DTCC Connection

The Depository Trust & Clearing Corporation (DTCC) recently added two new members to its Board of Directors as the firm continues to seek opportunities to broaden its support for the industry during this period of market transformation.

Pinar Kip, Executive Vice President, State Street Corporation, and Lee Waite, Managing Director, Citi, were nominated and approved to serve as Board members, effective August 28, 2017. Both Kip and Waite bring a wealth of expertise and perspective across international operations, technology, risk management, finance, strategic planning and compliance.

“We are delighted to have these talented and knowledgeable industry leaders join DTCC’s Board of Directors,” said Robert Druskin, Non-Executive Chairman of the Board. “We look forward to working with them to help DTCC continue to meet the needs of our global client base while identifying new business opportunities to reduce risks and costs for the industry.”

New Directors Bring Unique Perspectives

Kip leads State Street’s Global Strategic Operations, the organization that encompasses Global Custody, Location Governance, and Strategic Enterprise Business Solutions. Her Global Custody responsibilities include Business Onboarding and Transitions, Global Settlements, Self-Custody and Self-Clearing functions as well the sub-custodian network. Through Global Location Strategy & Governance, she oversees the joint-venture operations in India and Philippines and the strategy and alignment across all State Street global hubs (Poland, Hangzhou, and India). Pinar also serves as the Global Design Lead for State Street Beacon.

Kip is a director of State Street Syntel Services, State Street HCL Services India, State Street HCL Services Manila and State Street Mumbai. She also serves on the Global Advisory Board of the Professional Women’s Network, and serves as the executive sponsor of company’s Leadership Development Program and Global Operations Diversity Council.

Prior to State Street, Kip was a strategy consultant with Booz & Company, with expertise in capital markets. Additionally, she worked in Bank of America Securities Global Structured Finance division.

Waite is Managing Director and Head of North America Markets and Securities Services as well as a member of the Markets and Securities Services Senior Executive team at Citi.

Prior to this role, he led the Direct Custody and Clearing (DCC) business, with responsibility for the growth and strategic direction of the DCC global franchise, which services both the Broker Dealer and Global Custodian community of clients in 63 markets globally. Previously, he led the acquisition and global integration of the purchase of BISYS - a global fund administration firm. Before moving to transaction banking, Waite was Global Chief Operating Officer for the Equities Division of Citi, accountable for the technology, middle-office and operations functions.

With over three decades of broad financial industry expertise gained in Retail, Fixed Income, Equities and transactional banking at both the national and international level, Waite has deep industry expertise in the trade and post-trade industry. He is a leading securities services industry expert and seasoned public speaker on a broad range of topics on key industry trends. He is currently Vice Chairman of the International Securities Services Association (ISSA).

DTCC also announced that David Crawford, Suni Harford and Lisa Pollina have recently left the Board. “We extend our deepest gratitude to our former Board members for their tireless service and contributions to DTCC and the broader industry,” Druskin said.