The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, has elected three new members to its Board of Directors.
The new directors are Lester Owens, Managing Director and Global Head of Wholesale Banking Operations at JPMorgan; Paul Simpson, Managing Director and Global Head of Equity Asset Management Services at Bank of America Merrill Lynch; and Joseph Weinhoffer, Treasurer and Chief Investment Officer of ED&F Man Capital Markets Inc.
The Board provides direction and oversight for DTCC in the interests of its diverse stakeholders, while promoting safety and stability across the global financial markets. Currently, the Board is composed of 19 directors. Of these, 12 are representatives of clearing agency participants, three are non-participant directors, two are designated by DTCC's Series A and Series B preferred shareholders, and the remaining two are DTCC’s Chairman of the Board and its President and Chief Executive Officer. The three new members are all senior executives of clearing agency participants and bring significant and diverse skills and experience to the Board.
At JPMorgan, Lester Owens manages wholesale banking operations globally for the Corporate & Investment Bank. Owens is a member of the PayCo Board of The Clearing House Payments Company and was recently inducted into the Executive Leadership Council (ELC).
At Bank of America Merrill Lynch, Paul Simpson is responsible for multiple global markets businesses including equity and foreign exchange prime brokerage, stock loan, swaps, global custody and agency services, futures and options, and OTC clearing. Among other Board memberships, Simpson recently was asked to join the Board of the Managed Funds Association (MFA).
At ED&F Man Capital Markets Inc, Joseph Weinhoffer is responsible for firm financing, capital management, bank relationships, investing client segregated assets and supervising fixed income trading. Weinhoffer has been the founder of a number of financial services businesses.
“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,” says Robert Druskin, Chairman of DTCC’s Board of Directors. “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.”