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THE STORY OF THE DEPOSITORY TRUST & CLEARING CORPORATION
priority. Mike’s emphasis on strengthening the company enabled us to serve our clients in new ways as their needs evolved in the wake of the financial crisis.” Not all of the changes were occurring inside DTCC, however. In the mid-2010s, the advent of new fintech (financial technology) was transforming its clients as well. DTCC, which already had a strong track record in driving innovation and pioneering new technologies, saw great potential for efficiency, but also for risk. For DTCC, balancing innovation and stability would sit at the intersection of two of the firm’s core strengths: managing risk and leveraging technology to enhance the efficiency of post-trade processing. While many fintech offerings across the industry were still in their early stages, the transformational benefits they could potentially deliver over time could be significant. Based on use cases DTCC was pursuing, the firm was optimistic about distributed ledger technology, cloud computing, artificial intelligence and robotic process automation, believing that all of these innovative technologies could help address industry pain points. In fact, in an effort to solidify its leadership position in fintech, in 2016, DTCC made financial investments, such as in the open source Hyperledger Project, putting the company in a position to shape future technology. The explosive growth and evolution of fintech meant keeping a close eye on new opportunities and balancing them with the firm’s proven capabilities, explained Jennifer Peve, managing director, global head of Strategy & Innovation:
We need to continue to innovate while still providing superior risk management and client value. There’s so much happening around us with technology advancement. And there’s certainly no shortage of new companies
GIRLS WHO CODE Lynn Bishop, The Depository Trust & Clearing Corporation’s (DTCC) managing director and chief information officer, did not take any computer science courses in college and had no intention of going into this line of work. However, Bishop accidentally discovered the field’s potential as a result of the training and experience she gained during her years working as a consultant and then at DTCC. Today, Bishop volunteers her time making sure that the next generation of young women do not accidentally discover the growing field of computer science, but will actively seek it out. Under her leadership, DTCC partnered with the organization Girls Who Code, which helps to increase women’s exposure to science, technology, engineering and math (STEM) education. The
program works with young women in high school and college. “It has been a passion of mine to help increase interest in STEM amongst everyone, but especially women, given that there continues to be a significant gap in terms of women in STEM and technology careers,” Bishop said. Girls Who Code participants can join DTCC’s summer immersion program, where they learn more about DTCC and the technology the firm utilizes. “Obviously, we hope that through that experience they’ll consider joining us down the road,” Bishop said. “But, mostly, it’s a great opportunity to help support getting more women into STEM and technology, and giving them exposure to opportunities starting at a young age.”
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