The Story of the Depository Trust & Clearing Corporation

The Depository Trust & Clearing Corporation (DTCC) is the cornerstone of the US financial market. Established in 1999 through the integration of the Depository Trust Company (DTC) and National Securities Clearing Corporation (NSCC), DTCC has a rich history that dates back to the 1970s. DTC was formed in 1973 to provide clearing and settlement services for securities transactions as a response to the Wall Street paperwork crisis of the late 1960s, while NSCC was founded in 1976 to provide clearance and settlement services for broker-dealers.

DTCC’s role in the financial market is critical and indispensable. Since its inception, the firm has processed quadrillions of dollars in cash and securities transactions, helping to reduce risk, increase efficiency and enhance transparency in financial markets not just in the United States but globally. Operating under US regulatory authority, DTCC’s leaders and its many dedicated employees have provided critical support to financial markets without interruption.

DTCC’s wide range of financial services ensures the smooth transfer of securities between parties and timely payments to buyers and sellers operating as a central counterparty to reduce risk in settlement operations, helping to make the US markets the safest and most resilient in the world.

The Story of The Depository Trust & Clearing Corporation details the firm’s beginnings and accomplishments in the face of many challenges and provides a comprehensive overview of a critical component of the global financial markets.