DTCC Names New Managing Director of Strategic Planning

Business Wire, Nov 1, 2006

NEW YORK -- The Depository Trust & Clearing Corporation (DTCC) has named James P. Leonard to the new position of managing director for Strategic Planning, reporting directly to DTCC President and CEO Donald F. Donahue.

In his new post, Leonard will be responsible for working with senior management and the general managers of the company's business units to develop and articulate DTCC's strategy and plans. This would include analyzing and positioning the organization's strategic needs for the future, identifying new market opportunities and international initiatives as appropriate.

"Jim Leonard brings a wide range of experience in senior management positions to DTCC," said Donahue. "DTCC is facing a broad array of new challenges, and we will need to anticipate and develop new infrastructure services more rapidly than we have ever needed to do in the past. Jim has demonstrated strategic thinking and planning during tenures with both Schwab and Fidelity, and I know he will prove to be formidable asset to DTCC as we face the rapidly evolving environment of the next few years."

Donahue said the new position as head of strategic planning required Leonard to drive the development of the overall strategic plan for DTCC based on an understanding of various market developments, including the increased volume of trades in alternative asset classes (such as derivatives), the continued globalization of the financial services industry, the evolution of technology and industry consolidation.

Leonard most recently had been a senior managing director with Kaizan Capital Corporation in San Francisco, helping to create a new broker/dealer as a platform to provide advisory and other services to financial institutions.

From 2000 to 2004, he worked for Schwab Capital Markets, a unit of Charles Schwab & Co., Inc., both as senior vice president and chief operating officer, and as senior vice president, chief strategist and senior administrative officer. While with Schwab Capital Markets, he reengineered the equities business, automated the retail trading business and outsourced other business lines as appropriate. He also was responsible for managing five acquisitions in four years by Schwab Capital Markets.

From 1991 until 2002, Leonard worked in senior management positions for the Fidelity Capital Markets division of Fidelity Investments in Boston, MA in the risk and strategic management area. He worked with Massachusetts Financial Services from 1988 to 1991 as an equity research associate and options analyst.

Leonard graduated cum laude from Iona College in 1988 with a bachelor's degree in Business Administration - Finance.

Leonard lives in Far Hills, N.J.

Note to editors: A high resolution photo of James Leonard is available on the DTCC Web site at http://www.dtcc.com/leonard.html.> 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 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 more than 2.5 million securities issues from the United States and 100 other countries and territories, valued at $31.2 trillion. Last year, DTCC settled more than $1.4 quadrillion in securities transactions. DTCC has operating facilities in multiple locations in the United States and overseas. For more information on DTCC, visit www.dtcc.com.