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Depository Trust & Clearing Corporation

A clearing house that is the largest security depository and post-trade financial services company in the world. Based in New York, the DTCC settles the large majority of securities transactions in the United States, totaling $1.86 quadrillion in value in 2007. Along with its subsidiaries, the corporation provides services on mutual funds, insurance, corporate and municipal bonds, equities, mortgage- and government-backed securities, and various other derivatives. Its main competitors are Euroclear and Clearstream.

Depository Trust and Clearing Corporation (DTCC).

The DTCC is the world's largest securities depository, holding trillions of dollars in assets for the members of the financial industry that own the corporation. It is also a national clearinghouse for the settlement of corporate and municipal securities transactions.

The DTCC, a member of the Federal Reserve System, was created in 1999 as a holding company. It has two primary subsidiaries, the Depository Trust Company (DTC) and the National Securities Clearing Corporation (NSCC).

It is also the holding company for the Emerging Market Clearing Corporation (EMCC) and the Fixed Income Clearing Corporation (FICC).

The FICC was formed as a merger of the Government Security Clearing Corporation (GSCC) and the Mortgage Backed Security Clearing Corporation (MBSCC).

References in periodicals archive ?
Chinnici-Everitt will report to Andrew Gray, DTCC Managing Director, Core Business Management.
financial market and its infrastructure, which ideally prepares him for his work at DTCC.
Last April, in a move that was endorsed by leading insurance carriers and service providers alike, DTCC took its first steps towards fostering industry- wide standards by permitting use of its Annuity Applications and Subsequent Premium record layouts for the sale and processing of fixed and variable annuity applications, services known as APP and SUB.
DTCC has already signed up most of the major players on the dealer side of the market, with 17 of the largest dealers worldwide subscribed.
NEW YORK -- The Depository Trust & Clearing Corporation (DTCC) Insurance & Retirement Services (I&RS) released today January information on activity in the market for annuity products from its award-winning Analytic Reporting for Annuities online information service, which leverages data from the transactions that DTCC processes for the industry.
Macek recently assumed broader management responsibilities at DTCC, to include becoming chief executive officer of two DTCC subsidiaries, Fixed Income Clearing Corporation (FICC) and the Emerging Markets Clearing Corporation (EMCC), as well as overseeing the risk management and finance functions at the company.
Koster also pointed out that DTCC consolidated the settlement systems of its two subsidiaries -- NSCC and the Depository Trust Company (DTC) -- into one settlement platform in 2003, providing a single entry point for all customers and settling banks to access settlement obligations for both organizations.
The Global Trade Repository services for Foreign Exchange, Credit, Interest Rates and Equity Derivatives are services of DTCC Derivatives Repository Limited, a wholly-owned subsidiary of DTCC.
In pilot for just six months, DTCC worked with several firms to establish the business requirements for SMART/Source, including the advanced search capabilities for reference and event data.
Under Don's leadership, DTCC firmly established its global footprint and demonstrated a consistent ability to manage and mitigate systemic risk in the global capital markets.
Axilrod noted that DTCC has also recently rolled out several more minor enhancements to its payment reconciliation service.
Analytic Reporting for Annuities is an award winning online information solution containing aggregated data from transactions processed by the I&RS of DTCC.