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Smith Named to Head DTCC's International Services
New York, July 10, 2000 - The Depository Trust & Clearing Corporation (DTCC) has named Jeffrey H. Smith to the new position of managing director, International Services Division.
In this new post, Smith will be responsible for developing and supporting the products and services of DTCC's depository and clearing corporation subsidiaries, expanding their efforts globally, including cross-border clearance, settlement and asset servicing activities. All of DTCC's current international activities and staff, including the company's London office, are being combined under Smith's purview. The activities of the Emerging Markets Clearing Corporation (EMCC), however, will continue to remain separate. Smith will become a member of the DTCC senior management team and reportto Donald F. Donahue, managing director, Customer Marketing and Development Group.
"The New York Stock Exchange's Global Equity Markets initiative and Nasdaq's well-publicized international plans are only two developments signaling that our customers are determined to move quickly toward seamless cross-border trading,"said Donahue.
"Our customers are demanding that we, too, move quickly to provide them with the same level of post-trade support in the cross-border world that they are accustomed to receiving from us in their domestic activities," Smith said. "We must be able to respond to these increasing demands effectively and quickly, and have a strong team in place to provide that level of support."
The International Services division will have responsibility for the company's London office, the development and servicing of links with central securities depositories (CSDs) worldwide, international operations support, the management of relationships in the Americas (including support for the America's Central Securities Depositories Association) and the Advisory Group, which consults in emerging markets.
Prior to joining DTCC, Smith served as executive vice president and international treasurer for Daiwa Securities America, Inc. since 1998, where he was responsible for all international treasury-related functions for the firm. Before that, he had a 20-year career with Salomon Brothers, initially in the firm's Cashiering department as vicepresident and manager and more recently as director and assistant treasurer in the Global Treasury department, coordinating international funding activities. He began his Wall Street career in 1964 with Herzfeld & Stern, serving as vice president and head of Securities Operations.
Smith is a past president of both the Cashiers Association of Wall Street and the Securities Operation Division of the Securities Industry Association. He is also a past chairman of the Public Securities Association's (PSA) Municipal Bond and Compliance Committee and member of the PSA's Executive Committee. He is also a past member ofthe CUSIP board, the U.S. securities numbering agency. He majored in business and economics at Kingsborough College and Pace University.
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.