Stuart Z. Goldstein
New York, October 18, 2005 - The Depository Trust & Clearing Corporation (DTCC) today notified participant firms at its three subsidiaries that Refco Securities, LLC (Refco), the securities subsidiary of Refco, Inc., has not filed for Chapter 11 bankruptcy, and continues to be a Member in good standing at all three subsidiaries: National Securities Clearing Corporation (NSCC), The Depository Trust Company (DTC), and Fixed Income Clearing Corporation (FICC).
Refco Securities is continuing to wind down its outstanding positions. At the present time, all three DTCC subsidiaries are continuing to act for Refco in an effort to assist Refco in performing an orderly wind down of its activity.
FICC has also notified its Government Securities Division members that it will not assign loss allocation liability to activity done with Refco by members on or after Friday, October 14, 2005.
NSCC is responsible for clearing and settling most equity, corporate and municipal bond and unit investment trust trades in the U.S. DTC is the nation's central securities depository for equities, corporate and municipal bonds, and various money market instruments such as CDs, medium term notes and commercial paper. FICC is responsible for clearing and settling trades in U.S. government securities and mortgage-backed securities.
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Based in Tokyo and operated by the company’s DTCC Data Repository (Japan) KK (DDRJ) subsidiary, this is the first trade repository to be approved and established for the Japanese market.Read More