The Depository Trust & Clearing Corporation (DTCC) has tapped Lynn Bishop to become its new chief information officer, replacing Bob Garrison, who is set to retire in February 2020.
Bishop has worked at DTCC for almost 15 years and is currently a member of the firm’s management committee team. She also serves as chief development officer (CDO).
Meanwhile, Garrison has worked at DTCC for nine years, with eight of those spent working as CIO.
A spokesperson for DTCC said that Garrison will continue to play an active role at DTCC until his retirement, in order to ensure a smooth handover.
Both are based in New York. As CIO, Bishop will report directly to DTCC’s CEO Michael Bodson. She will be responsible for the development and testing of the technology that supports DTCC’s post-trade infrastructure, communications networks, processing, and messaging systems.
Bishop will also be responsible for the ongoing development and testing of the IT applications underlying DTCC’s broad range of products and services.
Prior to her recent role as CDO, Bishop was chief technology officer, and according to DTCC, Bishop has been a driving force behind several strategic IT initiatives.
DTCC noted that this includes expanding and re-platforming the underlying IT infrastructure for the Global Trade Repository (GTR) service.
As well as this, Bishop also developed enhancements to improve settlement finality and transparency in the settlement of money market transactions and overseeing the transition to a T+2 settlement cycle in the US.
She has also been instrumental in guiding DTCC technology decisions around the adoption of emerging technologies, DTCC noted.
Aside from this, Bishop has also been named as a ‘champion for diversity and inclusion’, and was recently appointed as DTCC’s senior sponsor of ‘Girls Who Code’, a US national not-for-profit organisation working to close the gender gap in technology.
Commenting on the appointment, Michael Bodson, president and CEO at DTCC, said: “Bishop’s reputation for having deep insights on a wide range of technology issues, a natural ability to problem-solve complex IT challenges and a collaborative approach will be important as we continue to re-architect our systems and assess and adopt new technologies to continue to enhance how we serve our clients and protect the industry.”
He added: “Under Garrison’s leadership, DTCC has increased the stability and resiliency of our technology platforms, and we have made significant progress in modernising our IT infrastructure.”
