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21
Michael Bodson
President and Chief Executive Officer
Depository Trust & Clearing Corp.
(PNR)

Cool apps and social media may be what turn technologists' heads these days, but Depository Trust & Clearing Corp. doesn't run in that race. The global clearing infrastructure for financial markets, which logs 100 million securities transactions a day and settled $1.7 quadrillion worth in 2011, is "not built for small problems," says president and CEO Michael Bodson. "We are all about size and economies of scale." The 54-year-old, who joined DTCC in 2007 after 20 years with Morgan Stanley and was COO before taking over the CEO job in July from retiring Donald Donahue, explains: "We roll out products for the industry, not any one firm. We focus on what we can do to leverage our scale to drive down costs and risks for the industry." Lately, those efforts have included trade and data repositories to bring order to over-the-counter derivatives, and a new central counterparty to reduce risks in mortgage-backed-securities settlements. Collaboration is a recurring theme: The industry-owned utility repeated the formula of Omgeo, its joint venture with Thomson Reuters (see Marianne Brown, No. 30), in forming posttrade derivatives processor MarkitSERV with Markit Group and cash-and-derivatives cross-margining platform New York Portfolio Clearing with NYSE Euronext, both in 2009. Other joint initiatives are under way with European commodity market organization EFETnet and the Swift cooperative.