Arianne Collette

The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, announced that Arianne M. Collette has joined the firm as Managing Director and Head of U.S. Equities effective November 17, 2025.

In this newly created role, Arianne will lead strategic planning and execution for DTCC’s U.S. Equities business, driving growth initiatives, market expansion, and operational efficiencies across DTCC’s clearing and settlement infrastructure. Arianne will be based out of DTCC’s Jersey City location and will report to Val Wotton, DTCC Managing Director and Global Head of Equities Solutions.

“We are pleased to welcome Arianne to DTCC,” said Wotton. “Her deep industry expertise, strategic vision, and commitment to innovation will be invaluable as we continue to deliver solutions that enhance market resiliency and efficiency for our clients.”

Arianne joins DTCC from Morgan Stanley, where she held senior leadership positions including Chief Operating Officer and Head of Strategy for Reinvestment, Global Head of Sales Strategy, and Americas Head of Resource Optimization. Arianne is also the co-founder and global chair of Women in Securities Finance, a global industry group of over 1,000 members dedicated to promoting diversity and inclusion within the financial services industry.

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Thomas Sullivan

The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced the appointment of Thomas Sullivan as Managing Director of DTCC Digital Assets, reporting to Nadine Chakar, Managing Director, Global Head of DTCC Digital Assets. Sullivan is responsible for leading and facilitating the development of DTCC Digital Assets’ strategic objectives, driving critical projects and partnering with clients, regulators and market participants to advance the firm’s leadership in digital innovation.

Sullivan brings to DTCC more than 20 years of experience in securities and banking, across operations and innovation. Previously, he was Head of Business Development for Digital Assets at Société Générale, where he helped establish the firm as a market leader in the issuance, transaction and management of digital-native financial products registered on blockchain. Prior to Société Générale, he was the Head of Broker Dealer Operations at Commerzbank, where he managed securities settlements, securities lending support, and asset servicing.

“As we accelerate DTCC’s leadership in digital asset innovation and deliver trusted infrastructure that bridges traditional finance with emerging blockchain ecosystems, we must advance our solutions and seek opportunities to collaborate with clients, regulators, and fintech partners to drive meaningful transformation across the financial landscape,” added Chakar. “Thomas’ appointment reinforces our commitment to doing just that. His proven experience in advancing blockchain solutions for the benefit of the industry, along with his innovative and collaborative approach, will enable us to continue to advance our offerings and ultimately deliver the TradFi / DeFi ecosystem of the future.”

“I am honored to be joining DTCC at such a pivotal time for the industry, when the TradFi and DeFi worlds begin to converge and digital assets take hold across the ecosystem,” said Sullivan. “I am excited to collaborate with my colleagues and across the industry and look forward to seeing what we collectively achieve in the years to come.”

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Val Wotton

The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, has announced that BNP Paribas and J.P. Morgan have joined CTM’s automated tri-party matching workflow for prime brokers, which streamlines trade communications between Hedge Funds, Prime Brokers and Executing Brokers. The CTM workflow brings even greater levels of efficiency to the global markets as the UK, EU, Switzerland and Liechtenstein prepare for the move to T+1 settlement by October 2027.

Today, many Prime Brokers often receive trade details from Hedge Funds in various formats and at different times which can extend to T+1, causing delays in post-trade processing. CTM’s tri-party matching capabilities standardize and automate the delivery of Hedge Fund trade files to Prime Brokers, ensuring timely communication of trade details and enabling a seamless and efficient trade processing flow. Specifically, the workflow utilizes CTM’s automated central matching functionality, supplying Prime Brokers with a golden copy of transaction details when a trade match occurs between a Hedge Fund and an Executing Broker, enabling real-time standardization and automation to the trade allocation process. Both firms have signed on to go live by the end of 2025.

“We are excited to have BNP Paribas and J.P. Morgan adopt CTM’s tri-party workflow as Prime Brokers,” said Val Wotton, DTCC Managing Director and Global Head of Equities Solutions. “This is a pivotal step in further automating and accelerating settlement processes, and we anticipate it will greatly enhance automation for Prime Brokers in EMEA and globally as additional financial markets transition to a T+1 settlement cycle.”

