The post-trade market infrastructure The Depository Trust & Clearing Corporation (DTCC) has added three new members to its board of directors.
Lester Owens is managing director and global head of wholesale banking operations at J.P. Morgan. He is also a member of the PayCo board of The Clearing House Payments Company, and part of the Executive Leadership Council.
Paul Simpson is managing director and global head of equity asset management services at Bank of America Merrill Lynch, where he is responsible for equity and foreign exchange prime brokerage, swaps, global custody, futures and options, and OTC clearing. He is also on the board of the Managed Funds Association.
Finally, Joseph Weinhoffer is treasurer and chief investment officer of ED&F Man Capital Markets, responsible for capital management, investing client segregated assets and supervising fixed-income trading. He is also the founder of RCap Securities and Quadriserv, a stock loan marketplace.
The board of directors is formed of a total of 19 directors; 12 representatives of clearing agency participants, three non-participant directors and two representatives designated by the DTCC Series A and B shareholders.
The remaining two members are the non-executive chair Robert Druskin and chair and CEO of DTCC Michael Bodson.
Druskin said: “We are excited to have three accomplished industry leaders joining our board as we continue to expand our mission to help address new challenges facing financial firms.”
He added: “They bring decades of experience across a wide range of areas in financial services to the board, and their expertise and perspective will be invaluable as we seek new opportunities to deliver greater value to our clients globally.”
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