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DTCC Appraised as a CMMI Level 3 Organization
New York, October 2, 2008 - The Depository Trust & Clearing Corporation (DTCC) announced today that it has been appraised at a Capability Maturity Model® Integration (CMMI®) Level 3, the only U.S. financial services organization to have achieved this rating across its entire enterprise.
This internationally-recognized assessment from the Software Engineering Institute (SEI) of Carnegie Mellon University is a coveted designation, and the bar for attaining a CMMI Level 3 standard is high. It means that DTCC's entire Applications Development and Maintenance (ADM) division - a group of approximately 500 information technology employees, located in DTCC's U.S. offices and overseas - has established effective, efficient and well-defined processes and procedures in software development and delivery.
"This is an enormous achievement that reflects our world-class performance capabilities and the quality mindset across our organization," said Donald F. Donahue, chairman and CEO of DTCC. "A CMMI Level 3 designation is something that sets us well apart from other financial organizations, and is respected around the world."
CMMI, the measure of excellence in improving organizational processes in government and industry, is a framework of best practices that guide an organization to improve quality and reduce software development costs by using reliable and repeatable processes. Specifically at DTCC, being assessed as a CMMI Level 3 organization means that DTCC has demonstrated its implementation of these "best practices" which directly link management and technology initiatives to business objectives. With reliable, well-defined and continuous improvement processes, DTCC will reduce costs, lower risk, and improve product quality and timeliness of delivery for technology solutions supporting the financial services industry.
"CMMI Level 3 is achieved only by those elite organizations that are completely dedicated to quality in the management and development of products and services," said William B. Aimetti, president and chief operating officer of DTCC. "It signals to our customers and the industry just how seriously we take our quality process improvement initiatives."
At DTCC, CMMI practices dovetail with other industry recognized process-improvement methods, including Six Sigma and the Information Technology Infrastructure Library (ITIL). Firms undergoing a formal CMMI assessment are rated on their software development standards from Level 1 (the lowest) to Level 5 (the highest). The announcement today represents the solid institutionalization of all 18 CMMI Level 3 process areas across the ADM organization.
An independent Lead Appraiser from Borland, certified by the SEI, performed the assessment on 152 unique projects over a three-week period earlier this month, in conjunction with an appraisal team of DTCC personnel. The assessment consisted of intensive examinations on-site, closely evaluating DTCC's processes and procedures, as well as interviews with many ADM staffers.
"In this increasingly competitive financial services world, quality in our products and services as well as the technology support we provide to customers help us transcend market spaces, borders - and market turbulence," continued Donahue. "Achieving CMMI Level 3 distinguishes and differentiates us from the competition."
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, money market instruments and over-the-counter derivatives. In addition, DTCC is a leading processor of mutual funds and insurance transactions, linking funds and carriers with financial firms and third parties who market these products. DTCC's depository provides custody and asset servicing for 3.5 million securities issues from the United States and 110 other countries and territories, valued at $40 trillion. Last year, DTCC settled more than $1.86 quadrillion in securities transactions. DTCC has operating facilities in multiple locations in the United States and overseas.