Jill M. Considine, president of the New York Clearing House Association for five years, will become chairman and chief executive officer of Depository Trust Co.

She will succeed William F. Jaenike, 61, when he retires at yearend. He has been chairman and CEO since 1994.

Depository Trust is the largest securities depository, holding $17 trillion worth in custody. It processed $62 trillion of securities through its book-entry settlement system last year.

Ms. Considine, 53, was elected this week at a meeting of the Depository Trust board, of which she has been a member since 1993.

Ms. Considine ensured that the clearing house association's flagship payment network-the Clearing House Interbank Payments System-surpassed minimum settlement risk requirements outlined in the influential 1990 "Lamfalussy Report" for the Bank for International Settlements.

Chips clears and settles $1.4 trillion a day electronically. It handles 95% of U.S. dollar foreign exchange settlements.

In March, Ms. Considine presided over a spinoff of Chips to its users. It is now a for-profit subsidiary, owned by 90 of the world's largest financial institutions.

A successor at the clearing house has not been named.

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