The Depository Trust & Clearing Corporation (DTCC), a key part of global financial market infrastructure, has recently announced significant developments that underscore its commitment to tech advancements, security, and client-focused leadership.
These updates include the submission of a rule filing by its Fixed Income Clearing Corporation (FICC) subsidiary to the U.S. Securities and Exchange Commission (SEC) for a new “Collateral-in-Lieu” service, alongside the appointments (earlier this year) of Laura Deaner as Chief Information Security Officer (CISO) and Talia Klein as Head of Wealth Management Services.
Together, these moves signal DTCC’s proactive approach to addressing industry challenges and enhancing operational resilience.
On September 3, 2025, FICC submitted a rule filing to the SEC to introduce a new “Collateral-in-Lieu” service as part of its Sponsored General Collateral (GC) Offering.
This innovative enhancement aims to address critical industry concerns surrounding margin and capital efficiency, particularly in light of the U.S. Treasury clearing mandate.
The proposed service leverages a central counterparty (CCP) lien in place of traditional sponsor guaranties and margin postings, tackling the “double-margining” challenge that has long plagued tri-party repo transactions.
By utilizing the haircut typically posted by dealers to money market funds and other cash investors, the service streamlines collateral management while maintaining robust risk controls.
Laura Klimpel, Managing Director and Head of DTCC’s Fixed Income and Financing Solutions, emphasized the significance of this initiative:
“The Sponsored Service has been a … popular buy-side clearing solution, with over $2 trillion in volume flowing through the service on a typical day. The proposed Collateral-in-Lieu service… [takes] margin and capital efficiencies to the next level.”
The service will leverage BNY’s tri-party infrastructure to support both “done-away” and “done-with” trade execution styles, enabling sponsors and clients to utilize existing legal agreements and operational processes.
The filing is expected to be released in the Federal Register soon, opening a public comment period, with an anticipated launch in December 2025.
In June of this year, DTCC announced the appointment of Laura Deaner as its new CISO, reporting to Chief Information Officer Lynn Bishop.
With considerable experience in information security management, Deaner brings a wealth of expertise from her previous roles as CISO at Northwestern Mutual, S&P Global, as well as key positions at Morgan Stanley, JP Morgan Chase, and Citigroup.
Her mandate at DTCC includes overseeing enterprise-wide cyber strategies, enhancing cybersecurity programs, and embedding resilience into strategic initiatives such as AI-driven innovation and cloud adoption.
Deaner’s appointment comes at a critical time as financial institutions face increasingly sophisticated cyber threats.
Her experience and collaborative approach could be key in protecting DTCC’s infrastructure and maintaining trust in global markets.
Earlier this year, DTCC appointed Talia Klein as Head of Wealth Management Services, a role designed to strengthen the firm’s offerings for wealth management clients.
Klein, who previously served as Managing Director and Head of Integrated Technology and Operations at Pershing, a BNY Mellon company, brings expertise in client service, technology, and operations.
Her appointment reflects DTCC’s focus on delivering solutions to meet the evolving needs of wealth management firms.
In her new role, Klein will oversee the development and execution of DTCC’s wealth management strategy, driving operational efficiency and product development.
Klein’s leadership is expected to enhance client experiences and support the firm’s mission to promote stability and efficiency in financial markets.
These developments—FICC’s “Collateral-in-Lieu” service, Deaner’s cybersecurity leadership, Klein’s wealth management expertise—demonstrate DTCC’s approach to strengthening the financial ecosystem.
By addressing regulatory challenges, fortifying cybersecurity, and enhancing client services, DTCC continues to solidify its role as a partner in the financial industry.
As these initiatives progress, they are expected to deliver significant value to market participants, potentially ensuring efficiency, security, and resilience in an increasingly complex environment.
