The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced that four new members have been elected to its Board of Directors.
The new directors are Michael Herskovitz, Director of Fixed Income Risk Operations and Technology and Co-Head of Enterprise Operational Risk at AllianceBernstein; Kathleen Lynch, Chief Operating Officer for UBS Americas and Wealth Management Americas; Umesh Subramanian, Co-Head of the Goldman Sachs Technology Division; and Lara J. Warner, Chief Compliance and Regulatory Affairs Officer at Credit Suisse and a member of the Executive Boards of Credit Suisse Group and Credit Suisse.
The DTCC Board of Directors provides direction and oversight for DTCC in the interests of its diverse global stakeholders, while promoting safety and stability across the financial markets. Currently, the Board is composed of 20 directors. Of these, 13 are representatives of clearing agency participants, three are non-participant directors, two are designated by DTCC's Series A and Series B preferred shareholders, one is DTCC’s President and Chief Executive Officer, and one is the Non-Executive Chairman.
- • Mr. Herskovitz joined AllianceBernstein in 2006 from UBS, where he was the managing director for the risk and finance technology function. He has held senior technology management and quantitative research positions with Morgan Stanley, including the London-based role of international CIO of Merrill Lynch and Zurich Scudder Investments. Herskovitz has co-authored two books and many research papers on mortgage-backed securities pricing and analytics.
- • As COO at UBS Americas and Wealth Management Americas, Ms. Lynch is responsible for the oversight of the front to back control environment, supporting the execution of the division's strategy while also ensuring operational efficiency and effectiveness. In her role as Americas COO, Lynch is focused on further integrating all of the firm's businesses and support functions and strengthening UBS's regulatory and operating framework across the Americas Region. Lynch joined UBS in June 2012 from Merrill Lynch where she served in a number of leadership positions across Global Research and Investment Banking.
- • Mr. Subramanian is the global co-head of the Technology Division at Goldman Sachs, and serves as a member of the firmwide Risk, Finance, Model Risk Control, and Technology Risk committees, as well as the Investment Banking Division Technology Investment Committee. Previously, he headed the Finance Engineering team, which included the Market, Credit, Liquidity and Operational risk functions, and led teams that provides quantitative structuring and analytical advice to Investment Banking clients.
- • Ms. Warner is responsible for all compliance and regulatory matters for Credit Suisse globally and across all businesses and functions. From 2010 to 2015, Warner was the Chief Financial Officer for the Investment Banking (IB) division and a member of the IB Operating Committee. She was also the Chief Operating Officer for the IB division. Prior to her CFO and COO roles, she was the Global Head of Fixed Income and Economic Research, and also served as Head of U.S. Equity Research.
With the addition of the new Board members, DTCC has enhanced the depth of expertise and perspective across international operations, technology, risk management, finance, strategic planning and compliance.
The new appointments replace Darryll Hendricks, Chief Operating Officer for Global CCS and Regional Operating Officer in the Americas for UBS Investment Bank; Cynthia Meyn, Executive Vice President and Senior Operations Manager at PIMCO; and Derek Ross, Former Partner at Deloitte U.K., each of whom have completed their terms. Paul Walker, Advisory Director at Goldman Sachs, did not stand for re-election.
“We are delighted to have four talented and knowledgeable industry leaders join DTCC’s Board of Directors,” said Robert Druskin, Non-Executive Chairman of DTCC’s Board and Chairman of the Board’s Executive Committee. “We look forward to working with them to help DTCC continue to meet the needs and interests of our global client base.”
“We also extend our deep gratitude to our former Board members for their tireless service and contributions to DTCC and the broader industry,” Druskin added.
With over 40 years of experience, DTCC is the premier post-trade market infrastructure for the global financial services industry. From operating facilities, data centers and offices in 16 countries, DTCC, through its subsidiaries, automates, centralizes, and standardizes the post-trade processing of financial transactions, mitigating risk, increasing transparency and driving efficiency for thousands of broker/dealers, custodian banks and asset managers worldwide. User owned and industry governed, the firm simplifies the complexities of clearing, settlement, asset servicing, data management and information services across asset classes, bringing increased security and soundness to the financial markets. In 2015, DTCC’s subsidiaries processed securities transactions valued at more than US$1.5 quadrillion. Its depository provides custody and asset servicing for securities issues from over 130 countries and territories valued at US$45.4 trillion. DTCC’s global trade repository maintains approximately 40 million open OTC positions and processes roughly 280 million messages a week.