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THE STORY OF THE DEPOSITORY TRUST & CLEARING CORPORATION
With a unique vantage point into the post-trade clearing, settlement and asset services infrastructure in the United States, it was clear to DTCC’s clients that the organization had a direct link and access to reliable, enriched and unique data that could help them better serve their clients. Plus, it was a win-win scenario for DTCC. Providing clients with insights to help them assess risk factors and refine their market positions to make informed business, investment and strategy decisions aligned with the company’s long-standing mission of increasing transparency,
After the DTCC Board decided to divide the roles of board chair and CEO, Bob Druskin was named DTCC executive chair in 2011.
mitigating risk and driving efficiency for financial firms.
Evolving the Organization
Under the tenure of Michael Bodson, who replaced Don Donahue as CEO in 2012 upon his retirement, DTCC would continue to expand. The regulatory changes that occurred in the post-recession period caused the firm to split its board chair and CEO roles. Bob Druskin, who took on the position of executive chairman in 2011, explained what he felt DTCC needed to achieve moving forward: The Fed had essentially mandated that this position of executive chairman be created. While my priority was to address regulatory issues that had been raised, I had opinions about the role of the organization and ideas of how to elevate its role in the industry. I saw an opportunity for the firm to be more of an industry leader that could drive change and strengthen the markets.
MICHAEL BODSON PRESIDENT AND CEO 2012–2022
As a controller for Morgan Stanley during the 1987 crash, Michael Bodson learned early on how to weather crises. “Nobody has the right answer. You look around and all your senior people are dealing with the crisis of the moment. It’s incredibly important to focus and tell people, ‘There is a tomorrow. We will get through this.’” Bodson’s calm leadership helped lead The Depository Trust & Clearing Corporation (DTCC) through several crises, including the Knight Capital market event and Superstorm Sandy, which flooded the firm’s underground
vault at their New York City 55 Water Street headquarters. Bodson also led DTCC through the 2021 meme stock event in which readers of online forums began buying large volumes of underperforming stocks. Bodson joined DTCC in 2007 after 20 years at Morgan Stanley and stints at Bear Stearns and Price Waterhouse. His first role at DTCC was executive managing director, followed by chief operating officer and finally president and CEO. Bodson retired from the firm in mid-2022 after a decade leading DTCC.
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