Risk 25 firms of the future: DTCC

Ready for the horizontal-versus-vertical fight

Mike Bodson
Mike Bodson, DTCC

According to Don Donahue, the recently departed chief executive of the Depository Trust & Clearing Corporation (DTCC), the securities market is approaching a fork in the road. In one direction lies fragmentation, stunted competition and poor liquidity; the other leads to margin efficiency, inclusivity, liquidity and transparency. He’s talking about the contest between so-called vertical and horizontal business models. The DTCC sits firmly in the horizontal camp, and Donahue is confident about

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