The Depository Trust & Clearing Corporation (DTCC) has elected four senior executives from AllianceBernstein L.P., Goldman Sachs, Morgan Stanley and MF Global Ltd. to the DTCC Board of Directors.
The new board members are: Stephen C. Daffron, managing director and global head of Institutional Securities Group (ISG) Operations for Morgan Stanley; Bernard W. Dan, chief executive officer of MF Global Ltd.; Richard G. Taggart, executive vice president and head of Global Operations, AllianceBernstein L.P.; and Robin A. Vince, managing director and global head of Operations for Goldman Sachs.
“In these difficult economic times, we are delighted to have four new members with such strong global executive experience join DTCCs Board,” said Donald F. Donahue, DTCC chairman and CEO. “As we look to grow our businesses and serve our customers better in this crisis, we expect that our new board members will provide new insight and direction for us as we move forward.”
The 2009 DTCC Board is composed of 18 directors serving one-year terms. Fourteen directors are representatives of clearing agency participants, including international broker/dealers, custodian and clearing banks, and investment institutions. Two directors are designated by DTCCs preferred shareholders, NYSE Euronext and FINRA, and the remaining two are the chairman and chief executive officer and the president and chief operating officer of DTCC. All of the Board members except those designated by the preferred shareholders are elected annually.