Michael C. Bodson, President and CEO of The Depository Trust & Clearing Corporation (DTCC), ranks 14th among top leaders in global financial markets, according to Institutional Investor’s “2016 Tech 50: Making Financial Services Faster, Cheaper, Bigger.” The annual list highlights the top 50 executives in financial technology.
Bodson, who has been included on the Institutional Investor list for five straight years, was recognized for leading DTCC’s collaboration with industry partners to identify opportunities that distributed ledger technology could have in improving efficiency and reducing costs in the post-trade environment (see DTCC Blockchain Website).
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DTCC has been among the most active firms in the industry working to advance the use of distributed ledgers. It joined the Linux Foundation’s HyperLedger project, which will enable the company to contribute to the governance of end user requirements, technical oversight and intellectual property working groups that will define the industry standards for blockchain.
Furthermore, DTCC made a financial investment in Digital Asset Holdings (DAH), a leading blockchain service provider, and Bodson joined the Board of Directors.
DTCC also authored a white paper, Embracing Disruption – Tapping the Potential of Distributed Ledger Technology, which won strong praise from many quarters for its in-depth discussion on ways in which blockchain could modernize the post-trade ecosystem to reduce risks and costs while enhancing processing efficiencies.
In March, DTCC and DAH announced plans to develop and test a distributed ledger based solution to manage the clearing and settlement of U.S. Treasury, Agency, and Agency Mortgage-Backed repurchase agreement (repo) transactions.
More recently, DTCC and six firms announced the successful test of blockchain technology and smart contracts to manage post-trade lifecycle events for standard North American single name credit default swaps (CDS).
“This award reflects the hard work of an outstanding team of professionals at DTCC who are enabling us to provide the global leadership to leverage this technology to address long-standing operational challenges,” Bodson said. “We look forward to continuing to advance the debate and identify opportunities for future implementations.”