Delivering market infrastructure for the digital future of the securities industry

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alistair jones
Chief Executive

Former global custody head and new product at J.P. Morgan and related roles at HSBC as well as ABN.

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mario passudetti

Former Managing Director at Bank of New York Mellon, specialist on stock transfer and international depositary receipts.

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Peter Jacaruso
Member Development

Former Head of Product Development at State Street Global Services and Deutsche Bank (Transaction Banking).

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chARLES v. senatore
Compliance & RISK Advisor

Former SEC lawyer, head of risk & compliance at Fidelity Investments and Merrill Lynch.

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Thorsten Peisl
IT Infrastructure ADVISOR

CEO of Kalyp Technologies and securities industry veteran from State Street and Deutsche Bank.

The Digital Securities Depositary Corporation (DSDC)

We deliver financial market infrastructure that modularises and unbundles all the securities services in the industry to level the playing field, drive efficiency and growth for more market participants. In addition, our infrastructure is directly operated and governed by all participating financial institutions in a highly resilient way and on a mutualised cost basis for everyone involved.

Initially, our infrastructure enables the registers of regulated securities transfer agents to make available securities positions, reference and corporate action data through codified inter-firm workflows for efficient processing among involved institutions. Over time we aim to become a "Central Securities Depository-like" entity, where the word "central" is replaced by "decentral" and "digital".

In order to introduce such infrastructure, we have strategically selected the American Depositary Receipt market - a USD 1 trillion market that exists since 1927 - as the first asset class for more streamlined processing.

Empirical data on UK investments by US investors has proven that our infrastructure reduces the fees for US investors on average by 38%. Reduced fees mean money can be put to work more efficiently for greater wealth of our societies.

At the outset we focus on bringing blue chip UK companies such as London Stock Exchange, Royal Mail, and many other unsponsored programs, into the hands of US investors more efficiently. All settlements and transfers in the US are solely taking place in DTCC. We foresee that 40-50 additional markets will be added step by step while the member community will explore further asset classes for more streamlined processing.

Purpose (per our legal framework)

DSDC is a not-for-profit, directly member governed and -operated infrastructure for compliant issuance and servicing of financial assets in fully digital format and with minimal impact on today's trading environments. Investors shall be free to trade where they can find the best price for an asset.

Membership in DSDC is open to all qualified financial institutions. DSDC aims to act in the interest of its collective member base and to operate in a decentralised and transparent fashion with strong governance and risk management to:
- maximise the systemic resilience and investor protection,
- maximise the unbundling of securities services to encourage competition,
- maximise the efficient collaboration among all members, and
- minimise the cost for all of its members. 

The stated intent of DSDC is to evolve into a mutual entity that is not only directly operated and governed by all its members but also fully owned by the community.

DSDC's infrastructure is powered by

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