DTCC President and CEO Michael Bodson delivered a keynote address at SIFMA’s 40th Annual Operations Conference on April 29, 2013, in Boca Raton, Fla., on the need for new market infrastructure solutions to move the financial services industry forward in times of unprecedented challenge.
The three-day forum brought together leading financial operations professionals to discuss industry challenges and developments, and to collaborate on potential solutions to create safer and more liquid markets.
This year marked the 40th anniversary of the conference and also coincided with the 40th anniversary of the founding of The Depository Trust Company (DTC), one of DTCC’s predecessor organizations.
40 years of innovation
Bodson began with a 40-year review of the evolution of the industry and the key inflection points that have driven structural changes in financial markets, particularly during times of crisis.
“For 40 years the industry has been sailing through rough seas together, and when we didn’t communicate with each other to adjust our course and speed accordingly, danger arose,” said Bodson. “That’s very much the history of Wall Street.”
Bodson highlighted the visionary leadership and bold thinking throughout the past 40 years that has led to new market-structure innovations such as the immobilization of securities and the advent and consolidation of central clearing.
“The common sense of purpose and vision, and the courage and conviction to solve big problems, is what helped the industry navigate through each decade’s inflection points,” said Bodson.
Click here to view a video of Bodson’s full remarks