Chairman Rockefeller, Ranking Member Thune, and members of the Committee, thank you for scheduling today’s hearing on improving cybersecurity through the NIST and private sector partnership.
My name is Mark Clancy, and I am the Corporate Information Security Officer at The Depository Trust & Clearing Corporation ("DTCC"). I also serve on the Executive Committee of the Financial Service Sector Coordinating Council and as the Vice Chairman of the Financial Services Information Sharing and Analysis Center (FS-ISAC) .
DTCC is a participant-owned and governed cooperative that serves as the critical infrastructure for the U.S. capital markets as well as financial markets globally. Through its subsidiaries and affiliates, DTCC provides clearing, settlement and information services for virtually all U.S. transactions in equities, corporate and municipal bonds, U.S. government securities and mortgage-backed securities and money market instruments, mutual funds and annuities. DTCC also provides services for a significant portion of the global over-the-counter ("OTC") derivatives market. To provide insight into the criticality of DTCC’s role in the safe and efficient operation of the U.S. capital markets, in 2012, DTCC’s subsidiaries processed more than $1.6 quadrillion in securities transactions.
Download the Congressional Testimony: Testimony before Senate Committee on Commerce, Science, and Transportation: "The Partnership Between NIST and the Private Sector: Improving Cybersecurity"