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Coronavirus Crisis: Lessons Learned and Looking Forward

DTCC'S 5/20/20 ROUNDTABLE ON MANAGING PEOPLE, TECHNOLOGY & RISK

· buyside technology,asset managers tech,Covid-19

DTCC'S 5/20/20 ROUNDTABLE ON MANAGING PEOPLE, TECHNOLOGY & RISK - We are pleased to summarize below several of the main takeaways from this very focused and informative virtual Roundtable via Zoom.

Michael Bodson, President & CEO of DTCC, was the moderator of the Roundtable. Timothy Keady, Head of DTCC Solutions, also participated as a moderator regarding the topic of industry engagement and collaboration in a Post-Pandemic World.

Six other DTCC executives participated as panelists in the Roundtable.

The big picture items were:

A) "Working From Home" worked seamlessly for DTCC employees and for employees of firms in the financial services industry which utilize the services of DTCC.

B) Every major firm's "computer systems" have held up well (regarding their connectivity with DTCC) since alternative conditions went into effect on Wall Street in March.

C) And, as Mr. Bodson indicated, "tech is who we are" -- DTCC's tech-driven global clearing and operations services met the challenges posed by COVID - 19.

Additional lessons learned by DTCC were:

> Margin calls increased but the experience of the DTCC staff prevailed as direct communications with banks and buy-side firms effectively resolved any major issues.

> In the critically important area of cyber security, DTCC preparedness has been able to maintain absolute vigilance thus far during the pandemic.

> "Business continuity plans" and rules/controls matter a great deal, for both the sell-side & the buy-side, during these types of continuing emergencies - the industry was prepared for telecommuting.

The panelists expressed that thus far the bottom line is that the securities industry has mounted a "wholistic" response to the crisis. Even DTCC's COBOL-based IT systems have proven to be resilient, although many IT professionals feel that DTCC's own "Applied Programming Interfaces" Marketplace will start offering further tech innovations to industry firms. API is intended to provide clients with tailored data-driven interfaces with DTCC.

Asset Managers Tech is a not for profit trade group organized under the laws of the Commonwealth of Massachusetts. We look forward to working with AMT members to determine the industry-wide impact of "Working From Home" and Modern Technology as these trends relate to potential enhanced services for investment managers and investors. Please feel free to contact us for information about membership in AMT.

Joseph Sack, Asset Managers Tech

www.assetmanagers.tech

jsack@assetmanagers.tech

Cell : 914-648-0088

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