In collaboration with the financial services industry,
The Depository Trust & Clearing Corporation (DTCC)
formed an Industry Steering Committee (ISC) and an
Industry Working Group (IWG) to facilitate the move
to shorten the settlement cycle.
Both the ISC and IWG are composed of senior-level representatives from industry associations and firms that represent various segments of the industry. The mission of the ISC is to provide guidance, direction, and support as the industry moves toward a two-day, or “T+2,” settlement cycle. The IWG will support the ISC by identifying the business and rule changes needed, and a high-level plan with milestone dates to implement the changes required to shorten the settlement cycle to T+2.
Marty Burns is Chief Industry Operations Officer of the Investment Company Institute. He joined ICI in 2006, and as senior director for operations and distribution was responsible for facilitating middle- and back-office initiatives with industry stakeholders, and collaborating with stakeholders to pursue and achieve related regulatory, legislative, and public policy goals. A veteran of the financial services industry with more than three decades of experience working for government, private, and public enterprises, Burns also has managed securities processing and operations, asset securitizations, and banking regulation. He holds an MBA from DePaul University and a Bachelor of Business Administration degree from the University of Saint Francis.
Thomas Price is a 30-year Wall Street veteran with broad experience in retail brokerage, portfolio management, exchange trading, regulation, and operations. Tom is Managing Director of the Technology, Operations, and Business Continuity group at SIFMA, which is focused on major industry regulatory and legislative issues like risk mitigation, infrastructure, business resiliency, and operating efficiencies. Before joining SIFMA, Tom worked in the regulatory and legal group at the American Stock Exchange, where he advised issuers on exchange rules and regulations and public disclosure matters. Prior to his time at the Exchange, Tom was the Trust Investment Officer at Trust Company of New Jersey, and he has also held positions at Cowen & Company and Tucker Anthony, Inc. as a retail broker managing individual and small institutional accounts. Tom earned his MBA with a concentration in finance from Farleigh Dickinson University and is a former member of the Depository Trust Company’s Operations Advisory Council