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Friday, October 08, 1999

NSCC Head Retires

Reported by Jason Shank

David Kelly, president and chief executive officer of National Securities Clearing Corporation (NSCC) will be retiring in February, 2000, the New York-based company said.

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Kelly, chief executive of NSCC since he joined the company in 1983, has overseen the growth of a trading platform that had about 200,000 transactions daily in 1983 to over 6 million transactions handled in 1999.

He was also responsible for guiding the formation of three affiliate clearing corporations, the Government Securities Clearing Corporation, the International Securities Clearing Corporation and the Emerging Markets Clearing Corporation.

During Kelly's tenure, the NSCC expanded into new businesses such as mutual funds and insurance services and moved from T+5 settlement to T+3, as well as spearheaded the move to settlement in same-day funds.

In addition to retiring as head of NSCC, Kelly will also retire as CEO of Government Securities Clearing Corporation and CEO of International Securities Clearing Corporation.  

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