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.”

The post DTCC central securities depository subsidiary surpasses $100 trillion in assets under custody, marking historic milestone   appeared first on AdviserVoice.

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.”

The post DTCC announces executive leadership team appointments appeared first on AdviserVoice.