Francis La Salla Becomes DTCC’s President and CEO

On Monday, the Depository Trust & Clearing Clearing Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Read this Term Corporation (DTCC), a leading post-trade market infrastructure for the global financial services firms, announced that it appointed Francis La Salla, currently the Chief Executive Officer of BNY Mellon’s Issuer Services business, to its Board of Directors as President and CEO.

According to the press release, the appointment will be made effective from August 12. Also, Michael C. Bodson will retire from his role as CEO of DTCC. In addition to serving as President and Chief Executive Officer of the Depository Trust Company (DTC), Fixed Income Clearing Corporation (FICC), and National Securities Clearing Corporation (NSCC), La Salla will serve on the DTCC Board of Directors. In addition, DTCC’s Management Committee has welcomed him.

As CEO-elect, La Salla will join DTCC on June 13, 2022. Between June and August, La Salla and Bodson will coordinate the transition of DTCC duties. “We are very pleased to welcome Frank as President and CEO of DTCC. Frank brings extensive global experience across a wide range of front office and functional support roles to DTCC, which will be pivotal to advancing the organization’s growth strategy at a time when markets are evolving rapidly. Throughout his career, Frank has distinguished himself as a dynamic leader who brings a global perspective, collaborative approach and entrepreneurial mindset to the complex business challenges facing clients and the industry. He shares a deep appreciation for DTCC’s mission of protecting the safety and stability of the global financial system, is committed to further strengthening the firm’s risk management framework and will pursue an innovation agenda to position the company for long-term success,” Robert Druskin, a Non-Executive Chairman of DTCC’s Board, commented.

La Salla Comments

Moreover, La Salla issued the following statement: “It is an honor to be appointed CEO of DTCC and have the opportunity to lead an organization that makes a positive difference every day by safeguarding the global financial system, protecting the capital markets and supporting the investing public. Mike Bodson has been an outstanding steward for the industry over the last ten years, delivering client value, driving innovation and galvanizing the industry to advance critical initiatives. I look forward to working with Mike and his leadership team to ensure a smooth transition. I am also excited to work alongside incredibly talented and experienced DTCC colleagues as we identify new ways to broaden and enhance our level of support for clients, regulators and other stakeholders.”

Recently, DTCC selected William Capuzzi from Apex Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term Solutions and Kelley Conway from Northern Trust to be part of its Board of Directors.