Omgeo, the global standard for institutional post-trade efficiency, today announced that Michael Bodson, President and Chief Executive Officer of The Depository Trust & Clearing Corporation (DTCC), is joining Omgeo's Board of Managers as Chairman.
Mr. Bodson assumes the role from Andrew Gray, Managing Director of Core Business Management at DTCC, who will remain a member of the Board. In addition, Joan Binstock, Chief Financial and Operations Officer at Lord Abbett & Co. LLC, joins as a member of the Board.
The Board of Managers plays a vital role in the governance and oversight of Omgeo and its product and service development. Board members are responsible for representing the interests of the firm's 6,500 clients globally as decisions about strategy, governance and operations are made.
As President and CEO of DTCC, Mr. Bodson is responsible for leading the development and execution of DTCC's strategy as well as its principal operating subsidiaries, Depository Trust Company (DTC), Fixed Income Clearing Corporation (FICC) and National Securities Clearing Corporation (NSCC). He is also a member of DTCC's Board.
At Lord Abbett, Ms. Binstock is responsible for financial and operational support, as well as oversight of the firm's financial reporting, operations processing and account administration functions. In this role, she oversees the support of the investment team sales and marketing initiatives, client-related activities, and the financial resources of the firm.
"As Chairman, Mike will play an active role in helping to align the long-term business strategies of Omgeo and DTCC," said Marianne Brown, President and CEO of Omgeo. "Mike's understanding of our vision, goals and priorities will be invaluable, and we very much welcome his continued involvement and insight."
"We are also pleased to welcome Joan to our Board of Managers. Joan has a wealth of industry expertise which will add tremendous value to the continued growth of the firm. We look forward to her contributions to Omgeo's strategy as we seek to expand our community and deliver innovative products to market."
"Omgeo continues to make significant headway in strengthening middle and back office operations to benefit market participants and the broader financial markets" said Mike Bodson. "We share a common mission to protect our clients and the financial markets by providing market-leading solutions that create efficiencies, increase transparency, and reduce risk in post-trade operations. Our task now is to capitalize on the synergies between each organization to deliver a single, global strategy for post-trade processing and settlement."
"I am delighted to join Omgeo's Board of Managers at such an exciting time for the firm," said Joan Binstock. "I look forward to helping guide Omgeo's corporate strategy at a time when the global financial markets are focused on reducing risk and cost in post-trade processing, and as the regulatory environment continues to evolve."
Following the announcement that DTCC has acquired full ownership of Omgeo, Tim Collier, Chief Financial Officer of Financial & Risk at Thomson Reuters, has completed his tenure on Omgeo's Board to reflect this change in the company's ownership structure.
Omgeo's global Board of Managers is currently made up of representative members of the financial industry. Throughout the years, Omgeo has looked to its Board of Managers to help guide its strategic business decisions. This governance has ensured that Omgeo has been responsive and innovative, and delivered value on investment throughout its history.