The workflow:

• Synchronises the automation of trade communication to all Prime Brokers
• Provides automated real-time trade notifications
• Identifies Prime Broker recipients intelligently via the golden source SSI database
• Increases the use of PSET matching through CTM to reduce settlement risk
• Enriches transactions in CTM with ALERT SSIs, offering enhanced transparency in settlement instructions
• Supplies a golden trade copy that has been pre-matched by the Hedge Fund and Executing Broker

“Joining DTCC’s CTM tri-party matching workflow as a Prime Broker aligns with BNP Paribas continuing commitment to deliver the best in class experience for our clients,” said Wayne Howard, Global Head of Prime Brokerage Operations Client Services. “This solution will enable us to further enhance post-trade processing as we work towards ensuring support for T+1 settlement across markets.”

“DTCC’s initiative to incorporate CTM into the Prime Broker environment will enable our teams to optimise post-trade processes, emphasising accuracy and speed, which will drive efficiencies for our clients,” said Anthony Fraser, Global Head of Prime Financial Services Operations at J.P. Morgan. “As a client-centric business, we are dedicated to supporting innovative solutions that enhance the client experience and maintain our service quality, at scale.”

CTM is DTCC Institutional Trade Processing’s central matching service for cross-border and domestic transactions across multiple asset classes. Today, there are 6,000+ clients in more than 89 countries using CTM to streamline workflows.

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Frank La Salla

The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, has announced that its central securities depository subsidiary, The Depository Trust Company (DTC), has surpassed a record-setting $100 trillion in assets under custody as overall U.S. market capitalisation continues to rise.

When reviewing assets under custody, DTC saw growth across many asset classes from 2020 to 2025:

• equities grew to $74.1 Trillion from $49.6 Trillion (+49%)
• within those equities, Exchange Traded Funds (ETFs) doubled, to $11 Trillion from $5.5 Trillion (+100%)
• Money Market Instruments grew to $4.1 Trillion from $3.2 Trillion (+28%).

In total, DTC assets under custody increased to $100.3 Trillion (2025) from $73.5 Trillion (2020), representing growth of 37%.

DTC is the central securities depository for equities, corporate bonds, and municipal bonds in the U.S. capital markets, and is a critical link in the post-trade lifecycle. DTC holds securities on behalf of financial institutions, custodian banks and brokers, and provides safekeeping and asset servicing, underwriting, corporate actions processing, securities processing, global tax services and issuer services. DTC reduces market risk by ensuring the safekeeping of securities and facilitating timely and accurate settlement.

Today, DTC provides custody and asset servicing for over 1.44 million securities issues from over 170 countries and territories.

“As the financial services industry continues to grow, firms around the world continue to turn to DTC for the asset servicing of securities issued in the U.S.,” said Frank La Salla, DTCC President and CEO. “This milestone is more than a measure of scale; it’s testament to the trust the financial industry places in DTCC and our responsibility to soundness and safety.”

Over the past 50 years, DTCC has served as a galvanising force, delivering automation and innovative capabilities that have secured and advanced financial markets for decades. From our work as the central clearing provider in the U.S. for equities and treasury transactions, to leading critical industry efforts such as T+1 and U.S. Treasury clearing, to facilitating the expansion of the digital asset ecosystem, DTCC remains committed to shaping the future of financial markets infrastructure.

“DTCC has played a critical role in the financial markets for decades, enabling it to scale and grow while ensuring resiliency and safety,” added Brian Steele, Managing Director and President, DTCC Clearing & Securities Services. “We are proud of our partnership with firms across the industry as they continue to place their traditional securities at DTC. The structural changes introduced through the creation of DTC resulted in our modern-day market structure that helped establish the U.S. equities market as one of the deepest, most liquid markets in the world. As we look to the future, we will be pioneering new digital asset solutions that we believe will be the next evolution of market structure, including DTC.”

