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DTCC Extends Exchange Offer
NEW YORK, October 15, 1999 - The Depository Trust & Clearing Corporation (DTCC) announced today that it has extended its exchange offer for shares of The Depository Trust Company (DTC) and National Securities Clearing Corporation (NSCC) until October 29.
The initial exchange offer for shares of DTC and NSCC had been scheduled to expire on October 15. Jill M. Considine, chief executive officer of DTCC, said the exchange offer had been extended two weeks since some DTC shareholders had asked for additional time to complete appropriate reviews and get the designated authorizing signature on the tender agreements.
"To date, we've received tenders from holders of over 99% of the 18,500 DTC shares," she said. "In addition, both of NSCC's shareholders have tendered their shares in NSCC for preferred shares in DTCC."
NSCC and DTC received regulatory approval to proceed with an exchange offering in September. Under the terms of the offer, DTC shareholders are being asked to exchange their DTC shares for common shares in DTCC on a one-for-one basis. The two NSCC shareholders were also each requested to tender their shares on a one-for-one basis in exchange for preferred stock in DTCC.
The Depository Trust & Clearing Corporation (DTCC) is the largest financial services post-trade infrastructure organization in the world. Through its subsidiaries, DTCC acts as a central counterparty (CCP), providing trade guarantee, netting and risk management services for equity and debt transactions from U.S. stock exchanges and markets (valued at $105 trillion in 2000), and it provides custody of and asset servicing for 2 million securities issues of issuers from the U.S. and 65 other countries, valued at $23 trillion. In addition, its subsidiary serves as a major clearinghouse for institutional post-trade settlement (processing book-entry deliveries valued at more than $116 trillion in 2000). DTCC operating facilities are based in multiple locations in the U.S. and overseas. For more information on DTCC, see www.dtcc.com.