DTCC adds four directors to board amid market shifts
DTCC has appointed four new members to its Board of Directors, bringing the board to 21 directors.
The new directors are Roland Chai of Nasdaq, Massimiliano Ciardi of Citadel, Stephen Hood of Marex and Georges Lauchard of Barclays. Their appointments add senior experience in exchange operations, treasury, clearing and investment banking to the board of the market infrastructure group.
The board works with DTCC's leadership on strategic direction and advises on risk management, regulatory matters, new products and financial technology. The organisation sits at the centre of post-trade processing for the financial services industry and is owned and governed by the industry.
Chai is President of European Markets and Head of Digital Assets at Nasdaq, where he oversees seven exchanges, a central counterparty and a central securities depository group. He previously served as Nasdaq's first Global Chief Risk Officer and was responsible for the company's global risk programme.
Ciardi is Global Treasurer of Citadel, overseeing global liquidity, counterparty risk and capital management. Before joining Citadel, he spent 17 years at Goldman Sachs, where he became a partner and Global Head of the Equities Funding Group in the Global Markets Division.
Hood is America's Head of Clearing at Marex, leading the firm's futures and options clearing operations and supporting digital-asset clearing and tokenised frameworks. He brings more than 25 years of leadership experience across global futures commission merchant and broker-dealer markets.
Lauchard is Chief Operating Officer of Barclays Investment Bank. He oversees global technology, operations and controls across the division's transformation programme. Earlier in his career, he spent 20 years at J.P. Morgan in senior leadership roles spanning operations, markets, technology and controls.
Board mix
The board now consists of 21 directors, 13 of whom are participant directors representing clearing agency members, including international broker-dealers, custodians and clearing banks, and investment institutions.
Four are non-participant directors. Two are designated by preferred shareholders, ICE and FINRA, while the other two seats are held by DTCC's Non-Executive Chairman and its President and Chief Executive Officer.
The latest appointments highlight the breadth of institutions represented in the governance of financial market infrastructure, spanning exchanges, trading firms, brokers and global banks. They also come as market operators and intermediaries continue to navigate changing regulation, technology shifts and growing interest in digital assets and tokenised markets.
DTCC has a large footprint in global securities processing. In 2024, its subsidiaries processed securities transactions valued at USD $3.7 quadrillion, while its depository subsidiary provided custody and asset servicing for securities issues from more than 150 countries and territories valued at USD $99 trillion.
Its Global Trade Repository service processes more than 25 billion messages each year through locally registered, licensed or approved trade repositories. The group operates from 20 locations worldwide.
Kevin M. Kessinger, Non-Executive Chairman of DTCC's Board, commented on the appointments.
"We are delighted to welcome Roland, Massimiliano, Stephen, and Georges to the Board of Directors," said Kessinger. "Their collective experience and expertise across global markets, risk management and financial infrastructure will be invaluable as DTCC continues to advance market resilience and innovation to help lead the evolution of the global financial system."