Established in 1973, DTC was created to reduce costs and provide clearing and settlement efficiencies by immobilising securities and making “book-entry” changes to ownership of the securities. Through its suite of securities processing services, DTC provides participant firms a range of safekeeping and processing services for various types of securities. Securities processing services deliver efficient and cost-effective solutions for deposits, withdrawals, electronic direct registration and custody. DTC’s corporate actions processing and settlement services significantly enhance market efficiency and reduce operational risk. By automating and centralizing the handling of events such as dividends, mergers and reorganisations, DTC ensures accurate, timely and transparent communication between issuers and investors. Its settlement services offer reliable and secure processing of securities transactions, helping financial institutions reduce costs and improve compliance across the trade lifecycle.

“As markets evolve, our commitment to stability, transparency and forward-looking innovation has never been stronger,” added La Salla. “As the industry enters a new era of digital transformation and continued growth across traditional markets, DTCC remains committed to driving initiatives that unlock new value.”

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Sharon Biran

DTCC, the premier post-trade market infrastructure for the global financial services industry, has announced the appointment of Sharon Biran as Managing Director and Chief Client Officer, effective March 25. Ms. Biran joins the DTCC Executive Committee and will report to Francis J. La Salla, President, Chief Executive Officer and Director. Ms. Biran succeeds Timothy Keady, who announced he will leave the firm at the end of March.

As Chief Client Officer, Ms. Biran will lead the firm’s global client management and engagement strategy, including sales, relationship management, partners, and marketing and communications. She will also lead DTCC’s Consulting Services business. Ms. Biran brings more than 25 years of senior leadership experience in financial services overseeing strategic client relationships, managing complex global transformation programs and leading large-scale change initiatives aimed at improving operational resilience and organizational effectiveness.

Ms. Biran joins DTCC from Accenture where she served from 2017 as Managing Director and Global Account Leader, which entailed leading some of Accenture’s largest and most complex banking and capital markets client relationships. Prior to her combined 13 years with Accenture, Ms. Biran spent 15 years with UBS and JPMorgan Chase in a variety of executive roles, which included leading regulatory change programs and driving technology and operations transformation efforts.

Mr. La Salla said, “We’re pleased to have a seasoned executive like Sharon joining DTCC at this critical juncture in our history. Sharon’s deep experience in financial services, senior stakeholder engagement and operational resilience will help us advance our strategy, elevate how we deliver new capabilities and position us as a strategic partner to our global clients and the industry. We thank Tim for his contributions and wish him the very best in his future endeavors.”

Ms. Biran said, “I’m honored to join DTCC and excited to contribute to its mission of enhancing the stability and efficiency of the global financial markets. I look forward to working with the talented team at DTCC and leveraging my experience to further strengthen client relationships, drive innovation and deliver a world-class client experience.”

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As Head of Enterprise Services, Lio will be responsible for leading strategy development for DTCC’s Global Business Operations, Client Services, Integration and Business Architecture. Additionally, she will help drive forward DTCC’s digitisation efforts. She will report to Frank La Salla, DTCC’s President, Chief Executive Officer and Director.

La Salla said, “We’re delighted to welcome Gloria to DTCC, where she can share her expansive knowledge and skillset across our Enterprise Services. Gloria brings a strategic approach to leadership that supports DTCC’s continued focus on delivering outstanding results to our clients and key stakeholders. Within this role, she will lead and create new opportunities for greater synergies across the organisation while delivering enhancements to our digitalisation strategy and processes.”

Lio has over 25 years of experience in financial services, most recently at BNY Mellon where she served as Global Head of Custody and Middle Office Operations. Prior to that, Lio spent 20 years at Goldman Sachs, where she held a number of global and regional operational-related leadership roles.

Lio added, “I’m honoured to join DTCC, an influential leader in the global financial markets that is respected for its role in protecting market safety and stability. I look forward to partnering across the organisation to drive innovation and help deliver upon DTCC’s vision to serve as a strategic partner to clients while providing new and increased value to the industry.”

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Susan Cosgrove, who has served as DTCC’s Chief Financial Officer since 2013, has been named President, Clearing & Securities Services. In this role, Ms. Cosgrove will lead all equity and fixed income clearance and settlement, asset servicing and underwriting, wealth management and institutional trade processing businesses for DTCC. With this appointment, she also becomes Chair of the ITP Board of Managers. Ms. Cosgrove brings a wealth of business and financial experience to this role, having led Settlement & Asset Services and Equity & Fixed Income Clearing Services prior to being appointed Chief Financial Officer. Ms. Cosgrove assumes responsibility for the core clearance, settlement, asset servicing and wealth management businesses from Murray Pozmanter, who announced that he will retire from DTCC on April 14.

