NEW YORK--(BUSINESS WIRE)--The Depository Trust & Clearing Corporation (DTCC) has named Robert Garrison chief information officer, effective July 8. He joined the organization in October 2010 as a managing director and chief development officer of its Information Technology division.
In his new position, Garrison will have enterprise-wide responsibility for the ongoing development and testing of all the technology that supports DTCC’s post-trade infrastructure, which includes multiple data centers; communications networks; processing and messaging systems (which receive and respond to more than 2.4 billion messages each day); the IT applications underlying DTCC’s broad range of products and services; business continuity, and information security.
This infrastructure protects the certainty and reliability of DTCC’s post-trade processing capacity which, in just one of DTCC’s business functions, has handled close to 315 million transactions on a peak day and is capable of processing 850 million transactions a day.
“Since joining DTCC, Bob has shown a keen grasp of the technology issues and opportunities we face both in the industry and as an organization. This involves not only moving our technology initiatives forward but also helping to drive the transformation of our risk management controls to support the new and complex requirements of our customers and regulators, efficiently and cost effectively,” said Michael C. Bodson, DTCC’s chief operating officer. “The role of CIO requires a unique blend of leadership skills, extensive background and deep industry knowledge to meet these challenges, and Bob brings to the role all those attributes.”
Garrison will report to Bodson. He assumes the role of CIO from Jacob Feuchtwanger who will be retiring in early July after a distinguished 31-year career with DTCC.
Prior to joining DTCC, Garrison spent 25 years at Morgan Stanley working in various senior technology-leadership positions. Among many notable accomplishments, he directed the Global Wealth Management technology group, significantly improving the technology capabilities of the business. He also led the integration of the Morgan Stanley Smith Barney joint venture and the integration of Barclay’s Global Custody business into Morgan Stanley Trust Company.
Garrison earned a bachelor’s degree in government and history from Bowdoin College.
About DTCC
DTCC, through its subsidiaries, provides clearance, settlement and information services for equities, corporate and municipal bonds, government and mortgage-backed securities, money market instruments and over-the-counter derivatives. In addition, DTCC is a leading processor of mutual funds and insurance transactions, linking funds and carriers with their distribution networks. DTCC's depository provides custody and asset servicing for more than 3.6 million securities issues from the United States and 121 other countries and territories, valued at US$36.5 trillion. In 2010, DTCC settled nearly US$1.66 quadrillion in securities transactions. DTCC has operating facilities and data centers in multiple locations in the United States and overseas. For more information, please visit www.dtcc.com.