Michael Bodson

Michael Bodson served as President and CEO of the Depository Trust & Clearing Corporation (DTCC) from 2012 to 2023. DTCC is the central post-trade infrastructure for US financial markets — it processes and settles the vast majority of securities transactions, reducing counterparty risk and ensuring settlement finality. In the wake of the 2008 financial crisis, DTCC implemented numerous regulatory reforms related to over-the-counter derivatives clearing, expanding its role in reducing systemic risk. Under Bodson, DTCC also advanced the move to T+1 settlement (settling trades one day after execution rather than two), which reduced settlement risk and capital requirements. DTCC's role is largely invisible to most market participants but it is the critical plumbing of US capital markets. The successful transition to T+1 settlement in May 2024, which Bodson helped plan during his tenure, was one of the most significant operational changes to US equity market infrastructure in decades.