Jason Harrell, Head of External Engagement at The Depository Trust & Clearing Corporation (DTCC) in New York, joins Martin Boer of the Institute of International Finance (IIF) to discuss Financial System Resilience. In the discussion, Harrell touches on how the COVID-19 pandemic has impacted working, cyber risk, operational resilience, and how financial services will likely be conducted in the future.
DTCC it is a post-trade financial services company providing clearing and settlement services to the financial markets. It performs the exchange of securities on behalf of buyers and sellers and functions as a central securities depository by providing central custody of securities. As both a significant third party to the largest financial institutions around the world, but also a firm that hires many third parties, Harrell discusses the relationship between firms and third parties, questions around liability and striking the right balance of responsibility to ensure resilience.