New York/London/Hong Kong/Singapore/Sydney, 4 June, 2018 - The Depository Trust & Clearing Corporation (DTCC), the premier post-trade infrastructure for the global financial services industry, today announced the election of two new members to its Board of Directors during the firm’s Annual Shareholders Meeting.
The new directors are Claudine Gallagher, Americas Regional Head for the Securities Services business of BNP Paribas, and Joseph Molluso, Executive Vice President and Chief Financial Officer of Virtu Financial.
Claudine Gallagher is Head of the Americas for the Securities Services business of BNP Paribas, where she is responsible for the strategic development of the region, spearheading its client and product development. Ms. Gallagher serves on senior committees throughout the Bank, including the Executive Committees of the BNP Paribas Americas Territory and of BNP Paribas Securities Services.
Joseph Molluso is an Executive Vice President and Chief Financial Officer of Virtu Financial, where he helped lead the process that enabled Virtu to become a public company and executed a major acquisition in 2017 when Virtu acquired KCG Holdings. Mr. Molluso’s overall responsibilities include strategic planning, operational responsibilities and day-to-day management. Prior to joining Virtu, Mr. Molluso spent nearly twenty years in the financial services industry.
The DTCC Board of Directors is currently comprised of 20 Directors. Of these, 13 are participant Directors who represent clearing agency members, including international broker/dealers, custodian and clearing banks, and investment institutions; three are non-participant Directors; two Directors are designated by DTCC's preferred shareholders, ICE and FINRA; and the remaining two Board members are DTCC's Non-Executive Chairman and its President and Chief Executive Officer.
The Board plays an integral role in the oversight of the firm, ensuring DTCC services continue to meet the evolving needs of its participants while promoting safety and security across the global financial markets.
Robert Druskin, Non-Executive Chairman of DTCC’s Board, said: “We are pleased to welcome Claudine and Joseph to the DTCC Board of Directors. They bring decades of valuable experience and leadership to the Board as well as unique perspectives on the challenges facing the industry today and how DTCC can continue to broaden its capabilities to support our clients. We look forward to working with them in the coming years.”
With 45 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 processing of financial transactions, mitigating risk, increasing transparency and driving efficiency for thousands of broker/dealers, custodian banks and asset managers. 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 financial markets. In 2017, DTCC’s subsidiaries processed securities transactions valued at more than U.S. $1.61 quadrillion. Its depository provides custody and asset servicing for securities issues from 131 countries and territories valued at U.S. $57.4 trillion. DTCC’s Global Trade Repository maintains approximately 40 million open OTC positions per week and processes over one billion messages per month. To learn more, please visit us at www.dtcc.com or connect with us on LinkedIn, Twitter, YouTube and Facebook.