Global financial provider opens its biggest operations in Asia here

US based DTCC, a global financial services provider, has opened a new office in Manila making the Philippines its biggest operation in Asia.

DTCC, a global financial services provider, has opened a new office in Manila making the Philippines its biggest operation in Asia.

DTCC opened yesterday a new site in Makati to support its growing client community and expanded operations across Asia.

“In 2003, we started operations in Manila with just 10 employees,” stated Nellie Dagdag, Executive Director of DTCC Asia.

The DTCC Manila office has already a total of 200 employees and is projected to double in size in the next five years in support of client growth and support requirements.

“I’m pleased that Manila is now our largest office in the region, with over 200 employees spread across multiple functions including client operations, finance, sales, technology and product. The Philippines is a natural base for DTCC’s operations in the region, enabling us to achieve 24/7 client support for our global community,” Dagdag said.

DTCC serves almost 1,000 clients across Asia, including global and regional investment managers, hedge funds, broker/dealers and custodian banks. In addition to Manila, DTCC also has local offices in Singapore, Japan, Hong Kong, China, South Korea and Australia.

“The Philippines offers a large pool of talent, including well-educated, techsavvy employees, with approximately 500,000 students graduating from college each year and many experienced professionals in the business process outsourcing sector,” said Susan Tysk-Cosgrove, Managing Director and Chief Financial Officer at DTCC.

“As DTCC continues to expand globally, it is critical that we recruit the best talent to help us fulfill our mission to protect the stability and integrity of the global financial system.”

The strength of the Philippine economy, recently described by the World Bank as “ASEAN’s fastest- growing economy and Asia’s second- fastest next to China,” and its world-class telecoms infrastructure also contributed to DTCC’s decision to expand operations within the country.

With over 40 years of experience, DTCC is the premier post-trade market infrastructure for the global financial services industry. From operating facilities, data centers and offices in 15 countries, DTCC, through its subsidiaries, automates, centralizes, and standardizes the post-trade processing of financial transactions, mitigating risk, increasing transparency and driving efficiency for thousands of broker/dealers, custodian banks and asset managers worldwide.

User owned and industry governed, the firm simplifies the complexities of clearing, settlement, asset servicing, data management and information services across asset classes, bringing increased security and soundness to the financial markets.

In 2013, DTCC’s subsidiaries processed securities transactions valued at approximately $1.6 quadrillion. Its depository provides custody and asset servicing for securities issues from 139 countries and territories valued at $43 trillion. DTCC’s global trade repository processes tens of millions of submissions per week. (BCM)