141
risk management: 2016–2019, 110–121 technological revolution: 1980–1989, 34–45 twin storms: 2005–2012, 80–95 The Depository Trust Company (DTC), 18, 24–25, 25 25th anniversary, 52, 52 fees based on service costs, 31 going global: 1995–2001, 58–67 limited profits and returned revenues for excess funds, 23, 31 merged with NSCC, 51, 55, 59, 69 no dividends, 31 NYSE proposal to sell, 23, 32 risk management strategies, 98, 98–99 Deriv/SERV, 114, 114 digital currency, 125 Dirks, Dennis, ix, 25, 36, 38 distributed ledger technology, 118 dividends, 71 Dodd-Frank Wall Street Reform and Consumer Protection Act, 98–99, 100, 101 Donahue, Donald close call, 71–72 as DTCC president and CEO, 20, 43, 43, 48, 60, 78, 78
combined settlement dates, 13 Commodity Futures Trading Commission (CFTC), 101 Donald Donahue on, 80, 82–83 Comprehensive Securities Depository System, 21 computerized bookkeeping entry, 16, 19 conferences, 65, 71 Considine, Jill M. on 9/11 terrorist attacks, 68, 73 as DTCC executive chairman, 82 as DTC chairman and CEO, ix, 51, 55–57, 56, 67, 67 on going global, 58 retirement of, 82 contingency planning, 78–79, 102
continuous improvement program, 48 Continuous Net Settlement System, 33 Corporate Trust, 131 Cosgrove, Susan, ix, 84, 95, 95, 98, 128 on recovery of certificates, 95, 95 Coulter, James, 54 COVID-19 pandemic, 124–125, 124 – 126, 128 credit default swap (CDS), 82, 84–85 crisis creates opportunity: 1966–1970, 10–19 government intervention, 18–19 one possible solution, 16, 18 too much of a good thing, 12–13, 16 trade settlement defined, 18 cyberattacks, 111, 111, 120–121 cybersecurity, 47, 120–121 Michael Bodson on, 121
as DTC vice president, ix, 32, 32 on meeting challenges, 80, 82–83
Donner, Craig, viii dot-com bubble, 83
Douglas, Andrew, ix, 105 Dow Jones Industrial, 84 Dow Jones Industrial Average, 44, 49
dramatic downturn, 43–45, 45 drowning, guard saved from, 90 Druskin, Robert “Bob” as DTCC executive chairman of the board, ix, 83, 98, 106, 106–107 on risk management, 110 DTCC 3.0, 83, 85–86 DTCC Institutional Trade Processing, 61, 67, 104
D
Dagdag, Cornelia “Nellie,” ix, 104, 104 Dalby, Candice, 29 Dallas backup office, 91, 97 data products, new suite of, 99, 105 day unlike any other: 2001–2004, 68–79 close call, 71–73 Donald Donahue: DTCC president and CEO 2006–2012, 78, 78 FDNY 9/11 Memorial Wall, 74 – 75, 75 new backup plan increases resilience, 78–79 up and running, 76, 78 debt ceiling, 101 default simulation, 86 Andrew Gray on, 86 Dentzer, William “Bill” on bearer bonds, 34 as CEO of The Depository Trust Company, 12, 29–30, 38, 59 as CSS founding chairman and CEO, 22, 24, 24, 38 as New York State Superintendent of Bank, 22, 24 retirement of, 48, 51, 54, 54 Depository Trust & Clearing Corporation (DTCC) 50th anniversary, vii, 132 bright future: 2021 and beyond, 122–133 crisis creates opportunity: 1966–1970, 10–19 day unlike any other: 2001–2004, 68–79 domestic and international offices, 99, 109, 113 founding of, viii goal of reducing systemic risk within industry, 100 going global: 1995–2001, 58–67 higher profile: 2010–2015, 96–109 mitigating risk, seizing opportunity: 1990–1999, 46–57 regulation, regionalization and reorganization: 1970–1979, 20–33
DTCC’s Systemic Risk Office, 83, 86 DTCC Vision and Values event, 63
E-F
Emerging Markets Clearing Corporation, 61, 67, 71 Emerging Markets Traders Association, 61, 67 employee appreciation day, 71 Enterprise Agile, 119 Environmental, Social and Governance (ESG) program, 130 environmental sustainability, 128, 128 EuroCCP, 66 Euroclear, 98 Europe, looking beyond, 66, 66–67 European Association of Securities Dealers Automated Quotations, 65 Expediting Group, 29
Faith, John, ix, 70 FDNY 9/11 Memorial Wall, 74 – 75, 75
Federal Reserve, 70, 83 Federal Reserve System Fedwire Link, 37 Femia, James
as DTCC managing director, Global Corporate Actions, 96 as DTCC managing director in Global Business Operations, ix, 90 on reducing risk and reducing costs, 96
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