About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

DTCC Adds Three Non-Participant Board Members to its Ranks, Two New Directors

Subscribe to our newsletter

As part of the Depository Trust & Clearing Corporation’s (DTCC) bid for the approval of its Trade Information Warehouse as a data repository for OTC credit derivatives, which was finally granted earlier this year, the vendor has been making a bid to prove its stability and independence as candidate for a single market utility in the data space. To this end, this week DTCC has added five new board members, three of which are non-participant directors and are therefore not affiliated to the firms that use the vendor’s services, to boost its standing within the financial services community.

The new appointments comprise: Christopher Concannon, partner and executive vice president of prop trading firm Virtu Financial; Lori Hricik, former CEO and head of JPMorgan Treasury Services; John Parker, executive vice president of Wells Fargo Advisors and president of its Business Services Group; Derek Ross, former partner at advisory firm Deloitte in the UK; and Gary Stern, former president and CEO of the Federal Reserve Bank of Minneapolis. Concannon and Parker join 11 other representatives of DTCC’s shareholder participants on its board, whereas Hricik, Ross and Stern are the new non-participant directors.

According to the vendor, the category of non-participant director includes individuals with “specialised knowledge of financial services, but who bring an independent perspective since they are not affiliated with firms that use DTCC services”. The move to add such individuals to the board is therefore likely a carefully considered move to ensure that DTCC is reflective of the interests of the wider market, rather than its own participant members.

However, all directors are elected by firms who use the services of DTCC’s subsidiaries, except for the two NYSE Euronext and Financial Industry Regulatory Authority (Finra) directors, who sit on DTCC’s board under the terms of their preferred shares. Nominations for board members are solicited in December from DTCC’s shareholders, all of whom are firms that use DTCC’s services. Shareholders are then invited to vote for nominees, and the newly elected board members join the board in April for one year terms.

Don Donahue, chairman and CEO of DTCC, says: “We’re confident that with their broad knowledge and input, DTCC will continue to provide the certainty, safety and leadership our customers are looking for.”

To this end, Concannon is a partner and executive vice president of Virtu Financial and oversees the trading firm’s operations, strategy and business development. He was previously executive vice president of Nasdaq OMX Group from 2003 to 2009, responsible for running all US equity and options markets, including the Nasdaq Stock Market, Nasdaq BX and Nasdaq PHLX. He was also responsible for founding and running the International Derivatives Group, a Commodity Futures Trading Commission-registered clearing house, and Nasdaq OMX Europe, Nasdaq’s European multilateral trading facility.

Hricik is the former chief executive officer and head of JPMorgan Treasury Services and served as a member of the firm’s Operating Committee, a group of the most senior executives in the bank, before her retirement in early 2008.

Parker is an executive vice president at Wells Fargo Advisors and president of the Business Services Group. In this role, he manages all brokerage operations functions including Client Side Operations, Street Side Operations, Bank Brokerage and Securities Lending. He is also responsible for delivering and managing technology systems and firm-wide programme management and productivity services.

Ross is a former partner at Deloitte UK and originally joined Touche Ross (now Deloitte & Touche) in 1971. Most recently, he was the senior partner responsible for advisory services in the London Financial Services Practice, which undertook work in banks, and in treasury and risk management functions in non-financial businesses.

Stern was president and chief executive officer of the Federal Reserve Bank of Minneapolis from March 1985 until September 2009. Stern joined the Minneapolis Fed in January 1982 as senior vice president and director of research. Before joining the Minneapolis Fed, he was a partner in a New York-based economic consulting firm. His previous experience includes seven years at the Federal Reserve Bank of New York, where his last assignment was as manager of the Domestic Research Department.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Cross-Regulation Data Consistency and Accuracy

Regulatory reporting obligations continue to expand, bringing with them more overlaps of data elements across reporting regimes. As many firms struggle with the accuracy and completeness of individual reporting obligations, regulators have increasingly begun to focus on cross-regulation data consistency in their data validations and examination processes. This webinar will identify cases of data overlap...

BLOG

A-Team Group Names Winners of ESG Insight Awards

A-Team Group announced the winners of its inaugural ESG Insight Awards today. The awards recognise both established solution vendors and innovative newcomers providing leading ESG solutions, services and consultancy to capital markets participants. The awards included over 20 categories of ESG solutions ranging from Best ESG risk data provider to Best overall ESG data provider,...

EVENT

TradingTech Summit London

Now in its 12th year the TradingTech Summit London brings together the European trading technology capital markets industry, to explore how trading firms are innovating in today’s cloud and digital based environment to create flexible, scalable trading platforms to support speed to market and business agility.

GUIDE

Regulatory Data Handbook 2022/2023 – Tenth Edition

Welcome to the tenth edition of A-Team Group’s Regulatory Data Handbook, a publication that has tracked new regulations, amendments, implementation and data management requirements as regulatory change has impacted global capital markets participants over the past 10 years. This edition of the handbook includes new regulations and highlights some of the major regulatory interventions challenging...