Two Industry Veterans Join DTCC’s Technology Organization
DTCC has further solidified its technology organization with two recent hires who bring decades of industry leadership in technology infrastructure and information security to their new positions.
Bridget O’Connor, previously with Lehman Brothers, joined DTCC as managing director and chief technology officer. Mark Clancy, previously with Citigroup, joined as managing director and Corporate Information Security Officer.
New Chief Technology Officer
Bridget O’Connor joined DTCC as managing director and chief technology officer (CTO) on August 31.
O’Connor is responsible for overseeing the critical information technology infrastructure at DTCC, including core networking services, processing and messaging systems, distributed systems and business continuity. This infrastructure protects the certainty and reliability of DTCC post-trade processing capacity, which currently exceeds 850 million transactions in a single day, or nearly three times the highest peak volumes experienced by the more than 50 trading venues in the U.S. (e.g., NYSE, Nasdaq, electronic communications networks and alternative trading systems).
Bridget O'Connor, DTCC Managing Director and Chief Technology Officer
In addition, the infrastructure manages and ensures the resiliency of all data transmission and telecommunications for thousands of financial firms that are customers of DTCC.
Global experience
O’Connor reports to William Aimetti, DTCC’s president and COO, who said, “Bridget’s leadership in developing and maintaining high-quality infrastructure systems and business continuity programs on Wall Street is both well known and highly regarded.
“Our technology infrastructure organization plays a key role in helping the broker/dealers, banks, mutual funds, insurance carriers, buyside community and other third-party financial intermediaries that make up DTCC’s customer base, lower the cost to access their trading parties and leverage our services through what is essentially a networked community of users,” Aimetti said. “And as our customers increasingly are headquartered in Europe as well as the U.S., we face new challenges both in extending the reliability and low-cost infrastructure to new customer segments and in supporting new asset classes of financial products worldwide. Bridget brings the global experience and record of success that we believe will continue to differentiate DTCC in the future.”
Industry veteran
Most recently, O’Connor was chief information officer (CIO) and global head for business continuity for Lehman Brothers Holdings Inc., a position she held since 2006. She was responsible for all aspects of technology at the firm, and had operational management of the global business continuity organization. The technology organization consisted of more than 6,500 people in four major locations globally. While at Lehman, she aligned IT objectives with the broader business objectives and created an ongoing partnership between business and technology leaders.
During her 18-year career with Lehman, she served in a number of other key technology management positions. From 2002 to 2006, she served as CTO and from 1997 to 2002, as senior vice president and global head, e-Commerce Technology. She was the architect of the firm’s web portal as a standard delivery vehicle for all of Lehman’s electronic processes. The Lehman Live portal delivered more than 450 applications.
Prior to joining Lehman Brothers, O’Connor worked from 1985 to 1991 as an applications architect for AT&T Bell Laboratories.
Among IT’s ‘top power women’
O’Connor has been the recipient of numerous awards. She was named by Crain’s New York Business as one of the “100 Most Influential Women in NYC Business” in September 2007 and was a member of the SIA Business Continuity Committee, the Tibco CIO Council, Intel CIO Customer Advisory Council and HP Customer Advisory Council. She has been a guest speaker for The Bond Market Association, the Securities Industry and Financial Markets Association, the Department of Defense and Venture Services community groups.
She was also named one of technology’s “top power women” by Forbes.com.
‘Information security is more important than ever in today’s environment of expanding regulatory requirements and the ever-increasing frequency and sophistication of threats to corporate information, and Mark brings the leadership, extensive background and knowledge necessary to meet these challenges.’ - William Aimetti, DTCC president and COO
O’Connor will replace Vincent Hilly, who has announced plans to retire in July 2010. To ensure a smooth transition, O’Connor and Hilly will work collaboratively until Hilly retires.
“Vince has had a long and distinguished 28-year career at DTCC,” Aimetti said. “He will be relinquishing the day-to-day operation of DTCC’s technology infrastructure to concentrate on strategic initiatives. All of us at DTCC are grateful for Vince’s many contributions and wish him well in his retirement.” @
New Chief Information Security Officer
Mark Clancy recently joined DTCC as managing director and Corporate Information Security Officer overseeing the Corporate Information Security Office (CISO).
Mark Clancy, DTCC Managing Director and Corporate Information Security Officer
Clancy’s enterprise-wide responsibilities include the development and implementation of global security policies, standards, guidelines, procedures and threat assessments pertaining to information security at DTCC. He will ensure that DTCC’s information security program provides the highest protection for business applications and systems and complies with all regulatory requirements.
Clancy also chairs the DTCC Security Steering Committee, which comprises senior IT management as well as business line and other corporate managers. He will report to Kevin Barry, DTCC managing director, IT Administration.
Protecting the industry
“DTCC plays a critical role in providing safety and soundness to the financial services industry,” said William Aimetti, DTCC president and COO. “As a result, DTCC and its subsidiaries must maintain world-class information security programs to protect our systems and to retain the continued trust of our customers, regulators and employees.”
Aimetti added, “Information security is more important than ever in today’s environment of expanding regulatory requirements and the ever-increasing frequency and sophistication of threats to corporate information, and Mark brings the leadership, extensive background and knowledge necessary to meet these challenges.”
Clancy is a highly regarded expert in information security with more than 17 years’ experience in the business and technical management, including strategy, operational methods, risk analysis, standards and policies and regulatory compliance.
Before joining DTCC, Clancy was executive vice president of Operations & Technology Risk Management at Citigroup. Prior to that, he held positions of increasing scope and responsibility at Citigroup. Previously, he served as chief technologist with I/G Open Solutions and as an information systems consultant at DuPont Merck.
Clancy has considerable leadership experience on financial sector cyber-security activities in partnership with peer institutions and U.S. government entities such as the U.S. Treasury, Federal Reserve Board, Department of Homeland Security and Department of Defense.
In 2008-09, he was co-chair of the U.S Financial Services Sector Coordinating Council (FSSCC) Exercise & Planning working group and a member of the FSSCC Cyber Security Steering Committee.
Clancy is a graduate of Drexel University with a bachelor of science degree in electrical and computer engineering. @