DTCC began in 1973, when our founding entity emerged as DTC (Depository Trust Company), the first company to automate the settlement process. DTC was created in response to concerns about security, volume growth and mounting paperwork. Our solution was maintaining stock certificates in a central location, or depository, and recording changes of ownership electronically.

As the paperwork crisis continued, a second plan called "multilateral netting" was implemented in 1975, with NSCC (National Securities Clearing Corporation) being created as a central clearing body and counterparty to all trades.

In 1999, the company we now know as DTCC became the holding company for DTC and NSCC. We have grown over the years to include six subsidiaries in multiple operating locations in the United States and overseas. In 2006, the value of securities settled through DTCC subsidiaries exceeded $1.5 quadrillion.