2013 marked an important milestone in the history of DTCC as we celebrated our 40th anniversary serving the global financial marketplace. Like many organizations that have been around for four decades, much in our business has progressed over the years, but our unwavering commitment to protecting the integrity of the financial system by providing transparency, stability, risk management and reliability is stronger than ever.
Looking back on our history, we draw inspiration for the future as we chart a new path to help the industry navigate through this period of uncertainty. Our founding was rooted in solving the great operational, cost and risk mitigation challenges of the times and our future is focused on leveraging this expertise to drive innovation, thought leadership and dynamic new solutions to support our clients and the capital markets globally.
Our legacy began with the Wall Street paperwork crisis a period when sharp increases in securities trading threatened to overwhelm the industry. The Depository Trust Company (DTC) was created in 1973 to streamline Wall Street's workload by immobilizing and holding securities certificates in custody and electronically recording ownership changes the first of many operational challenges we have solved on behalf of the industry.
Just three years later, National Securities Clearing Corporation (NSCC) was formed to achieve a single New York clearing system for NYSE, Amex, Nasdaq and the over-the-counter equity markets. Over the course of the next two decades, consolidation of the regional clearinghouses and depositories reshaped the landscape, leading to DTC and NSCC coming together under one corporate umbrella in 1999 to form DTCC.
Since our founding, DTCC has transformed itself from a largely domestic company to one that now serves a global client base spanning virtually all areas of financial services and encompassing a diverse range of products, services and asset classes. Yet for all this change, DTCC remains committed to the bedrock principles upon which it was founded developing high-quality products and services that standardize, centralize and automate the processes that inhibit growth and create unnecessary levels of risk, cost and inefficiency for the industry.
The evolution of DTCC continued in 2013 as the challenges facing financial services continued to increase in size and complexity. However, DTCC turned in one of its strongest performances by continuing to focus on the fundamentals of our business.
Our systems seamlessly processed more than $1.6 quadrillion in securities transactions in 2013 roughly the same as 2012 but still among the highest in our 40-year history. The infrastructure also continued to provide much-needed stability to the marketplace, most notably during the shutdown of the U.S. federal government and the debate over raising the U.S. debt ceiling in October.
In addition, we completed our recovery from the severe damage Superstorm Sandy caused the previous year by executing what is believed to be the largest certificate recovery effort ever attempted in history a truly remarkable effort by hundreds of DTCC employees across departments and regions. Through this all, we continued to bring innovation to the marketplace by replatforming key processing systems, advancing transformational initiatives related to corporate actions and settlement finality, and launching new products and services to meet the unique needs of our clients.
In our emerging businesses, we again drove dynamic solutions to help the industry meet new regulatory obligations in the most cost-effective manner possible while maintaining our risk management focus. In a year filled with aggressive and ever-changing mandates, the Global Trade Repository (GTR) met all major regulatory deadlines worldwide and extended its services into several Asian markets. Ultimately, we emerged as the only repository in the world to support trade reporting for all five over-the-counter (OTC) derivatives asset classes across multiple jurisdictions.
Likewise, the Global Markets Entity Identifier utility (formerly known as the CICI Utility), which underpins several key projects we have planned for the coming years, is another 2013 success story. Nearly 100,000 identifiers (pre-LEIs) were issued as of year-end, and we secured a global endorsement by the Regulatory Oversight Committee (ROC) to make these pre-LEIs accepted by regulators worldwide, further improving transparency, efficiency and risk management for market participants.
Although DTCC is industry-owned and -governed, we operate with a commercial mindset and take our responsibility to be good stewards of our clients' financial resources very seriously including being transparent about our financial and operational performance. In 2013, we continued development of our economic capital framework to identify and quantify risks to the company and our ability to withstand potential losses. We also began important work on formulating specific plans to strengthen our balance sheet by building capital and liquid net assets in anticipation of final regulatory capital requirements for financial utilities.
We also executed an unprecedented number of corporate transactions last year to sharpen our strategic focus, strengthen our balance sheet and earnings, and position ourselves for long-term growth. The most noteworthy was acquiring Thomson Reuters' interests in Omgeo in October 2013, which resulted in DTCC owning 100% of the company. This strategic acquisition will allow us to drive a single, global value proposition for post-trade processing and settlement while facilitating increased collaboration among the buy-side, sell-side and custodian communities. With the addition of Omgeo, we have significantly grown DTCC's global footprint to include offices in 15 countries and expanded our subject matter expertise to cover virtually all market segments. At the same time, our decision to divest MarkitSERV and GCA VS, restructure EuroCCP and wind down New York Portfolio Clearing (NYPC) helped further strengthen our financial position and raised capital to fund new investments.
We also continued to elevate our profile as a strategic thought leader in 2013, furthering our efforts to drive important industry issues forward and spur dialogue, promote collaboration and forge consensus. For instance, our white paper on systemic risk garnered global attention and is helping shape industry thinking on an issue at the forefront of the agenda. While raising awareness about an issue or opportunity is easier than securing industry agreement on how to deal with it, there is no doubt we made progress advancing the debate on shortening the settlement cycle and dematerializing the U.S. capital markets as well as raising concerns on the threats posed by cyber criminals. At the same time, we did more than blue-sky thinking on how to solve the challenges facing the industry we took concrete actions to execute new initiatives to help transform industry-wide processes and solve operational challenges that virtually all firms face today.
