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Morgan Stanley, Goldman Sachs Execs Named to DTCC Board

DTCC said that as it looks to grow its business in these "difficult economic times," it expects that the new board members' global executive experience will help provide insight and direction.

DTCC announced that four senior executives from AllianceBernstein L.P., Goldman Sachs, Morgan Stanley and MF Global Ltd. have been newly elected 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, CEO of MF Global Ltd.; Richard G. Taggart, EVP and head of Global Operations, AllianceBernstein L.P.; and Robin A. Vince, managing director and global head of Operations for Goldman Sachs.

DTCC clears and settles virtually all equity, corporate bond and municipal bond trades, and money market instruments in the U.S., and the vast majority of trades in U.S. government securities and agency mortgage-backed securities. "In these difficult economic times, we are delighted to have four new members with such strong global executive experience join DTCC's Board," Donald F. Donahue, DTCC chairman and CEO, said in a release.

"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 DTCC's 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. Melanie Rodier has worked as a print and broadcast journalist for over 10 years, covering business and finance, general news, and film trade news. Prior to joining Wall Street & Technology in April 2007, Melanie lived in Paris, where she worked for the International Herald ... View Full Bio

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