New York/London/Hong Kong/Singapore/Sydney, March 31, 2020 - 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 Board plays a critical role in overseeing the strategic direction of DTCC, working closely with the firm’s leadership and providing guidance around topics including risk management, regulatory matters, the development of new products and services, emerging fintech and more.
The new directors are Deborah Cunningham of Federated Hermes, Inc. and Craig Messinger of Virtu Financial.
Deborah Cunningham is a chief investment officer of Global Liquidity Markets at Federated Hermes. She joined Federated in 1981 as a performance analyst and has more than 30 years of investment experience. Since 1990 she has been a portfolio manager for all government and prime liquidity products. In addition to the domestic Taxable Liquidity portfolios, Cunningham also oversees the management of the domestic Tax-Exempt Liquidity portfolios as well as the Offshore Liquidity products.
Craig Messinger is a 40-year financial services industry veteran. He currently serves on the executive management team and is Vice Chairman at Virtu Financial, Inc. He is also the CEO for Virtu Americas LLC, one of Virtu’s FINRA registered broker-dealers. Before Virtu, Messinger was Executive Vice President and global head of trading and risk management at BNY Mellon and a member of the bank’s Operating Committee and the Global Markets Executive Committee.
“We are pleased to welcome Deborah and Craig to the Board of Directors,” said Robert Druskin, Non-Executive Chairman of DTCC’s Board. “They bring decades of experience in financial services and deep hands-on knowledge of post-trade processing to the Board, which will be invaluable as we focus on new opportunities to advance the mission of DTCC. We look forward to their insights, partnership and contributions in the years ahead.”
The DTCC Board of Directors is currently comprised of 21 Directors. Of these, 14 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.
With over 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, data reporting and information services across asset classes, bringing increased security and soundness to financial markets. In 2018, DTCC’s subsidiaries processed securities transactions valued at more than U.S. $1.85 quadrillion. Its depository provides custody and asset servicing for securities issues from 170 countries and territories valued at U.S. $52.2 trillion. DTCC’s Global Trade Repository service, through locally registered, licensed, or approved trade repositories, processes over 14 billion messages annually. To learn more, please visit us at www.dtcc.com or connect with us on LinkedIn, Twitter, YouTube and Facebook.