Depository Trust & Clearing Corp., the financial industry’s premier posttrade utility, handled $1.6 quadrillion in securities last year. But large-scale, low-unit-cost transaction processing is just part of the value DTCC delivers. Its mission is “mitigating risk, increasing transparency and driving efficiency” for the thousands of institutions that are its customers and owners, president and CEO Michael Bodson tirelessly asserts. In contrast to companies caught up in the heat of day-to-day competition, the New York–based infrastructure operator brings a long-term, big-picture perspective to matters of collective interest, and one particular piece of foresight is about to pay off: Thirteen years after the U.S. securities industry deemed a proposal to shorten the three-day trade settlement cycle “not ready for prime time,” in Bodson’s words, DTCC has the T+2 (trade date plus two days) plan back on track. After the financial crisis, which heightened sensitivity to the operational and counterparty risks that faster turnaround would alleviate, “the industry is moving forward on many of the building blocks outlined earlier and is better prepared to move to T+2,” says the 56-year-old former Morgan Stanley executive, who has headed DTCC since July 2012. On another big issue, cybersecurity, Bodson says collaboration within the financial industry and between the public and private sectors has been “impressive” in identifying and countering threats and that “more of this needs to be done globally.”
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| Thomas Secunda Bloomberg |
Jeffrey Sprecher Intercontinental Exchange |
凯瑟琳Bessant Bank of America Corp. |
Stephen Neff Fidelity Investments |
Lance Uggla Markit |
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| Robert Goldstein BlackRock |
David Craig Thomson Reuters |
Phupinder Gill CME Group |
Anna Ewing NASDAQ OMX Group |
R. Martin Chavez Goldman Sachs Group |
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| Deborah Hopkins Citi Ventures |
Dan Mathisson Credit Suisse |
Daniel Coleman KCG Holdings |
Michael Spencer ICAP |
Michael Bodson Depository Trust & Clearing Corp. |
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| Joe Ratterman BATS Global Markets |
Dominique Cerutti Euronext |
Ron Levi GFI Group |
Gaurav Suri D.E. Shaw Group |
Charles Li Hong Kong Exchanges and Clearing |
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| Lou Eccleston S&P Capital IQ |
Lee Olesky Tradeweb Markets |
Richard McVey MarketAxess Holdings |
Seth Merrin Liquidnet Holdings |
Antoine Shagoury London Stock Exchange Group |
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| Christopher Perretta State Street Corp. |
Kevin Rhein Wells Fargo & Co. |
Peter Carr Morgan Stanley |
Hauke Stars Deutsche Börse |
Robert Alexander Capital One Financial Corp. |
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| David Gershon SuperDerivatives |
Chris Corrado MSCI |
Joseph Squeri Citadel |
Tanuja Randery BT Global Services |
John Bates Software AG |
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| Gary Scholten Principal Financial Group |
David Gledhill DBS Bank |
Simon Garland Kx Systems |
Cristóbal Conde FinTech Innovation Lab |
Jeff Parker EidoSearch |
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| Kim Fournais & Lars Seier Christensen Saxo Bank |
Kenneth Marlin Marlin & Associates |
Tyler Kim MaplesFS |
Jim McGuire Charles Schwab Corp. |
Jim Minnick eVestment |
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| Steven O’Hanlon Numerix |
Sebastián Ceria Axioma |
Yasuki Okai Nomura Research Institute |
Niki Beattie Market Structure Partners |
Mas Nakachi OpenGamma |