The Depository Trust & Clearing Corporation has appointed Anne Noonan to the newly created position of managing director and chief systemic risk officer. She will report to Larry Thompson, DTCC's general counsel.

In this new position, Noonan will oversee the management of the systemic risk framework for DTCC and its subsidiaries to ensure DTCC can readily identify and assess the systemic risk implications for all existing and new DTCC products, activities, processes, and systems.

In leading these efforts for DTCC, Noonan will work closely with DTCC subsidiaries' direct regulators—the Securities and Exchange Commission, the Federal Reserve Bank of New York, and the New York State Banking Department—and with regulators globally on systemic risk issues. She will also work closely with Douglas George, DTCC's chief risk officer, to review DTCC's enterprise-wide risk-management methodology. She will have leadership responsibility for identifying systemic risk-management changes needed and developing and implementing those solutions.

Noonan is joining DTCC from CLS Bank International in New York, where she was executive vice president and global head of risk management and regulatory affairs, a post she has held since 1999. As a founding member of CLS Bank International, Noonan played a key role in orchestrating and negotiating regulatory approval with approximately 25 central banks and regulators for the purpose of eliminating foreign exchange settlement risk, with daily transaction flows of $3 to $5 trillion, and expanding CLS Bank's settlement service to other products.

Prior to that, Noonan served as a vice president at J.P. Morgan & Co., in a progressive series of roles with added responsibility from 1978 to 1999. She was a member of the Global Foreign Exchange Settlement Risk Reduction Project, the Group of Twenty private-sector effort to champion and later create CLS Bank. She not only acted as the group's principal regulatory liaison, but also co-authored the business requirement specification for CLS. Before that, she worked with J.P. Morgan Securities and Morgan Guaranty Trust Company of New York in various management positions.