DTCC sets foot in India

The Depository Trust & Clearing Clearing Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Read this Term Corporation announced 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 2008.

"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 Garrison.