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DTCC Leverages Its Fund/SERV® Infrastructure to Facilitate Global Funds Trading

Financial services provider announces plans to provide multi-currency settlement for global funds processing at SunGard’s London City Day conference.

New York and London, September 23, 2010 – The Depository Trust & Clearing Corporation (DTCC) announced today its plans to introduce multi-currency settlement for European investment fund transactions through its Fund/SERV® ("Fund/SERV") suite of services. This service, which is subject to regulatory approval and will be available by early 2011, streamlines how offshore fund transactions are handled, giving the nearly 10,000 European investment funds the opportunity to expand their distribution networks across borders while significantly reducing processing challenges.

The new service will be offered through a new DTCC subsidiary called DTCC Solutions Worldwide Ltd. and settlement will now be available in Euros and pound sterling in addition to U.S. dollars. The business unit overseeing the cross-border service will have offices in London, making it a centrally located facility for global funds processing. DTCC will also establish a best-practice users' group to ensure that the new multi-currency platform continues to meet the needs of customers.

"Fund/SERV's multi-currency platform enhances Fund/SERV's suite of offshore fund processing capabilities," said Annemarie Gilly, DTCC vice president and head of Global Mutual Funds, who spoke today at SunGard's London City Day conference. "Our ability to settle fund trades in Euros and pound sterling will fill a long-standing void in global funds processing as well as substantially reduce processing fees and handling costs for market participants."

Cross-border funds, primarily those domiciled in Dublin and Luxembourg, are processed on Fund/SERV, the U.S. securities industry standard for processing and settling investment fund transactions. Currently, however, Fund/SERV, which is offered through a DTCC subsidiary, National Securities Clearing Corporation (NSCC), provides settlement only in U.S. dollars.

About Fund/SERV

In the U.S., the vast majority of mutual fund transactions are processed through NSCC's Fund/SERV platform. For more than two decades, Fund/SERV has transformed processing and money settlement for fund companies, broker-dealers, banks, trust companies, third-party administrators and insurance companies that market mutual funds. Since its inception in 1986, Fund/SERV has succeeded in reducing the cost of U.S. fund transacting to US$.06 per transaction. In 2009, Fund/SERV completed close to 197 million transactions for the more than 1000 companies using the service. At the end of the second quarter 2010, offshore processing totaled close to 100,000 transactions, an 18% increase from second quarter 2009.

About DTCC

DTCC, through its subsidiaries, provides clearance, settlement and information services for equities, corporate and municipal bonds, government and mortgage-backed securities, money market instruments and over-the-counter derivatives. In addition, DTCC is a leading processor of mutual funds and insurance transactions, linking funds and carriers with their distribution networks. DTCC's depository provides custody and asset servicing for more than 3.6 million securities issues from the United States and 121 other countries and territories, valued at US$33.9 trillion. In 2009, DTCC settled nearly US$1.48 quadrillion in securities transactions. DTCC has operating facilities and data centers in multiple locations in the United States and overseas.