The Depository Trust & Clearing Corporation (DTCC) announced today that four senior executives from AllianceBernstein L.P., Goldman Sachs, Morgan Stanley and MF Global Ltd. have been newly elected to the DTCC Board of Directors.
The new board members are: Stephen C. Daffron, managing director and global head of Institutional Securities Group (ISG) Operations for Morgan Stanley; Bernard W. Dan, chief executive officer of MF Global Ltd.; Richard G. Taggart, executive vice president and head of Global Operations, AllianceBernstein L.P.; and Robin A. Vince, managing director and global head of Operations for Goldman Sachs.
DTCC clears and settles virtually all equity, corporate bond and municipal bond trades, and money market instruments in the U.S., and the vast majority of trades in U.S. government securities and agency mortgage-backed securities. Its depository holds in custody and services assets for most of the outstanding equity, corporate and municipal bonds in the U.S., worth about $27.6 trillion. DTCC also provides matching, confirmation and the Trade Information Warehouse, a central registry of for trade information on credit derivatives globally, as well as other OTC derivatives. DTCC also provides information and processing services for mutual funds and annuities, as well as corporate actions globally. In 2008, DTCC cleared and settled transactions worth $1.88 quadrillion.
“In these difficult economic times, we are delighted to have four new members with such strong global executive experience join DTCC’s Board,” said Donald F. Donahue, DTCC chairman and ceo. “As we look to grow our businesses and serve our customers better in this crisis, we expect that our new board members will provide new insight and direction for us as we move forward.”
The 2009 DTCC Board is composed of 18 directors serving one-year terms. Fourteen directors are representatives of clearing agency participants, including international broker/dealers, custodian and clearing banks, and investment institutions. Two directors are designated by DTCC’s preferred shareholders, NYSE Euronext and FINRA, and the remaining two are the chairman and chief executive officer and the president and chief operating officer of DTCC. All of the Board members except those designated by the preferred shareholders are elected annually.
Individuals are nominated for election as directors based on their ability to represent DTCC’s diverse base of participants, and DTCC’s governance is specifically structured to help achieve this objective. Board members serve on a variety of Board committees with responsibility to oversee aspects of DTCC’s operation. In addition, to ensure broad industry representation and expertise on key industry subjects, industry representatives who are non-Board members also serve on a number of these committees.
Re-elected members of the DTCC board for 2009 include: William B. Aimetti, president and COO of DTCC; Mark Alexander, managing director and head of Technology and Operations for the combined Global Wealth and Investment Management business of Merrill Lynch and Bank of America and head of the Broadcort clearing business; Gerald A. Beeson, senior managing director and COO, Citadel Investment Group; Arthur Certosimo, senior executive vice president, Bank of New York Mellon; Donald F. Donahue, chairman and CEO, DTCC; Norman Eaker, CAO, Edward D. Jones & Co.; Robert Kaplan, executive vice president, State Street Bank & Trust Co.; Gerard LaRocca, managing director and CAO, Americas, Barclays Capital; Neeraj Sahai, global head of Securities and Fund Services, Citigroup; Timothy J. Theriault, president of Corporate and Institutional Services, The Northern Trust Company; Michele Trogni, managing director for UBS AG, as well as a member of the board of the Investment Bank and the global head of Investment Bank Operations; David A. Weisbrod, risk management executive for the Treasury & Securities Services division, JPMorgan Chase & Co.; Stephen Luparello, vice chairman and senior executive vice president, Regulatory Operations, FINRA; and Louis Pastina, executive vice president, NYSE Operations, NYSE Euronext.
Brief bios of the new members of DTCC’s board follow:
Stephen C. Daffron
Stephen C. Daffron is a managing director of Morgan Stanley. Daffron joined Morgan Stanley as the global head of ISG Operations in 2008 from his role as chief operating officer (COO) at Renaissance Technologies. Before joining Renaissance Technologies, he was the head of Global Operations for Wealth Management at Citigroup and the head of Operations for the Asset Management, Private Wealth Management, and Custody Operations for Goldman Sachs & Co.
Prior to his career on Wall Street, Daffron served as an associate professor at the U.S. Military Academy at West Point and in various command and staff positions in the U.S. Army, both domestically and internationally.
Daffron holds a bachelor of science degree from the U.S. Military Academy. He also received the following degrees from Yale University: master of Business Administration, master of Arts, master of Philosophy and doctorate of Philosophy.
Bernard W. Dan
Bernard W. Dan is chief executive officer and a member of the Board of Directors of MF Global Ltd., a leading intermediary offering customized solutions in global cash, derivatives and related markets. He joined MF Global in June 2008 and formerly served as the company’s president and chief operating officer.
Before joining MF Global, Dan was president and chief executive officer of the Chicago Board of Trade (CBOT) from November 2002 until July 2007. Prior to his appointment as president and CEO, he served as executive vice president for CBOT from 2001 until 2002.
From 1998 to 2001, Dan served as president and CEO of Cargill Investor Services, Inc., a wholly owned subsidiary of Cargill, Inc. He served as director of Cargill Investor Services (Singapore) Pty. Ltd. from 1994 until 1997. He was elected as a governor of the Board of Trade Clearing Corporation (BOTCC) in 1999 until 2002.
Dan is a member of various clubs and boards. He is currently a board member for the Futures Industry Association (FIA) and is an advisory board member for Sun Trading, LLC and Vichingo Global Investors Pty Limited. He serves on the Board of Trustees for Fenwick High School and also serves as member of the Board of Regents for St. John’s University. Dan received a bachelor of science degree in Accounting from St. John’s University in Collegeville, Minnesota.
Richard Taggart
Richard Taggart joined AllianceBernstein in 2008 and is currently head of Global Operations, which includes institutional investment management operations, fund services, and broker-dealer operations.
Prior to joining the firm, Taggart spent the majority of his career at Morgan Stanley, where he was responsible for a variety of operational functions including Transformation Services, Global Institutional Equity Operations, Trust Company Operations, and MSCI Product Development. International assignments included Tokyo, London, and Geneva.
Taggart had also served as a principal in two start-up firms in technology and business process outsourcing. He was also senior vice president, Global Business Architecture at JPMorgan Chase Global Investment Services, and vice president, Research Operations at Greenwich Associates.
Taggart received his master of science degree in Industrial Engineering and Operations Research from Columbia University, and his bachelor of science degree in Mathematics from St. Lawrence University.
Robin A. Vince
Robin A. Vince is head of Operations and serves on the Finance and Risk Committee at Goldman Sachs. He joined Goldman Sachs in 1994 and was previously head of Global Money Markets in Fixed Income, Currencies and Commodities, before assuming his current role in 2006. Vince was named managing director in 2002 and partner in 2006.
