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The 2016 Tech 50: Michael Bodson

The head of Depository Trust & Clearing Corp. remains at No. 14 on the Tech 50 ranking.

  • By Peter Vasiliev

14
Michael Bodson
President and Chief Executive Officer
Depository Trust & Clearing Corp.

Much commentary about blockchain has centered on the posttrade, or back end, of transaction processing and has seemed to spell the demise of clearing and settlement — or, at least, the way it has historically been done by Depository Trust & Clearing Corp. “Headlines about the DTCC disappearing overnight were annoying the hell out of me,” says Michael Bodson, president and CEO of the premier industry-owned posttrade utility, which processes some $1.6 quadrillion in securities trades annually. Apparently deciding that if he couldn’t beat blockchain, he’d join it, Bodson set out to find the best fit for his operation. In January, DTCC joined in a round of funding for Digital Asset Holdings (see Blythe Masters, No. 17) that eventually exceeded $60 million, along with the likes of Accenture, Citi, CME Group, Goldman Sachs Group and JPMorgan Chase & Co. “We thought Digital Asset was one of the strongest — if not the strongest — blockchain providers out there,” says Bodson, 58. In March, DTCC and DAH, both New York–based, announced a plan to develop and test distributed ledger technology for the $2.6 trillion repo market. DTCC also joined with four global banks, technology developer Axoni and Markit (see Lance Uggla, No. 3) in a test of smart contracts for processing single-name credit default swaps. “No one survives by putting their head in the sand,” says Bodson, who also maintains that “the U.S. cash security markets are the most efficient. We have the best posttrade processing in the world.” Although there will be initial rollouts and use cases bringing improvements in the near term, blockchain will not “negate or replace the current infrastructure for seven, ten or even 15 years.”

Visit The 2016 Tech 50: Making Financial Services Faster, Cheaper, Bigger for more.


The 2016 Tech 50
1. Catherine
Bessant
Bank of America Corp.
2. Jeffrey Sprecher
Intercontinental Exchange
3. Lance Uggla
Markit
4. Phupinder Gill
CME Group
5. Shawn Edwards and Vlad Kliatchko
Bloomberg
6. R. Martin Chavez
Goldman Sachs Group
7. Robert Goldstein
BlackRock
8. Adena Friedman
Nasdaq
9. Deborah Hopkins
Citi Ventures
10. Daniel Coleman
KCG Holdings
11. Stephen Neff
Fidelity Investments
12. David Craig
Thomson Reuters
13. Michael Spencer
ICAP
14. Michael Bodson
Depository Trust & Clearing Corp.
15. Charles Li
Hong Kong Exchanges and Clearing
16. Chris Concannon
BATS Global Markets
17. Blythe Masters
Digital Asset Holdings
18. David Rutter
R3CEV
19. Neil Katz
D.E. Shaw & Co.
20. Lee Olesky
Tradeweb Markets
21. Richard McVey
MarketAxess Holdings
22. Seth Merrin
Liquidnet Holdings
23. Robert Alexander
Capital One Financial Corp.
24. Brad Katsuyama
IEX Group
25. Antoine Shagoury
State Street Corp.
26. David Gledhill
DBS Bank
27. Lou Eccleston
TMX Group
28. Andreas Preuss
Deutsche BÖrse
29. Dan Schulman
PayPal Holdings
30. Scott Dillon
Wells Fargo & Co.
31. Mike Chinn
S&P Global Market Intelligence
32. Craig Donohue
Options Clearing Corp.
33. Gary Norcross
Fidelity National Information Services
34. Steven O'Hanlon
Numerix
35. Sebastián Ceria
Axioma
36. Michael Cooper
BT Radianz
37. Tyler Kim
MaplesFS
38. Neal Pawar
AQR Capital Management
39. David Harding
Winton Capital Management
40. Chris Corrado
London Stock Exchange Group
41. Brian Conlon
First Derivatives
42. Jim Minnick
eVestment
43. Stephane Dubois
Xignite
44. Mazy Dar
OpenFin
45. Yasuki Okai
NRI Holdings America
46. Kim Fournais
Saxo Bank
47. Jock Percy
Perseus
48. Robert Schifellite
Broadridge Financial Solutions
49. Brian Sentance
Xenomorph Software
50. Pieter van der Does
Adyen

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