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David M. Kelly, NSCC President and CEO, to Retire
New York, October 7, 1999 - David M. Kelly, president and CEO of National Securities Clearing Corporation (NSCC) and vice chairman of the newly created Depository Trust & Clearing Corporation, has announced that he will retire, effective the end of February 2000.
In addition to being president and CEO of NSCC, Kelly also serves as CEO of Government Securities Clearing Corporation and CEO of International Securities Clearing Corporation. He will be retiring from those posts as well.
Kelly has been the chief executive officer of NSCC since 1983.
During his tenure, Kelly was responsible for overseeing enormous growth in volume and change in the industry. For example, the average number of daily transactions processed by NSCC increased to more than 6 million transactions handled in 1999 from about 200,000transactions daily in 1983. He also guided the development of new risk management systems and policies to improve and support safety and soundness of markets and participants.
He was responsible for guiding the formation of three affiliate clearing corporations,the Government Securities Clearing Corporation, the International Securities Clearing Corporation and the Emerging Markets Clearing Corporation.
Kelly served as one of the key members of the U.S. Working Committee of the Group of 30Clearance and Settlement Project and on the development of the "Vision 2000" report that laid the framework for the consolidation of the clearance and settlement infrastructure.
He oversaw NSCC's expansion into new businesses such as mutual funds and insurance services, and led NSCC through the transition from T+5 settlement to T+3, as well as spearheaded the move to settlement in same-day funds.
Kelly was also instrumental in the integration of NSCC and The Depository Trust Company(DTC). The two companies announced their plans to combine under a new holding company, The Depository Trust & Clearing Corporation (DTCC) in March 1999, following more than ninemonths of study.
In announcing Kelly's decision to retire, Jill M. Considine, CEO of DTCC, noted,"The industry is losing one of its most able leaders. Dave has played an important role in the integration well under way and in helping the industry through the Y2Ktransition. Everyone here will miss his experience and expertise. He built NSCC's clearance and settlement of stocks and bonds into a model for the world. We wish Dave the best in his retirement, and I hope that I will be able to continue to call upon him fromtime to time."
Kelly, in addition to his NSCC role, previously served on the International Working Group of Thirty, the Bachmann Task Force, the Emerging Markets Advisory Committee of the SEC, and most recently a member of the SEC's special task forces; all of these looking at the impact of such changes as extended trading hours, decimalization, T+1settlement and global clearance and settlement on the industry. Among his professional affiliations are memberships in the International Operations Association, the NYSE Operations Advisory Committee, the Securities Operations Division of the Securities Industry Association (SIA) and the Securities Traders Association of New York.
Prior to joining NSCC in 1983, Kelly was president and director of Execution Services Inc. (ESI), a broker subsidiary of Morgan Stanley Inc., and was vice president of MitchellHutchins Inc. He received a B.A. in economics from Michigan State University and served in the U.S. Marine Corps.
About DTCC: The Depository Trust & Clearing Corporation (DTCC), with operating facilities in multiple locations in the U.S. and overseas, is a holding company for six subsidiary businesses - a depository and five clearing corporations - as well as the co-owner with Thomson Financial of a global joint venture called Omgeo. Through its subsidiaries, DTCC provides clearance, settlement and information services for equities, corporate debt, municipal debt, government securities and mortgage-backed securities in the U.S., and emerging markets debt trades globally. It is also a leading clearinghouse for mutual funds and insurance products, linking funds and carriers with distribution networks. In addition, DTCC provides custody and asset servicing for more than two million securities from the U.S. and 84 other countries. For more information on DTCC, see www.dtcc.com.