of these independent companies was sought by the industry to rightsize the technology platforms, enhance the security protocols and extend the reach and benefits of DTCC's lower cost structure into overseas markets; e.g., through the creation of EuroCCP, Deriv/SERV for Credit Default SWAPs Trade Comparison (which morphed into the Global Trade Repository, Omgeo a joint venture with Thomson Reuters and influencing global regulatory standards & costs for Clearance & Settlement Donald F. Donahue succeeded Considine as DTCC Chairman & CEO in 2007. In 2010, the DTCC Board announced Donald F. Donahue would relinquish his dual role as Chairman & CEO, based on requests from U.S. regulators and following examples of other companies overseas. Robert Druskin was named DTCC Executive Chairman in 2010, while Donahue continued to serve as CEO. In 2012 Michael Bodson was named its President & CEO. As of 2019, Michael Bodson was CEO under the supervision of an additional 20 members of its board of directors. Two board members are selected by "preferred shareholders" ICE and FINRA, while 14 are from international clearing agencies. In 2022, Frank La Salla was named President and CEO of DTCC. La Salla succeeded Michael C. Bodson, who has retired after a decade leading the company, effective August 12. Operations DTC The Depository Trust Company (DTC) was the original securities depository. Established in 1973, it was created to reduce costs and provide efficiencies by immobilizing securities and making "book-entry" changes to show ownership of the securities. DTC moves securities for NSCC's net settlements, and settlement for institutional trades (which typically involve money and securities transfers between custodian banks and broker-dealers), as well as money market instruments. In 2007, DTC settled transactions worth $513 trillion, and processed 325 million book-entry deliveries. In addition to settlement services, DTC retains custody of 3.5 million securities issues, worth about $40 trillion, including securities issued in the United States and more than 110 other countries. DTC is a member of the U.S. Federal Reserve System, and a registered clearing agency with the Securities and Exchange Commission. Most large U.S. broker-dealers and banks are full DTC participants, meaning that they deposit and hold securities at DTC. DTC appears in an issuer's stock records as the sole registered owner of securities deposited at DTC. DTC holds the deposited securities in "fungible bulk", meaning that there are no specifically identifiable shares directly owned by DTC participants. Rather, each participant owns