National Securities Clearing Corporation (NSCC)
DTCC's subsidiary, National Securities Clearing Corporation (NSCC), established in 1976, provides clearing, settlement, risk management, central counterparty services and a guarantee of completion for certain transactions for virtually all broker-to-broker trades involving equities, corporate and municipal debt, American depositary receipts, exchange-traded funds, and unit investment trusts.
NSCC also nets trades and payments among its participants, reducing the value of payments that need to be exchanged by an average of 98% each day. NSCC generally clears and settles trades on a T+2 basis.
NSCC is regulated by the U.S. Securities and Exchange Commission (SEC).