Equities Clearance and Settlement

As the central counterparty for the nation's major exchanges and markets, DTCC clears and settles virtually all broker-to-broker equity, listed corporate and municipal bond and Unit Investment Trust trading in the U.S. through its National Securities Clearing Corporation (NSCC) subsidiary.

While NSCC provides final settlement instructions to its customers each day, the payment and movement of securities ownership occurs at DTCC's subsidiary, The Depository Trust Company (DTC). In addition to NSCC transactions, DTC settles institutional trades, money market instruments and other financial obligations. As DTCC's depository, DTC also eliminates the movement of securities by providing book-entry deliveries, which transfer the ownership of securities electronically.

Fixed Income Clearance and Settlement

DTCC's other major clearing arm is the Fixed Income Clearing Corporation (FICC), formed by the merger of the Government Securities Clearing Corporation (GSCC) and the MBS Clearing Corporation (MBSCC), which brings safety, stability and efficiency to post-trade processing for the fixed income markets. FICC offers, under one roof, a unified approach to fixed income processing through a wide array of services for the government and mortgage-backed securities markets.