DTCC names new boss

The Depository Trust & Clearing Corp. announced today that Michael Bodson will become chief executive of the securities clearinghouse effective July 1. Mr. Bodson, currently DTCC's chief operating officer, succeeds Donald Donahue, who is retiring. “This appointment is part of DTCC's long-term leadership succession strategy,” said Robert Druskin, executive chairman of DTCC's board, in a statement. Mr. Bodson will also serve as chief executive of DTCC's operating subsidiaries, and will continue to serve on its board. DTCC provides clearing, settlement and information services for equities, fixed-income instruments, mutual funds, annuities and alternatives. Through its National Securities Clearing Corp. subsidiary, DTCC runs the Automated Customer Account Transfer Service (ACATS), the Fund/SERV system for processing mutual fund trades, and the relatively new Alternative Investment Product service, which provides information on alternatives, including valuations.