DTCC, the post-trade market infrastructure for the global financial services industry, announced that four new Board Members have joined its Board of Directors.
The Board plays a critical role in setting “the strategic direction of DTCC, working closely with the firm’s leadership and advising on topics including risk management, regulatory matters, the development of new products and services, emerging fintech and more.”
The new Directors are Brian Gallagher of JPMorgan Chase, Christopher Gelvin of UBS, Jon Herrick of the New York Stock Exchange and Igor Modlin of Goldman Sachs.
Brian Gallagher serves as Global Head of Markets Operations “at JPMorgan Chase. Gallagher leads a global team that is responsible for all aspects of operational support for the Markets Sales and Trading businesses. Gallagher has worked at JPMorgan Chase for 23 years, holding various roles and leadership positions at the firm.”
Christopher Gelvin serves “as Group Operations and Technology Office (GOTO) Chief Operating Officer at UBS.”
Gelvin is responsible for strategic planning and “operating management for GOTO, data governance and the technology investment portfolio across the firm.”
He has been with UBS for nearly 20 years, “holding several leadership roles in Operations and Technology.”
Jon Herrick serves “as Chief Product Officer at the NYSE, a part of Intercontinental Exchange, where he is responsible for product development and innovation across all areas of the exchange business.”
In his role, he oversees the NYSE’s transactions and market data businesses, “driving competitive strategy and distribution.”
Previously, Jon served “as Head of Markets at the NYSE, overseeing the exchange’s equities and options businesses.”
Igor Modlin serves “as Global Head of Prime Services Product Development at Goldman Sachs, where he is responsible for Prime Services’ front to back efforts.”
He is also a member of “the U.S. Client Assets Steering Committee. Modlin joined Goldman Sachs in 2005 and was named managing director in 2010 and partner in 2018.”
Kevin M. Kessinger, Non-Executive Chairman of DTCC’s Board said:
“We are pleased to welcome Brian, Christopher, Jon and Igor to the Board of Directors. They bring extensive leadership skills, deep subject matter expertise and diverse experiences in financial services to the Board at a time when the industry is looking to DTCC for enhanced support. As our company takes on a larger role leading change through innovation, we look forward to their guidance, insights and contributions.”
The DTCC Board of Directors is currently “composed of 22 Directors. Of these, 13 are participant Directors who represent clearing agency members, including international broker/dealers, custodian and clearing banks and investment institutions; five are non-participant Directors; two Directors are designated by DTCC’s preferred shareholders, NYSE/ICE and FINRA; and the remaining two Board members are DTCC’s Non-Executive Chairman and its President and Chief Executive Officer.”
With over 50 years of experience, DTCC is the post-trade market infrastructure for the global financial services industry.
From 20 locations around the world, DTCC, through its subsidiaries, automates, centralizes, and standardizes the “processing of financial transactions, mitigating risk, increasing transparency, enhancing performance and driving efficiency for thousands of broker/dealers, custodian banks and asset managers.”
Industry owned and governed, the firm innovates purposefully, “simplifying the complexities of clearing, settlement, asset servicing, transaction processing, trade reporting and data services across asset classes, bringing enhanced resilience and soundness to existing financial markets while advancing the digital asset ecosystem.”
In 2023, DTCC’s subsidiaries processed securities transactions “valued at U.S. $3 quadrillion and its depository subsidiary provided custody and asset servicing for securities issues from over 150 countries and territories valued at U.S. $85 trillion.”
DTCC’s Global Trade Repository service, through “locally registered, licensed, or approved trade repositories, processes more than 20 billion messages annually.”