In what may be the strongest validation of our 2013 performance is the feedback we have received from our key stakeholders. All appear to be voicing support for what we have done and the direction we are headed as an organization. From clients, "Overall Satisfaction" on our 2013 survey increased to 93% from 88% over the past two years, and "Overall Value Provided" jumped to 83% from 71%.
From employees, our annual survey results were among the best ever, and we now rank among world-class organizations in several key categories, including creating an environment of openness, candor and trust. Our focus on diversity and inclusion resulted in two honors in 2013 "A Best Places to Work for LGBT Equality" designation from the Human Rights Campaign and a Corporate Leadership Award from OPEN Finance for our support in helping to reverse discriminatory sections of the Defense of Marriage Act. To continue driving progress, we began an enterprise-wide effort to develop a new corporate social responsibility strategy to create more diversified and impactful opportunities for employees to give back to the communities in which they live and work.
We also continued to strengthen our relationship with regulators globally by expanding information sharing on the company and our operations, enhancing transparency around products and services, and engaging with them earlier and more frequently when exploring new initiatives.
Reflecting on the past is important to provide perspective and context for future endeavors. At DTCC, we recognize that the financial crisis is a defining moment an inflection point that demands fundamental change. To that end, in 2013 we completed a strategic review of the company to reimagine how the infrastructure could be leveraged more effectively for the industry. We focused our attention on opportunities to extend the "open horizontal" model and move higher up the processing value chain. This work was endorsed by our Board in April and is reflected in our three-point strategy for growth moving forward.
The first plank calls for strengthening our core clearance and settlement services and continuing to extend into logical adjacencies to reach new client and market segments and provide a wider range of related services. In doing so, we will continue to leverage our scale and expertise to promote solutions that reduce risk both within DTCC and the industry at large.
The second plank focuses on driving down the costs of post-trade processing globally, which today reach as high as $100 billion or more annually. In many cases, firms continue to perform nearly identical functions even though these activities provide no competitive advantage and generate no revenue. Examples include establishing legal entity hierarchies, collecting regulatory compliance data, onboarding clients, and processing domestic and foreign account tax compliance documents. We see great potential in mutualizing these types of middle- and back-office processes and replacing them with standardized, automated, larger-scale shared services that are capable of providing significant efficiency and cost savings.
The third plank calls for increasing collaboration with other industry-owned infrastructure organizations globally so we can collaborate more effectively and reduce overlap and gaps in common solutions while also helping to ensure our clients do not need to pay for infrastructure investments in redundant capabilities.
To deliver on this strategy, we made significant progress on several fronts in 2013, including advancing our Global Middle Office initiative by beginning the testing of a new utility that will store Standing Settlement Instructions (SSI), and by signing two memorandums of understanding (MOUs) to establish a joint collateral processing service and a new client reference data service.
While market dynamics quicken the pace of change and regulatory mandates place greater pressure on us to deliver products and services to meet new requirements, we want to reiterate our pledge to our clients: We will continuously engage you at the earliest stages of an idea; we will solicit your input and feedback; we will gain your trust and buy-in; we will continue to be transparent in our actions; and we will deliver results that help you achieve your business goals. You will see this commitment every day in how we operate the business, and we feel it is best reflected in the outreach we conducted throughout 2013 on a number of key initiatives.
Our success in 2013 would not have been possible without the strong and consistent support of our Board of Directors, and our aspirations for the future depend on equally insightful guidance from them. We are fortunate to have such a dedicated group of individuals who share their perspectives and expertise and who help to shape our vision. In 2013, we welcomed five new members to our Board Robert L.D. Colby, Paul H. Compton, David C. Crawford, Suni P. Harford and Mark D. Linsz and in March 2014, four additional new Board members joined us Phil Davies, David R. Kimm, Nick Ogurtsov and Paul Walker. Their knowledge, leadership and judgment are invaluable assets as we take on a more prominent role supporting the industry. We also want to extend our thanks to Stephen Daffron, Jonathan Hitchon and Robin Vince, who left the Board in 2013-2014 after serving with great distinction. We will miss their candor and expertise.
We also want to salute our employees the men and women who make this company run every day and whose passion and ingenuity are contagious. They take enormous pride in their work and, while much of what they do occurs behind the scenes, they are truly the stars of the show. Their impact is felt in every corner of the globe and their work benefits participants in the financial markets across regions and jurisdictions worldwide.
While the economic and regulatory environments will continue to pose significant challenges for us and our clients, we are building momentum and making progress on seizing new opportunities for the future. The steps we took in 2013 have given us greater agility, a deeper knowledge base and an exciting mix of talent to adapt to changes in market structure even as we remain true to our core mission. We believe we have the right strategy in place to secure today, shape tomorrow and remain in the vanguard of protecting the stability and integrity of global financial markets.