New York/London/Hong Kong/Singapore, 1 February 2017 – The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced that Ann Shuman, DTCC Managing Director and Deputy General Counsel, has been appointed General Counsel, effective February 1, 2017. Ms. Shuman assumes the General Counsel position from Larry Thompson, who is stepping down to serve full-time as Vice Chairman of DTCC. In this role, Mr. Thompson, who was appointed Vice Chairman in 2015, will continue to lead DTCC’s public policy engagement with key regulators and lawmakers globally, serve as a senior advisor to the firm and act as a chief spokesperson.
As General Counsel, Ms. Shuman will be responsible for advising senior management and the DTCC Board of Directors on legal and regulatory matters. In addition, she will join the firm’s Management Committee and continue to oversee its global legal team. Ms. Shuman has been with DTCC since January 2014. Prior to DTCC, Ms. Shuman served as Managing Director & Deputy General Counsel of CME Group Inc. Before joining CME in 2000, she was an attorney at Sidley & Austin in Chicago.
Larry Thompson joined DTCC as Associate Counsel in 1981. He was elected Vice President and Deputy General Counsel in 1991, Senior Vice President in 1993, General Counsel of DTC in 1999, Managing Director and First Deputy General Counsel of DTCC in 2004, and was named to his current position in 2005. Previously, he was a partner in Lake, Bogan, Lenoir, Jones & Thompson. Mr. Thompson began his legal career at Davis Polk & Wardwell.
Commenting on Ms. Shuman’s appointment, Michael Bodson, President & CEO of DTCC, said, “Over the years, Ann has distinguished herself for her sharp legal mind, her deep understanding of the complexities and nuances of financial market infrastructures, and her collaborative approach to managing significant legal matters. As General Counsel, she will be in an even stronger position to protect DTCC and make contributions that will benefit the firm, our clients and the industry.”
Commenting on Mr. Thompson’s appointment, Mr. Bodson stated, “Over the past several years, Larry has been devoting an increasing amount of his time to building relationships with policymakers globally and raising awareness of the firm and our capabilities in addition to his responsibilities as General Counsel and Chairman of the Deriv/SERV Board of Directors. As we expect to continue facing regulatory scrutiny in the coming years as well as the potential for new legislation and further regulatory developments, Larry will focus on these issues to protect our interests and promote DTCC’s critical role in reducing risk for the industry.”
With over 40 years of experience, DTCC is the premier post-trade market infrastructure for the global financial services industry. From operating facilities, data centers and offices in 16 countries, DTCC, through its subsidiaries, automates, centralizes and standardizes the post-trade processing of financial transactions, mitigating risk, increasing transparency and driving efficiency for thousands of broker/dealers, custodian banks and asset managers worldwide. Industry owned and governed, the firm simplifies the complexities of clearing, settlement, asset servicing, data management and information services across asset classes, bringing increased security and soundness to the financial markets. In 2015, DTCC’s subsidiaries processed securities transactions valued at more than US$1.5 quadrillion. Its depository provides custody and asset servicing for securities issues from over 130 countries and territories valued at US$45.4 trillion. DTCC’s global trade repository maintains approximately 40 million open OTC positions and processes roughly 280 million messages a week. To learn more, connect with us on LinkedIn, Twitter, YouTube and Facebook.