DTCC Hires Industry Veteran Michael Bodson to Help Manage Its Growing Businesses.

NEW YORK -- The Depository Trust & Clearing Corporation (DTCC) announced today the appointment of Michael C. Bodson, a 20+ year industry veteran, to a newly created position of Executive Managing Director for Business Management and Strategy, effective March 1. He will report directly to DTCC President and CEO Donald F. Donahue.

In this new position, Bodson, 49, will be responsible for consolidating the product management of all DTCC business lines, strategic planning, relationship management and marketing under one umbrella. This role includes oversight of DTCC's core clearance and settlement businesses for equities and fixed income, its custody and asset servicing businesses, and the processing support provided to the mutual fund and insurance sectors, as well as DTCC's growing role in automating the post-trade processing of over-the-counter (OTC) derivatives.

"Mike Bodson is an enormously talented and respected leader in financial services," said Donald F. Donahue, DTCC President and CEO. "His broad industry knowledge, strong management skills and years of experience working in Asia will bring tremendous advantages to DTCC, as we are challenged to anticipate and develop new infrastructure services more rapidly than ever before while extending our reach globally."

Donahue said this new senior executive position will create a more rigorous business process management approach that will fully leverage the talent and resources the firm has to address changing customer requirements, including the increased volume of trades in alternative asset classes (such as derivatives), the continued globalization of the financial services industry, the evolution of technology and industry consolidation.

"The challenge for DTCC is that customer expectations are accelerating at almost warp speed. There's a whole new level of innovation required of us, and a much shorter time period for us to develop the kinds of capabilities the industry needs. And if we can't do it, our customers won't hesitate to seek a competitor of ours that can. We have to work smarter and faster than ever before. Like our customers, we'll have to gear up for business 24/7, not just in this market, but in markets and time zones throughout the world," said Donahue.

Mike Bodson is a former Board member of DTCC and, until recently, was Managing Director and Global Head of Operations at Morgan Stanley, responsible for supporting the Institutional, Retail and Asset Management groups.

Bodson was with Morgan Stanley for over 20 years. Prior to his most recent position, he was Global Head of the Institutional Securities Operations Group, supporting all equity, fixed income and commodities products. He also had responsibility for operational risk, business continuity planning and information security.

Before that, he served as Divisional Operations Officer for the Institutional Securities Group and Head of the Enterprise Information Group. In the mid-1990s, he served as Head of Finance, Administration and Operations for Morgan Stanley Japan in Tokyo and prior to that, he held similar responsibilities for Morgan Stanley Asia in Hong Kong.

Bodson joined Morgan Stanley in 1986. Before that, he worked at Bear Stearns and Price Waterhouse. He has dual degrees from Boston College, graduating Summa Cum Laude, with majors in Accounting and English. He is also a certified public accountant.

Note to editors: A high resolution photo of Michael C. Bodson is available on the DTCC Web site at http://www.dtcc.com/bodson.html.

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. In addition, DTCC is a leading processor of mutual funds and insurance transactions, linking funds and carriers with their distribution networks. DTCC's depository provides custody and asset servicing for 2.8 million securities issues from the United States and 100 other countries and territories, valued at $36 trillion. Last year, DTCC settled more than $1.5 quadrillion in securities transactions. DTCC has operating facilities in multiple locations in the United States and overseas. For more information on DTCC, visit www.dtcc.com.