Stuart Z. Goldstein
New York, March 16, 2005 - The Depository Trust & Clearing Corporation (DTCC) today officially opened its new Southern Business Center (SBC) in a special ceremony hosted by Chairman and CEO Jill M. Considine and attended by a number of elected officials and representatives from the private sector.
A major purpose of the event, also attended by over 200 current employees of the new SBC, was to recognize the role that Florida, Hillsborough County Commission and Tampa officials played in DTCC's decision to choose Tampa for its SBC location.
"What's very special about our coming here," said Considine, in her remarks to the gathering, "is how folks at the state, county and local level - and especially the private sector - pulled together to convince us that this is where we should be. Tampa, as you may know, is an Indian word meaning ‘sticks of fire.' Well, lots of people were sticks of fire in helping to bring DTCC to Florida."
Considine stressed that opening the SBC represents a new chapter in DTCC history. The new SBC is a key component of a larger business continuity strategy that DTCC has undertaken since Sept. 11, 2001 to safeguard the certainty and resiliency of the nation's financial services system.
Since last December, DTCC has been able to complete settlement of securities trades in U.S. markets at this new facility, which it has called a "critical part" of its network of which it has multiple operating centers and numerous backup capabilities all throughout the country.
Considine said that, while DTCC on Sept. 11 continued to operate without disruption and settled trades involving billions of dollars, the company "learned some lessons that day."
"One is the need to further decentralize our workforce," she said, "so that we don't have all our brain power - our skilled employees - in one geographic location. The other is the need to decentralize our facilities. So we looked at many sites, and one of the sites we chose is here in Tampa.
"The object is to ensure that we can sustain our business operations, even in the face of considerable disruption. If we can't do our job, it begins to affect the safety and soundness of U.S. financial markets in general."
DTCC chose Tampa from among nearly 300 other cities considered because of its knowledgeable workforce, local power and telecommunications infrastructure, affordable housing, diversity, educational resources, good medical facilities, accessible airports and reasonable cost of living.
"My hope is that opening DTCC's office today marks the start of continued growth and expansion here in Tampa for years to come. We are not a transient company," Considine said. "We are here in this community to stay. And we expect our employees will be active contributors to the community…good citizens...willing volunteers…and participants in local universities as both students and teachers."
Some 400 employees, ultimately, will staff the SBC by the end of 2005. In keeping with DTCC's strong commitment to diversity in its workforce, nearly 60% of the current SBC employees represent minority groups and more than 40% are women.
At today's opening ceremonies, Considine also singled out several officials for recognition.
"Governor Jeb Bush and Lt. Governor Toni Jennings were both real champions of our move, and we greatly appreciate the personal interest they took in this effort," Considine said.
She also thanked Ken Hagan, the Hillsborough County commissioner representing the district in which DTCC is based, for his work in bringing DTCC to Tampa. In addition, Considine extended special thanks to Dr. Pam Dana, Director of Florida State Tourism, Trade & Economic Development, Tampa Mayor Pam Iorio and Sam Ellison, Chairman of the Greater Tampa Chamber of Commerce, who was represented by Kim Scheeler, President, and invited them to say a few words to the gathered employees.
In addition to these and the many other individuals instrumental in bringing DTCC to Tampa, Considine stressed that another strong Tampa selling point are the many programs in place to provide incentives to attract companies to the state.
She cited tangible benefits these programs bring such as helping to increase the economic base, expand job opportunities and retain the intellectual talent nurtured in local colleges and universities.
"Sometimes these benefits get lost in the publicity of a move," Considine said. "Yet they all underscore the public policy considerations for communities and states as they look to the future. We're proud to be part of your community. And we hope to make you proud of us."
Through its subsidiaries, DTCC provides clearance, settlement and information services for equities, corporate and municipal bonds, government and mortgage-backed securities and over-the-counter derivatives. DTCC's depository also provides custody and asset servicing for more than two million securities issues from the United States and 100 other countries and territories. In addition, DTCC is a leading processor of mutual funds and insurance transactions, linking funds and carriers with their distribution networks. DTCC has operating facilities in multiple locations in the United States and overseas. For more information on DTCC, visit www.dtcc.com.
Customer Service (Int'l)
The two largest pan-European cash equities clearing houses, EMCF and EuroCCP, announced plans to combine their strengths and capabilities by forming a new entity that will deliver greater efficiencies and sustainable competition to the pan-European market place.Read More