Chennai, Tamil Nadu, India and New York, United States
The Depository Trust & Clearing Corporation (DTCC) announced today that
it is expanding its India business centre in Chennai, India’s “tech
centre,” into a technology infrastructure support and development office
to help bolster its core, global, round-the-clock transaction
processing, funds delivery and data storage businesses.
Over the next two years, DTCC plans a substantial expansion of its
full-time staff in Chennai. In anticipation of this growth, the office
has relocated to a larger site in Chennai where it can potentially
acquire additional space as it expands.
DTCC, the world’s largest post-trade infrastructure organization, began
working with technology vendors in Chennai in 2004 and has staffed an
information technology centre and vendor oversight function there since
“Creating a stronger base in India helps us strengthen our presence and
information technology resources to support regional European and
Asia-Pacific business initiatives. The geographic dispersal of our staff
also allows us to sustain our ‘follow-the-sun’ global workflow model for
managing our information technology,” noted Robert Garrison, DTCC
Managing Director and Chief Information Officer.
“This multi-continent approach gives our clients a faster and more
cost-effective response since information technology testing,
development and services can follow the sun and be carried out and
delivered on a 24-hour basis,” Garrison said.
The decision to expand its staff and activities in Chennai also reflects
DTCC’s increased need and push to:
help sustain DTCC’s growing operations and rapidly expanding global
data management businesses,
provide additional technology research and development resources,
ensure 24-hour business continuity and risk-mitigation support for
DTCC and other securities industry infrastructure organizations that
contract with DTCC for business continuity back-up, and,
manage and support a broader range of information technology vendors.
In recent years, DTCC has broadened its business offerings and
strengthened its position in Europe and Asia in response to worldwide
regulatory reforms and market trends.
“As we continue to expand globally, we need to ensure our technology
organization is structured and run to give our clients more efficient
and better risk-managed global service delivery around the clock,” said
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 their distribution networks. DTCC’s
depository provides custody and asset servicing for almost 3.7 million
securities issues from the United States and 121 other countries and
territories, valued at US$39.5 trillion. In 2011, DTCC settled nearly
US$1.7 quadrillion in securities transactions. DTCC has operating
facilities and data centres in multiple locations in the United States
and overseas. For more information, please visit www.dtcc.com.