Every time you allocate money into your 401(k), DTCC processes it.

Every equity trade in the United States - over 99% of them - clears and settles through DTCC.

Last year alone, it processed $4 quadrillion in activity. A million billions. Invisibly, at a cost of cents per transaction.

Private markets have no equivalent. Yet.

Private shares settle at T+90. Public markets just moved to T+1. Subscription documents still get stamped manually. Retail allocations to alternatives sit at 3% (institutions are at 20%), and if that gap closes even halfway, it adds $10 trillion in new capital that today's infrastructure cannot handle.

That's the problem Talia Klein woke up to on day one as Head of Wealth and Investment Solutions at DTCC.

She's built financial infrastructure at every major inflection point of the last fifteen years. Collateral eligibility systems at J.P. Morgan after the financial crisis - earning a patent in the process. Institutional blockchain at Digital Asset Holdings before most people knew what it was. Crypto custody at BNY, built from scratch, in five years.

She has a habit of showing up early to the infrastructure problems that later turn out to matter most.

In this episode of the Modern Capital Podcast, Talia and Marc cover:

The 1960s paperwork crisis that shut the NYSE on Wednesday afternoons - and why the digital version is already forming in private markets
Why DTCC's FundServe playbook is the exact template private markets needs - and why it won't be a straight copy.
The three-sided market problem: why private shares can't just be mapped to public equities
T+90 vs. T+1: who closes that gap, and how
Why the standards problem isn't technical - it's about convening 100 institutions and making it worth their while
Where DTCC is placing its bets across private funds, private shares and private credit

"There's gotta be a better way."

That phrase built DTCC in 1986. Talia thinks private markets is about to say it out loud - and that the organization that solved it for public markets is the right one to solve it again.

The infrastructure moment for private markets isn't coming. It's here.