• Press Room
  • Press Releases
    • 2008
    • 2007
    • 2006
    • 2005
    • 2004
    • 2003
    • 2002
    • 2001
    • 2000
    • 1999
  • Media Contacts
• Newsletters

News Center

Press Room

DTCC Board of Directors Elect Richard B. Nesson Executive Managing Director, Legal, Regulatory And Compliance

New York, July 12, 2005 - The Depository Trust & Clearing Corporation (DTCC) today announced the election by its Board of Directors of Richard B. Nesson as executive managing director, legal, regulatory and compliance.

Nesson's responsibilities will focus on regulatory and compliance issues as they relate to each of DTCC's lines of business and across all function areas within the organization. A 22-year veteran of the firm, this new role is an expansion of Nesson's existing responsibilities leading the functions of the Corporate Secretary's Office and for the Office of Corporate and Regulatory Compliance. He reports to Jill Considine, DTCC Chairman and CEO.

"Richard's considerable expertise and leadership skills have been instrumental in protecting DTCC's integrity as a trusted utility for the financial services industry particularly in an increasingly complex regulatory and compliance environment," said Considine. "Richard has been an invaluable member of DTCC management over a number of years. His deep and vast experience in managing a wide range of legal issues will only strengthen DTCC's reputation for maintaining the highest standards of conduct and as a key contributor to the safety and soundness of the financial infrastructure of the U.S."

Nesson was most recently managing director and general counsel for DTCC, responsible for all legal activities for the organization and its subsidiaries. He joined the organization in 1983 as associate counsel and was appointed general counsel for The Depository Trust Company (DTC) in 1986. He became general counsel for DTCC in 1999 following the integration of National Securities Clearing Corporation (NSCC) and DTC. Prior to that, he was general counsel of the Municipal Securities Rulemaking Board and held various positions on staff of the Securities and Exchange Commission's (SEC) Division of Corporation Finance. His last position with the SEC was as Chief of the Task Force on Corporate Accountability.

Nesson received a J.D. degree from the University of Michigan Law School and is a graduate of Harvard College. He is a member of the bars of Massachusetts, the District of Columbia and New York

About DTCC

Through its subsidiaries, DTCC 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 more than two 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. For more information on DTCC, visit www.dtcc.com.