In the Annual Report 2024, Frank La Salla, President, Director, and Chief Executive Officer of DTCC, reflects on a year marked by historic changes to market structure in the financial industry. Despite the challenges, DTCC emerged stronger, demonstrating its leadership and commitment to innovation.
One of the most significant industry initiatives in 2024 was the successful implementation of T+1 in North America. This transition to a shorter settlement cycle required extensive testing and preparation, and DTCC played a pivotal role in steering the industry towards a seamless conversion. The move to T+1 was no different in how DTCC collaborated and coordinated with market stakeholders to deliver on this massive initiative and achieve all the benefits that it promised the industry, including returning $3 billion in liquidity to the marketplace through a reduction in the clearing fund, driving same-day affirmations of transactions to a historic 95%.
La Salla, commented, “T+1 is just one example of how DTCC strengthened its position as a global leader and strategic partner in 2024, which named our Year of Execution given the criticality of the imperatives on our agenda.”
As several countries in Europe mobilize to implement T+1, DTCC is sharing its knowledge and best practices to support their efforts. While continuing to elevate the firm, DTCC also advances other important initiatives, including U.S. Treasury clearing, derivative rule refits globally, digital asset adoption and modernization
In a relatively short amount of time, DTCC’s new Digital Assets business has positioned the company as a global leader in the development of the digital asset ecosystem. In a relatively short amount of time, our Digital Assets business has raised our standing as a global leader in the development of the digital asset ecosystem.
The rollout of DTCC Digital Launchpad, an industry sandbox for digital asset experimentation and testing, has generated excitement and interest from market participants and is increasingly viewed as the “it” place for effective collaboration. Launchpad – as well as its most recent solution, ComposerX, which streamlines token creation and settlement – enables participants to co-create solutions and, over time, link them to establish the infrastructure to support a digital financial system.
In addition to digital assets, DTCC has made significant strides in technological modernization. The company has embedded digitization and innovation into its upgraded applications and enterprise platforms, improving client experience and strengthening the flexibility and functionality of its platforms and applications. DTCC’s modernization efforts will ensure that its systems and applications endure a host of scenarios, including those that could disrupt operations and the financial markets.
DTCC is also advancing Artificial Intelligence (AI) initiatives to enhance productivity, risk management, and client experience. The company has adopted new enterprise AI tools to help employees work more efficiently and productively. DTCC’s AI Accelerator program supports leaders in driving drive AI adoption across the firm, and more broadly it has made available more than 300 online AI courses to help employees become familiar with AI and know how to use it in a safe and compliant manner.
None of DTCC’s achievements in 2024 would have been possible without the outstanding efforts of its people. La Salla emphasizes the importance of leadership development, professional growth, and workplace sustainability in fostering a culture of collaboration and excellence.
As DTCC looks ahead to 2025, the company is proactively charting its course with a clear vision of its path forward. La Salla’s letter underscores DTCC’s commitment to innovation, technological modernization, and the dedication of its people.