Timothy Keady has been appointed Chief Client Officer. In this capacity, Mr. Keady will have responsibility for leading DTCC’s global sales, relationship management, partners and marketing and communications functions, driving the firm’s client strategy across all DTCC products and services. He will also drive the growth of the repository and derivatives services, consulting and data services businesses globally. Additionally, DTCC will nominate Mr. Keady to serve again as Chair of the DTCC Deriv/SERV LLC Board of Directors and the boards of DTCC Data Repository (U.S.) LLC; DTCC Derivatives Repository Plc; and DTCC Data Repository (Ireland) Plc.

Renee LaRoche-Morris joins DTCC as Chief Financial Officer. In this capacity, Ms. LaRoche-Morris will lead DTCC’s global finance, treasury, strategic sourcing, real estate, corporate services, program management and new initiatives oversight functions. She joins the company from State Street, bringing more than 20 years of financial services experience including in finance, strategy, operations and business management. Since 2021, Ms. LaRoche-Morris held multiple roles at State Street, including Chief of Staff to the Chief Operating Officer and Chief Administrative Officer of Shared Services. She then transitioned to head the Integration Management Office for State Street’s acquisition of the Investor Services business of Brown Brothers Harriman. Prior to State Street, Ms. LaRoche-Morris was a Managing Director at BNY Mellon, where she held several roles including Chief Operating Officer of Investment Management, Interim Chief Financial Officer of Investment Management and Chief Financial Officer of Wealth Management. Ms. LaRoche-Morris also held strategy, operations and finance roles at Pershing LLC, the broker-dealer subsidiary of BNY Mellon, and at Deloitte Consulting.

Mr. La Salla said, “We are very pleased to welcome Renee to DTCC and congratulate Susan and Tim on their appointments. We are fortunate to have these talented and experienced industry leaders serve in these key positions to advance critical initiatives that protect the safety and stability of the global financial markets while creating new opportunities for our clients to grow and achieve optimum performance.”

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Kapil Bansal

The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today issued a whitepaper, “Data Strategy & Management in Financial Markets”, that identifies data management challenges, highlights themes to drive an evolution in financial market data exchange and data management over the next decade and outlines the foundation needed to support change.

“As new technological advancements, including broad adoption of cloud technology, spark an evolution of global markets, the financial services industry has an opportunity to reimagine how data is exchanged and managed across financial markets and firms,” said Kapil Bansal, Managing Director, Head of Business Architecture, Data Strategy & Analytics at DTCC. “For many years, companies have collected massive stores of data, but the siloed nature of data and the need for better data quality limited the ability of market participants to extract strategic insights to support more effective decision-making. We’re now at a unique moment where we can make this vision a reality, but long-term success hinges on market participants taking action to ensure their data strategy can meet the demands of a highly digitalized and interconnected marketplace.”

DTCC’s latest whitepaper details four hypotheses that will drive how data is used in financial markets in the future:

• Data will be more accessible and secure: Data users will have increased flexibility in determining how and what data is received at desired times. To enable this, data governance, privacy and security will need to be prioritis
• ed.
• Interconnected data ecosystems as a new infrastructure layer for the financial industry: Industry participants will free their own data from legacy systems and be able to pool it into data ecosystems and connect those ecosystems to others. This will reduce duplication of data across the industry and allow for the co-development of innovative data insights.
• Increased capacity to focus on data insights: More efficient data management, cloud enabled capabilities, and further automation of routine data management tasks will free up capacity and accelerate time to market for new product development, reducing the need for specialised data analysts and data operations teams to focus on deriving insights from vast stores of data.
• Ubiquity of “open source” data standards: It is anticipated that the industry will continue to adopt more standards around data models, with the most viable use cases being reference and transaction reporting data. This will result in increased operational efficiency and better data quality.

