Mark Vercruysse, Managing Director of Professional Services discusses his role at Phaxis, as well as the recent SEC announced a change of shortening the standard settlement cycle for most broker-dealer transactions from two business days after the trade date (“T+2”) to one business day after the trade date (“T+1”). This shift forces firms to have plans in place for how they will transition from a procedural standpoint to make this change by March 31, 2024.
We had the pleasure of chatting with Mark Vercruysse, Managing Director of the Professional Services Division at Phaxis. We discussed his goals for growing the Professional Services Division and industry changes that will affect many firms in the near future.
1. What is your professional background?
Before joining the Phaxis leadership team, I spent 22 years working for The Depository Trust & Clearing Corporation. While at DTCC, I had the privilege of working with great clients (many have become friends) and I look forward to continuing to partner with them in my new role here at Phaxis.
At DTCC, I guided firms and the industry during various crises and client default situations. Partnered with internal stakeholders to develop go-to-market strategies for new product initiatives across all business lines. My primary focus was to define our client engagement strategy for tier 1 banks, broker-dealers, asset managers and outsourcers for SIFMU (Clearing and Asset Services) and Solutions (Institutional Trade Processing, Repository and Derivatives Services) business lines.
2. Why did you decide to come work with Phaxis?
Erik and Seth, two members of our leadership team, approached me about becoming a Managing Director for Phaxis’ Professional Services Division. They have a great team and it felt like an exciting time to make the switch. I love helping clients fix problems and providing solutions to meet their needs. This industry is always evolving and finding the right people to support these changes is what Phaxis is known for.
Although staffing and professional services are new to me, with my contacts and industry knowledge, I am confident we can do great things at Phaxis. We have built a great team and are here to serve our clients providing the best talent and solutions to meet their needs.
3. What is your main goal?
I want to help our clients and as a result see Phaxis grow as we build our contract staffing business. In this market, companies may slow their full-time hires. However, work priorities will continue and contract staffing is a solution firms can leverage.
My other goal is to educate younger people looking to make a career in this business. With my expertise and years in the financial sector, I understand what clients need. As Phaxis grows its Professional Services division, I get to share valuable knowledge with people that are just starting their careers. Between Erik, Seth and I, I truly believe we are well-positioned to meet those needs.
4. What is a topic in the industry you want people to know?
Recently, the SEC announced the implementation date for shortening the settlement cycle for U.S. cash equities, corporate debt and unit investment trusts. From two business days after the trade date (“T+2”) to one business day after the trade date (“T+1”). Because of this shift, firms need to have plans in place for how they will make this transition on May 28th, 2024. It may seem simple, but there will be significant changes in the process and procedure that will need to be evaluated in the next year. Any firm that hasn’t started planning is already behind. Phaxis can provide resources to firms as they evaluate their readiness and make the necessary changes to be ready for this transition.
Next May will be here before you can blink, but our team is capable and ready to help.
I have been married to my wife for 36 years. We have raised three kids, all grown and now have two grandkids.
When I am not at the office I enjoy golfing, hiking and traveling with my family all over the world. Our favorite places we have traveled to are Melbourne, Tokyo, and Hong Kong.
Need to learn more about the upcoming SEC-announced changes? Or want to discuss how our professional services can drive success for your organization? Contact Mark Vercruysse today!
Founded in 2002, Phaxis is now one of the country’s leading recruitment firms. Specializing in healthcare, information technology, accounting, financial services recruitment, office support, legal, HR, and marketing. Phaxis partners with highly qualified talent and top employers to create rewarding career opportunities. That result in long-term success for candidates and employers. Visit us at www.phaxis.com.