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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State Street Digital will leverage Copper.co’s technology to develop and, subject to receipt of regulatory and other approvals, launch an institutional grade digital custody offering where clients can store and settle their digital assets within a secure environment operated by State Street. The firm will leverage its robust infrastructure and vast experience to assist clients’ transition and thrive in the new digital economy.

Copper.co provides a gateway into the crypto asset space for institutional investors by offering custody, trading, and settlement solutions across 450 crypto-assets and more than 40 exchanges. The company is committed to providing flexible solutions for institutional investors that can adapt to the changing crypto asset space, while enabling far greater transparency and control for asset managers.

“As institutional investors’ interest in digital assets continues to grow, we are building the financial infrastructure needed to support our clients’ allocations to this new asset class,” said Nadine Chakar, head of State Street Digital. “State Street Digital’s mission continues to focus on putting the right tools in place so we can provide clients with solutions to support their traditional, as well as digital assets needs. Today’s exciting announcement will only enhance our ambition to deliver to our clients an amazing digital experience. We look forward to collaborating with the team at Copper as State Street Digital continues to grow.”

“As the digital asset market continues to evolve, this collaboration will help our firm to expand our product offering and roadmap,” said Swen Werner, head of digital custody for State Street Digital.

State Street’s product offering is subject to regulatory approval.

“That State Street, one of the world’s largest custodians, is creating a new digital asset service is a hugely important development for institutional engagement in this new asset class,” said Sabrina Wilson, COO, Copper.co. “We are proud to be part of State Street’s goal to lead the way in the transformation of financial infrastructure.”

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Rick Lacaille

State Street Corporation has announced its intention to establish its Agency Lending Program’s first Environmental, Social, and Corporate Governance (ESG) aware commingled cash collateral reinvestment strategy.

The Agency Lending team of State Street Global Markets has partnered with State Street Global Advisors, the asset management business of State Street Corporation, to provide securities lending clients with a commingled cash collateral reinvestment strategy that follows short-term investment guidelines, while considering R-FactorTM, a proprietary ESG scoring system as a component in making its investment decisions, to the extent consistent with applicable law.

“The continued rise in interest in ESG principles across markets underscores client appetite for their securities lending strategies to work in synergy with their ESG strategies,” said Nadine Chakar, executive vice president and head of Global Markets at State Street Global Markets. “This move builds on State Street’s commitment to leadership and innovation in applying ESG principles to cash reinvestment for securities lending.”

The strategy is currently available only to retirement plan clients that participate in State Street’s Agency Lending Program, and not otherwise available to the public.

“The groundswell of ESG support among the institutional lender and beneficial owner community in recent years has given rise to a multiplicity of related products, but the product category for ESG-aware, commingled cash reinvestment funds remains untapped,” said Francesco Squillacioti, global head of client management – securities finance at State Street Global Markets. “This launch affords State Street’s institutional client base yet another opportunity to express their focus on ESG and reaffirm their attention to socially-responsible yet prudent investing through a securities lending program.”

“We are excited to partner with State Street Global Markets to provide investment management services for this ESG-aware securities lending commingled cash collateral reinvestment strategy. As a firm, State Street Global Advisors has firmly committed to ESG principles,” said Pia McCusker, senior managing director and global head of cash management at State Street Global Advisors. “Partnering with State Street Global Markets, one of the largest securities lending cash collateral managers in the world, is a natural and logical combination and one that supports institutional investors’ ESG goals.”

State Street has been actively involved in the ESG space for a number of years, including recently announcing that Rick Lacaille, formally the chief investment officer for State Street Global Advisors, will provide enterprise-wide leadership of the company’s ESG solutions, services and thought leadership across all of State Street’s businesses. The bank also recently introduced enhancements to its ESG Solutions, ESG Risk Analytics, which now provides clients the ability to address new global regulatory reporting requirements through a single platform.

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