Settlement is Complete

Upon Mike Bodson’s retirement as CEO of DTCC, a look back at his career and many accomplishments.

Mike Bodson Named DTCC President & CEO

DTCC Board of Directors elects Mike Bodson as President & CEO, effective July 1, 2012, succeeding Don Donahue

“[Mike’s] decade-plus of experience with DTCC…has given him a strong understanding of DTCC’s operations, systems and risk management strengths and the critical roles they play in the financial markets.” – Bob Druskin

Managing Through a Crisis

On Mike’s first day as President & CEO, the Knight Capital market event roils the markets and sparks massive volatility. Under Mike’s leadership, DTCC successfully manages the crisis with no impact to clients or the industry. Just three months later, Superstorm Sandy devastates the northeast U.S., including flooding DTCC securities vault. Despite widespread damage, DTCC subsidiaries demonstrate their resilience by processing nearly $19 trillion in securities transactions that week.

LAUNCH OF GLOBAL TRADE REPOSITORY

In the wake of the 2008 financial crisis, DTCC launches the Global Trade Repository, the first of its kind in the industry, in 2012, aggregating global data for systemic risk management in order to support mandatory regulatory reporting requirements for OTC derivatives.

SIFMU DESIGNATION

In 2012, the Financial Stability Oversight Council of the U.S. Treasury Department designates DTC, FICC and NSCC as Systemically Important Financial Market Utilities (SIFMUs) under the U.S. Dodd-Frank Act, reflecting the critical role the firm plays in the global markets and establishing heightened prudential and supervisory standards they must meet.

OMGEO ACQUISITION

In 2013, DTCC acquires 100% of Omgeo from Thomson Reuters, extending the firm’s reach across the post-trade life cycle and growing its global footprint to 15 countries. Omgeo products and services are integrated into DTCC and renamed Institutional Trade Processing.

BROADENING INDUSTRY IMPACT

DTCC responds to the industry’s growing need for support by launching new business lines that foster product innovation and deliver innovative solutions to help solve key operational challenges.

Institutional Trade Processing	Consulting Services	Margin Transit Utility
Data Services	Report Hub	GMEI Utility

LEADING THE DIGITAL REVOLUTION

As excitement over the potential of new technologies grows, DTCC publishes a highly regarded white paper on distributed ledger technology (DLT) and hosts an industry event that attracts more than 500 attendees. DTCC follows this up by launching a series of digital initiatives in the years that follow to spearhead research and drive innovation, including Project Ion, Digital Securities Management and Project Lithium.

ACCELERATING SETTLEMENT

SIFMA, ICI and DTCC partner in 2017 to lead one of the most significant changes to market structure in decades by shortening the U.S. settlement cycle for equities, corporate and municipal bonds and unit investment trusts from T+3 to T+2. In 2021, the organizations again collaborate to further accelerate settlement to T+1 by 2024.

D&I: ADVANCING DIVERSITY & INCLUSION

Reflecting DTCC’s commitment to foster an inclusive workplace, Mike joins a coalition of 150+ CEOs in signing on to the CEO Action for Diversity & Inclusion in 2017 -- the largest CEO-driven business commitment to advance diversity and inclusion in the workplace. In the years that follow, DTCC brings renewed focus and vigor to its employee resource groups, advances diverse hiring and promotions, advocates for employee mental health and well-being and sponsors numerous programs to support and develop diverse talent.

SEAMLESS EXECUTION THROUGH THE PANDEMIC

As the COVID-19 pandemic sweeps across the world, DTCC continues to provide stability to the global markets during a period of extreme uncertainty and volatility. Despite 95% of staff working remotely for roughly two years, DTCC continues to successfully execute against its strategic priorities, delivering new solutions to address industry challenges.

LEADING INDUSTRY CONVERSATIONS

DTCC raises its profile as an industry leader by proactively sharing its expertise on a wide range of digital, risk, regulatory and operational issues. Through white papers, participation in events and conferences and stakeholder outreach and engagement activities, DTCC helps raise awareness and galvanize industry support to address critical issues that promote financial stability and transparency.

AWARDS AND ACCOLADES

Institutional Investor Tech 50 (2015-2017)
Global Custodian Industry Leader Award for Diversity (2016)
Global Custodian Lifetime Achievement Award (2019)
TabbFORUM 40 Top Innovators in Financial Markets (2022)

MIKE BODSON ANNOUNCES HIS RETIREMENT

After 10 years leading DTCC as President & CEO, Mike announces his retirement on April 25, 2022.

“It’s been an honor and a privilege to work with a team of incredibly talented colleagues and industry partners. What has always set DTCC apart is our enduring sense of purpose, duty and responsibility to safeguard the global financial system. We’ve made significant progress over the past decade, and I’m confident that DTCC’s and the industry’s best days are still in front of us.”

“Mike has been an incredible partner with our industry and committed to building the most resilient capital markets in the world. His leadership on so many foundational issues like T1, T2, and LEI to name but a few, and his willingness to collaborate with all stakeholders, has served our markets and investors well.” - Kenneth E. Bentsen, Jr., President and CEO of SIFMA

“As DTCC’s longest serving CEO, Mike successfully launched DTCC into the 21st century, preserving in this new and challenging market environment DTCC’s leadership position among the global financial infrastructures. Well done, Mike!” - Don Donahue, Former DTCC CEO

“Mike, I proudly toast to your stellar leadership over this past decade. You have led DTCC to unimaginable advancements and successes with your vision, your unwavering dedication and your heart.” - Lori Hricik, DTCC Board Member

“Mike modernized DTCC post financial crisis and introduced disruptive technologies and new services that will help the resilience of the financial system for years to come. Mike’s leadership showed a unique combination of strength and humility and importantly, the judgment to know when to use both effectively.” – Walt Lukken, President & CEO, FIA

“Mike – You are a real titan of the industry but always remain gracious and generous with your time, from the minute we first met through to present day, I will tremendously miss our regular catch ups. Have an awesome retirement Mike - you deserve it. I look forward to seeing you again soon. Best wishes my friend.” – Daniel J. Maguire, Group Head, Post Trade, CEO, LCH Group, London Stock Exchange Group

"Knight Capital imploded August 1, 2012, Mike's first day as CEO of DTCC. Mike and his team handled all of the disruption and challenge associated with this unprecedented event with great skill and aplomb.” – Gary Stern, DTCC Board Member