To enable these changes, the whitepaper suggests institutions that produce and consume significant amounts of data embed key principles into their data operating models, including:

• Establishing robust foundational data management capabilities, including having a thorough understanding and catalog of data, breaking down data silos and implementing robust data quality practices.
• Supporting strong data governance, including the right set of data privacy and security standards to enable data collaboration with partners.
• Exploring where there is mutual benefit from collaborative data environments across firms and the industry to advance interoperability.

Applying these principals will help market participants gain access to data that is trapped or underutilised today and allow for new and faster insights.

DTCC’s modernisation journey has been tightly coupled with its data strategy. This allows DTCC to capture the full potential of recent trends, deliver innovation and enable more efficient data management and data exchange, with the highest levels of resiliency as a critical market infrastructure provider.

Bansal added, “Building the future of data exchange and management will require close consultation and coordination among industry participants and service providers, including standardisation in how data is managed and shared. At DTCC, we’ve been engaging with our clients and partners to identify and prioritize next steps, and we look forward to continuing this dialogue to maximise the value and potential of data across the industry.”

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Michael Leibrock

Cyber risk ranks as the greatest threat to the global financial markets in 2022, with the COVID-19 pandemic and geopolitical tensions rounding out the top three threats overall, according to a new survey^[1] published by The Depository Trust and Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry.

More specifically, 24% of respondents cited cyber risk as the top overall threat to the industry, with over half (59%) citing it as a top five risk. Respondents highlighted the increased sophistication of attacks as well as the industry’s growing digital footprint as key drivers of this continued area of risk.

While the number of respondents who identified the COVID-19 pandemic as a top five concern dropped 15 percentage points over last year’s survey^[2], it still ranked second among the top five risks to the industry at 52%. Many respondents indicated they believe the pandemic will continue to impact the industry, disrupting supply chains and driving market volatility. Some respondents also expressed concerns over maintaining effective cybersecurity practices in a remote work environment.

Nearly half of the survey respondents (49%) identified geopolitical risks and trade tensions as a significant risk, with many citing concerns over the potential for growing state-sponsored cyber attacks.

“The survey shows that cyber risk is pervasive; it’s striking to see its impact extend across multiple top threat areas,” said Michael Leibrock, Chief Systemic Risk Officer at DTCC. “When describing the pandemic, risk managers stated that it left the industry more vulnerable to cyber crime. As a result of this and other drivers, it is critically important that firms continue to bolster their response plans, practice simulations, and frequently review their cybersecurity and risk management practices to assess whether they’re staying on top of this evolving threat.”

Two risks saw significant increases in this year’s survey: climate change and inflation. 38% of respondents saw climate change as a top five risk, up from 20% last year, while inflation was identified by 34% of respondents, up from just 7% last year. Respondents said that climate change posed increased “physical risks” that can take their toll through higher costs, business disruption, and loss of lives. Some respondents expressed concern that we could be at a “tipping point” with climate change – and that it remains to be seen whether global economies will address it proactively or reactively. When surveyed on inflation, 77% of respondents said they expect inflation to be equal to or higher than current levels a year from now, with some citing the belief that inflation does not appear to be transitory, and that it may slow down the economy as it weighs on purchasing power. In addition, 63% of respondents said they’re concerned that interest rates will be kept low for too long, creating continued inflationary pressure and/or asset bubbles.

“The risk landscape is constantly evolving yet deeply interconnected, which can make it difficult to predict what’s around the bend and where risk management priorities should lie,” said Adrien Vanderlinden, DTCC Systemic Risk Executive. “Risk managers should place continued focus on implementing tools that can help identify and evaluate risk, as well as develop plans to mitigate those risks.”

DTCC conducts its Systemic Risk Barometer survey each year, with its last survey, the 2021 Risk Forecast, published in December 2020.

The survey was conducted from September 14 to October 11, 2021.

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[1] https://www.dtcc.com/~/media/Files/Downloads/Risk-Management/DTCC-Systemic-Risk-Barometer-2022-Risk-Forecast
[2] https://www.dtcc.com/news/2020/december/02/coronavirus-pandemic-cited-as-top-risk-to-financial-stability-in-2021-according-to-new-dtcc-survey

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