Our Year of Execution

The U.S. equity market performed exceptionally well, as the S&P 500 index reached record highs and the Treasury markets demonstrated strength despite periodic volatility, contributing to growing revenue in DTCC’s clearance and settlement services businesses.

DTCC achieved steady earnings performance this year while investing in significant industry initiatives, delivering capabilities to support the implementation of the U.S. T+1 settlement cycle and preparing for the Securities and Exchange Commission's (SEC) rule on U.S. Treasury Clearing, while continuing to modernize our technology infrastructure to better serve our clients.

For the year, DTCC’s consolidated financial statements show net income of $482 million, up 6% compared to $453 million in 2023. The increase in net income is primarily attributable to operating income, which was $428 million vs. $324 million in 2023, primarily driven by higher clearing services revenues as a result of strong stock market performance and higher transaction volumes. DTCC revenue reached $2.49 billion in 2024, which is 11% higher than prior-year revenue of $2.25 billion.

Consistent with the need to comply with applicable regulatory capital and liquidity requirements, DTCC holds financial resources based on internal risk assessments to absorb potential stress and provide the financial stability and resiliency required to safeguard the industry as a critical market infrastructure provider. Our robust balance sheet enables us to source liquidity for clearing and settlement purposes. We maintain a robust and diverse liquidity portfolio consisting of pre-funded and committed resources. Reliable access to liquidity in various market conditions is our top priority. To achieve this, we diversify the portfolio with respect to duration as well as from numerous liquidity providers in different financial and geographical markets. This includes the commercial paper market, investment grade debt capital markets and the syndicated loan market as well as directly from our participants.

The largest components of our balance sheet are the default management and liquidity resources, which are available in the event of a clearing member default, during which the clearinghouse would need to facilitate settlement. These resources include the Participant and Clearing Funds as well as proceeds from the issuance of commercial paper and senior notes.