The Depository Trust Company and the National Securities Clearing Corporation plan to merge. DTC and NSCC made the decision after nine months of discussion between their boards and management teams.
Jill Considine, chairman and CEO of DTC, will become CEO of the new entity. David Kelly, president and CEO of NSCC, will become vice chairman.
The two clearance and settlement organizations have not yet decided on a name for the new holding company since both have strong name recognition, Considine said.