DTCC Achieves CMMI Level 2 Certification; Carnegie Mellon `Capability Maturity Model Integration' Certification Marks Business Milestone for DTCC

Business Wire, Dec 14, 2004

NEW YORK -- The Depository Trust & Clearing Corporation (DTCC) today announced that its entire Applications Development and Maintenance (ADM) technology division has passed a formal assessment to achieve a Capability Maturity Model(R) Integration (CMMI(R)) Level 2 rating in all areas of the CMMI disciplines.

This internationally recognized assessment from Carnegie Mellon University's Software Engineering Institute (SEI) means that DTCC's technology division has established effective, well-defined processes and procedures in project management and software development that meet CMMI Level 2, and in certain cases, CMMI Level 3, requirements. ADM is responsible for developing, managing and testing all software used by DTCC and its subsidiaries for all services.

A team of independent evaluators from TeraQuest Metrics Inc., certified by the SEI, performed the assessment in conjunction with DTCC personnel.

"We're very proud of this accomplishment," said William Aimetti, managing director and DTCC's chief information officer. "CMMI is the standard of excellence in improving organizational processes in government and industry, and achieving Level 2 puts DTCC in a select group, especially among financial services firms.

"Obtaining this rating is a recognition of our level of commitment to excellence in project management and software development and delivery. It demonstrates our ability to have reliable and repeatable processes that reduce costs, lower risk and improve product quality and timeliness of delivery for solutions supporting the financial services industry."

DTCC has undertaken a major overhaul of its technology architecture and approach to developing new technology solutions since its formation in 1999. As the primary infrastructure organization supporting all equity markets in the U.S., in addition to an increasingly diverse product line, DTCC has to ensure capacity, reliability and be quick to market in meeting the growing demands of customers.

CMMI is a single framework of standards that guide an organization to improve quality and reduce software development costs by using reliable and repeatable processes. CMMI combines disciplines such as software and systems engineering and dovetails with other process-improvement methods used elsewhere in the organization, including Six Sigma and the Software Implementation Lifecycle (SILC). CMMI "best practices" enable organizations to link management and technology initiatives to business objectives. This expands product life cycles to ensure that products and services meet customer expectations. Firms are rated from Level 1 (the lowest level of software development standards) to Level 5 (the highest).

"This is an important evolutionary step in the way we manage technology development at DTCC, so our processes are codified, institutionalized and sustaining," said Aimetti. "However, we're not done yet. While our customer survey satisfaction score is 90%, our goal is to use CMMI guidelines to reach a measurable world class status in technology development as well."

About DTCC

The Depository Trust & Clearing Corporation (DTCC), through its subsidiaries, provides clearance, settlement and information services for equities, corporate and municipal bonds, government and mortgage-backed securities and over-the-counter credit derivatives. DTCC's depository also provides custody and asset servicing for more than two million securities issues from the United States and 100 other countries and territories. In addition, DTCC is a leading processor of mutual funds and insurance transactions, linking funds and carriers with their distribution networks. DTCC has operating facilities in multiple locations in the United States and overseas. For more information on DTCC, visit www.dtcc.com.