The Closed-Loop Personnel Ecosystem
Board Interlocks Across Settlement Infrastructure
The same 200-300 people rotate between prime brokers, custodian banks, and clearing houses. The 'user-owned utility' model means the regulated entities ARE the regulators. Nobody outside the loop understands the system well enough to regulate it, and nobody inside has an incentive to change it.
Also in The Settlement Layer
Frank La SallaCEO, DTCC — Commander of US Securities SettlementMurray PozmanterHead of Clearing Agency Services, DTCC — The GatekRobin VinceCEO, BNY Mellon — Commander of the World's LargestLieve MostreyFormer CEO, Euroclear — Gatekeeper of European SovStephan LeithnerCo-CEO, Deutsche Börse (Clearstream Parent) — EuroRonald O'HanleyCEO, State Street — The Vertical Integrator