The Depository Trust & Clearing Corporation (DTCC) has announced the appointment of Lynn Bishop as chief information officer, effective immediately.

In this role, she will be 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 its range of products and services.

Bishop is already a member of the firm’s management committee and now reports directly to chief executive Michael Bodson. She previously served as DTCC’s chief development officer and, before that, was chief technology officer.

During her nearly 15 years at DTCC, Bishop has been 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 a statement, she has also been instrumental in guiding DTCC technology decisions around the adoption of emerging technologies, including distributed ledger technology, cloud, robotics, machine learning and artificial intelligence.

Bodson commented: “Lynn’s reputation for having deep insights on a wide range of technology issues, a natural ability to problem solve complex IT challenges and a collaborative approach will be important as we continue to rearchitect our systems and assess and adopt new technologies to continue to enhance how we serve our clients and protect the industry.”

She replaces Bob Garrison, who plans to retire in February 2020 after nine years with DTCC, the past eight as chief information officer.

Bodson added: “Under Bob’s leadership, DTCC has increased the stability and resiliency of our technology platforms, and we have made significant progress in modernizing our IT infrastructure – on behalf of the board and management committee, we thank him for his dedication and service to DTCC and our clients, and wish him health, happiness and luck on his upcoming retirement.”

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