DTCC Continues Expansion of Deriv/SERV Leadership Team for OTC Derivatives; Gina S. Ghent, International Derivatives Lawyer, Joins DTCC.

NEW YORK -- The Depository Trust & Clearing Corporation (DTCC) has named Gina S. Ghent vice president for Business Development, responsible for growing DTCC's OTC derivatives post-trade processing business globally.

Ghent comes to DTCC from Canadian Imperial Bank of Commerce (CIBC), CIBC World Markets Corp., where she served as a trading room advisor and derivatives lawyer for the investment banking division, and has worked with a plethora of derivatives products throughout her career, including credit, equity, fixed income, commodities and others.

"As a well-known derivatives lawyer with expansive product knowledge, Gina brings unique and valuable experience to our Deriv/SERV business development team during a critical period of rapid growth," said Peter Axilrod, managing director, DTCC Business Development. "Over the past year, we have attracted several industry experts to our organization to help us meet the burgeoning demand for post-trade processing of credit default swaps, equity derivatives, interest-rate derivatives, and other OTC products."

Last month, Bill Stenning, a former chief operating officer at SwapsWire and managing director at Sungard, joined DTCC in London. In 2004, Bill Hodgson came on board in London from LCH.Clearnet, where he had led product development for its SwapClear OTC derivatives business.

"We are delighted to have Gina leading our product management effort for Deriv/SERV's equity derivatives platform, and she'll be involved in many aspects of our credit default swaps post-trade service offerings," said Janet Wynn, managing director and general manager, DTCC Deriv/SERV. "She's someone who comes to DTCC with a wealth of knowledge of this market and an established network of contacts among customers -- both global dealers and the buy side community."

"It is exciting to join such an accomplished team of industry professionals," said Ghent. "I look forward to leveraging my experience as a documentation head and trading room advisor in the investment banking world and applying it to the exciting world that is continuing to be created here at DTCC."

Ghent earned business and law degrees at the Sorbonne and the University of London, and was nominated as a Rhodes Scholar. She also holds an Executive MBA degree from Cornell University. She recently co-authored an article in the 2005/06 Euromoney Derivatives & Risk Management Handbook, "Evolution of the Credit Derivatives Market: Where We Were, Where We Are and Where We Are Going." An active member of the International Swaps and Derivatives Association (ISDA), the derivative industry's main governing and policy-making organization, Ghent represented CIBC on ISDA's Credit Derivatives Market Practice Committee.

About DTCC

The Depository Trust & Clearing Corporation (DTCC), through its subsidiaries, provides clearance, settlement and information services for equities, corporate and municipal bonds, government and mortgage-backed securities and over-the-counter derivatives. DTCC's depository also provides custody and asset servicing for almost two and a half million securities issues from the United States and 100 other countries and territories. In addition, DTCC is a leading processor of mutual funds and insurance transactions, linking funds and carriers with their distribution networks. DTCC has operating facilities in multiple locations in the United States and overseas. The derivatives services are provided through DTCC Deriv/SERV LLC. For more information on DTCC, visit www.dtcc.com.

About Deriv/SERV

Deriv/SERV's customer base is the largest of any other post-trade service provider in the market place and includes the 25 of the largest derivatives dealers globally and more than 225 buy-side firms, with a rapidly growing number of firms in the pipeline. DTCC first entered the OTC derivatives market in late 2003 through its wholly owned subsidiary Deriv/SERV in response to requests from major dealers and banks that were looking to develop automated processing solutions that could help them efficiently and safely manage the industry's rapid growth rate. First supporting matching and confirmation for credit default swaps, DTCC expanded Deriv/SERV in 2004 to accommodate global equity OTC derivatives and launched payment processing services. In 2005, Deriv/SERV expanded to support interest rate swaps and swaptions, equity swaps and variance swaps. In addition, a growing number of front-office electronic trading service platforms linked to DTCC in 2005 to provide the market with end-to-end straight-through-processing solution for OTC derivatives.