Director, Head of Derivative Clearing Services 2011 - 2013

• Led all aspects of the initiative to self-clear OTC IRS derivatives on the CME including, budgeting,

system architecture, project management, membership, and implementation.

• Managed all aspects of the initiative to self-clear OTC IRS derivatives on the LCH for house business

including, system architecture, project management, membership, and implementation.

• Drove all aspects of the project to set up the FCM to self-clear futures on the CME including,

budgeting, contract negotiations, system architecture, project management, membership, and


• Oversaw the daily operations of the Derivatives Clearing Services team, including hiring management

to support the new business.

Director, Head of Derivative Clearing & Settlements 2009 – 2011

• Assumed responsibility for the legacy Wachovia Derivatives Settlement group in addition to the

Clearing group in preparation for the initiation of the Dodd Frank regulatory reform implementation.

• Managed all aspects of the Wells Fargo / Wachovia merger integration projects for both the listed and

OTC derivatives products, resulting in $700K in savings related to FTE reductions.

• Selected to lead the combined Wells Fargo and legacy Wachovia Exchange Traded and OTC

Derivative (SCP, Rates, Commodities and FX) Clearing and Settlements team post merger.

• Developed the proposal to clear OTC derivatives as part of Dodd Frank legislation. Presented the

proposal to front office business management as a means to retain and generate additional revenue.

Wachovia Corporation, a Wells Fargo Company – Charlotte, North Carolina

Vice President, Exchange Traded Derivatives Support, Corporate Actions, 2006 - 2009

Brokerage Management and P&I

• Completed the Retail Non-dollar Processing project for Corporate Actions and P&I. This project

consolidated all Wachovia retail broker non-dollar processing within the GMIB Operations division.

• Consolidated all Capital Markets cash and derivatives brokerage processing within the team to form

the Brokerage Management group.

• Responsible for exchange memberships and providing updated earnings reports to executive

management. Initiated additional CME memberships resulting in $800K in exchange fee savings


Robert (Rob) S. Taffet 980-***-**** Page 2

Consolidated futures and options clearing to a single platform to standardize the processing stream.

Upon completion implemented portfolio margining, which decreased margin requirements by $400M

daily and a savings of $500K in interest and $750K in fees in 2006.

Vice President, Exchange Traded Derivatives Support 2000 - 2006

• Planned and implemented the infrastructure to support the Options Client Facilitation initiative,

increasing volume 800% from 3M to 30M contracts processed per year and revenue of $20M per


• Centralized all futures and options processing with one central clearing broker resulting in an annual

$500K clearing fee savings per year.

• Designed and implemented the Brokerage Management System (BMS) for the options business that

reduced outstanding receivables and payables to less than 5% outstanding.

Reorganized the department to include Client Services, Clearing, Brokerage and Project teams.

• Automated all reconciliation’s and MIS reporting within the group.

Credit Suisse First Boston - New York, New York / Singapore 1986 - 2000

Assistant Vice President, Fixed Income Prime Brokerage Operations 1999 - 2000

• Established and documented all FIPB Operations processes and procedures.

• Introduced, managed and created written business requirements and functional specifications for all

system and process changes for the FIPB Operations group.

• Automated international re-purchase/re-sale agreement, trade settlement and cash settlement

processing enabling the team to increase volume 200% without increasing FTEs.

Asst. Vice President, Project Manager & Client Service Manager - 1998 - 1999

Listed Derivatives Operations

• Led the Americas Listed Derivatives Operations Client Services group.

• Created the trade management function within Client Services group. This included an end of day

client trade affirmation process to reduce trade date +1 trade allocation errors by 50%.

• Managed several full cycle GMI Software systems implementation projects and provided final signoff

for delivery of all phases of the projects. The projects included: global/cross-regional combining of

files libraries, CSFB global client interface solution PRIMECLEAR, Listed Derivative Monitor, Euro,

and Y2K.

Credit Suisse First Boston Pacific Limited - Singapore

Manager / Asst. Vice President, Derivatives Operations 1996 - 1998

• Led an operations group of 15 staff and supervisors including Singapore Listed Floor and Back Office

Operations, and Asia Pacific OTC Derivatives support staff.

• Project Manager for the conversion of three (3) CSFB Asia Pacific entities to GMI Software:

Singapore Futures Limited, Singapore Limited and Hong Kong Limited, which effectively eliminated

multiple legacy systems.

• Set up the CSFB membership to the SIMEX exchange from inception to completion.

• Responsible for streamlining the OTC derivatives processing for all Asia Pacific entities effectively

eliminating 3 FTEs and enhancing controls and efficiencies in the process.

Analyst / Supervisor, Listed Derivatives Operations 1986 - 1996


United Way - Tours and Community Service Chairman for Wachovia Wholesale Operations

Habitat for Humanity/Charlotte DSS – Wachovia committee volunteer


Associates in the Applied Sciences: Accounting

Kingsborough Community College, Brooklyn, NY

Strayer University, Charlotte, NC

Wachovia Leadership Training Program, Charlotte, NC

FINRA Series 99

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