DTCC has announced the election of three renowned and well respected leaders in financial services to its Board of Directors. The new Board members are Darryll Hendricks, Head of Strategy and Regulatory Reform for UBS Investment Bank; Cynthia Meyn, Executive Vice President and Senior Operations Manager for PIMCO; and Brian T. Shea, CEO of Pershing LLC.
Hendricks, Meyn and Shea are among the 11 representatives of DTCC’s participants who serve on DTCC’s 19-member Board.
“We are very pleased to have such an exceptional group of people from a diverse set of companies join DTCC’s Board, especially during this time of change that has highlighted the important role operational infrastructure plays in mitigating risk and achieving greater efficiency for our industry,” said DTCC Executive Chairman Robert Druskin. “Darryll, Cynthia and Brian have exceptional expertise and insight and will do an outstanding job of helping DTCC continue to protect our customers and the financial markets.”
About the Board
Nominations for Board membership are sought each December from DTCC’s common shareholders (firms that use DTCC’s services). Shareholders are then invited to vote for nominees, with the newly elected members joining the Board in April for one-year terms.
The Board also includes three members of DTCC’s management team, three who are not affiliated with participants and two members appointed by DTCC’s preferred shareholders (NYSE Euronext and the Financial Industry Regulatory Authority).
Non-participant directors are individuals with specialized knowledge of financial services who help bring an independent perspective to the Board because they do not work for any of DTCC’s clients. @
The DTCC GCF Repo Index is the first – and only – index that tracks the average daily interest rate paid on overnight transactions in the $400 billion daily market for general collateral finance repurchase (GCF Repos®) agreements in U.S. Treasury, federal agency and mortgage-backed securities issued by Fannie Mae and Freddie Mac.Read More