The DTCC, the industry’s post-trade infrastructure provider, has promoted Lynn Bishop to chief information officer, and given her a mandate to oversee a vast array of incumbent securities operations systems while steering the organization through a future of emerging, disruptive technologies.
Bishop immediately replaces Bob Garrison, who is retiring in February 2020 after serving for eight years in the top IT management post. Bishop has moved up from the position of chief development officer (CDO) and, prior to that post, served as chief technology officer (CTO) for the DTCC, officials say.
Before taking on the role of CTO in September 2013, Bishop “spent nearly a decade at DTCC in a variety of IT management positions. She began her career at the consulting giant Accenture where she was responsible for delivering systems integration, architecture, project management, and business and information technology solutions to several large global financial institutions, officials say.
In her new role, Bishop “is responsible for the ongoing development and testing of all the technology that supports DTCC’s post-trade infrastructure, communications networks, processing and messaging systems, as well as the IT applications underlying DTCC’s broad range of products and services,” according to DTCC officials.
Bishop has been with the DTCC for the past 15 years and officials say that she served as “a driving force behind several strategic IT initiatives, including expanding and re-platforming the underlying IT infrastructure for the Global Trade Repository (GTR) service, developing enhancements to improve settlement finality and transparency in the settlement of money market transactions and overseeing the transition to a T+2 settlement cycle in the US,” according to an official statement. “She has also been instrumental in guiding DTCC technology decisions around the adoption of emerging technologies, including DLT, cloud, robotics, machine learning and AI.”
Bishop references the oncoming technology waves in her blog posting about the DTCC effort to reengineer the night cycle effort (the post can be found here http://bit.ly/2BS1tBM). During the night cycle, the Depository Trust Co. (DTC) settles more than one million DTC and National Securities Clearing Corp. (NSCC) transactions before settlement day.
The reengineering effort involves an “automated algorithmic-driven enhancement to the settlement cycle” that is intended to “double the current night cycle settlement rates, creating tremendous operational and processing efficiencies for clients while reducing risk for the entire industry,” Bishop says via her blog. “Going forward, we expect to harness machine learning to continually enhance night-cycle processing because our algorithm is configurable in design, lending itself to fine-tuning and on-going enhancement over time.”
In addition to embracing cutting-edge IT, Bishop has championed diversity and inclusion, and has worked to advance women in science, technology, engineering, math and medicine careers, officials say. “She was recently appointed as DTCC’s senior sponsor of “Girls Who Code,” a national nonprofit organization working to close the gender gap in technology, and actively supports DTCC’s D&I efforts, including programs and initiatives that are helping to develop emerging talent and women in technology,” officials add.
Bishop, who is a member of the management committee of the DTCC, will report directly to Michael Bodson, CEO of the DTCC.
“We are pleased to appoint Lynn as our new CIO at a critical time when emerging technology is reshaping how the financial markets operate,” Bodson says in a prepared statement.