DOUGLAS J. GEORGE was named to the new position of managing director and chief risk officer in April, 2007.

In his new post, George will lead DTCC's Enterprise Risk Management (ERM) efforts, including the management of credit and market risk associated with all DTCC subsidiaries' clearing, settlement and depository activities, assessing operational and strategic risk issues for DTCC and its growing involvement in the delivery of global services. He will also oversee the planning of new technology to support enterprise-wide risk analysis and the development of new strategies to mitigate risk for DTCC and its member firms.

George has more than 30 years experience in risk management, payment systems and securities settlement and clearing operations.

Most recently, George has served as managing director and head of Payment Systems Risk Management for Citigroup, Inc., a position he's held since 1996. In this capacity, George oversaw the development of a firm-wide program for identifying, measuring, monitoring and managing Citigroup's credit, legal, market, operational, sovereign and cross border risks, associated with the firm's membership or participation in nearly 600 exchanges, depositories, clearinghouses and payment systems worldwide.

At Citigroup, George was a founding Board member of CLS Group Holdings, A.G. and CLS Bank International, which oversees the world's largest foreign exchange payment system.

At DTCC, the risk management group focuses on the exposure associated with the post-trade processing and settlement of trading in equities, municipal bonds, corporate bonds, Unit Investment Trusts, government securities, mortgage-backed securities, money market instruments, mutual fund and insurance transactions. In addition, it oversees the management of risks associated with the custody, book-entry delivery and asset servicing activities supported by DTCC's depository.

George will take over a group of some 50 risk management professionals, including highly trained risk analysts, quantitative analysts and risk technology systems professionals, all of whom are involved in monitoring of risk associated with the activities of the broad range of customers of DTCC subsidiaries, which together represent about 2,500 financial services companies.

Prior to Citigroup, George was with the Chase Manhattan Corporation for 25 years. From 1986-1996, he was senior vice president and chief credit officer for Geoserve, a division of Chase that included Treasury Management, Global Securities, Corporate Trust, Securities Lending and Trade Finance services. During this period, George also served as vice chairman of Chase Manhattan's New Products Approval Committee (1995-1996) and as a member of Chase's Credit and Risk Management Committee (1991-1996).

Earlier in his career, George was a divisional manager for the Middle Market of Chase Bank (1980-1986), with full profit and loss responsibility for the division's 220 client managers. Before that, George held several positions in Chase's Corporate Bank.

George graduated from New York University (NYU) with a B.A. degree in Accounting. He also completed his M.B.A at NYU's Graduate School of Business (with honors), following three years of military service in the United States Army as a First Lieutenant.