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DTCC Promotes Candler to Vice President / Senior Counsel

New York, December 20, 2000 - Sheila Candler, an attorney in the general counsel's office at The Depository Trust & Clearing Corporation (DTCC), has been promoted to vice president and senior counsel.

Ms. Candler joined The Depository Trust Company (DTC), a DTCC subsidiary, in 1996 after three years at the Manhattan-based law firm of Shearman & Sterling, where she worked in the International Finance and Corporate Finance departments. Ms. Candler received her undergraduate degree from the State University of New York-Albany and graduated from the University of Pennsylvania's Law School. 

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.

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Paper certificates cost investors more than $250 million a year -- approximately $49 million alone goes to cover the cost of lost and stolen certificates.

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