Marie Chinnici-Everitt, DTCC Managing Director and Chief Marketing Officer.
The global economy recently broke out of an extended period of low growth that left many corporations, and hundreds of millions of people around the world, struggling in the aftermath of the 2008 financial crisis.
But while growth is accelerating worldwide, and the U.S. economy is roaring, some storm clouds remain. The business environment for our industry remains challenging due to ongoing capital and cost pressures, evolving regulatory demands, geopolitical instability and new types of risk.
New rules and mandates have forced firms to scale back activities, close once-profitable business lines and dedicate ever-increasing resources to risk management and compliance. Some estimate that compliance costs alone have soared to about $270 billion annually. And one forecast suggests that figure could double over the next five years, consuming 10 percent or more of operating costs at many banks.
Add the upheaval surrounding Brexit, brewing trade wars, global trends like nationalism, and ongoing security threats, and it’s clear that we face a very high degree of uncertainty that could send shock waves across the global markets in an instant.
In my recent keynote address at the annual meeting of the Bank Depository User Group (BDUG), I explained how DTCC is using collaboration and innovation to achieve our combined missions of safeguarding the stability and integrity of global financial markets and address the myriad challenges our clients face.
You can read my full keynote address from BDUG here.
This innovation and collaboration relies on client feedback, and events like BDUG give me and the other DTCC executives who appeared the opportunity not only to share our progress, but also strengthen our partnerships with DTCC bank clients and regulators.