Clearing & Settlement Services

DTCC clears and settles virtually all broker-to-broker equity, listed corporate and municipal bond and unit investment trust (UIT) transactions in the U.S. equities markets, advancing new initiatives and driving development of products and services that mitigate risk, reduce costs and enhance processing efficiencies for market participants.

As the central counterparty for the nation’s major exchanges and markets, DTCC's equities subsidiary, NSCC, clears and settles virtually all broker-to-broker equity, listed corporate and muni bond and UIT trading in the U.S., ensuring capacity, certainty and reliability to handle today’s enormous trading volumes.

Settlement, a consolidated end-of-day process and the final step of a securities trade, completes the transfer between trading parties of securities ownership and cash. DTC, the central securities depository subsidiary of DTCC, provides settlement services for virtually all broker-to-broker equity and listed corporate and municipal debt securities transactions in the U.S., as well as institutional trades, money market instruments and other financial obligations.

The Corporate, Municipal, and UITs (CMU) system provides all of its customers with RTTM - a single pipeline, a common processing platform, and a standardized message format for the U.S. fixed income markets.

FICC's Government Securities Division (GSD) is the leading provider of trade comparison, netting and settlement for the Government securities marketplace. GSD clients include the nation's major brokers and dealers, as well as a wide range of entities that trade U.S. Government securities.

The Mortgage-Backed Securities Division (MBSD) is the sole provider of automated post-trade comparison, netting, electronic pool notification, pool comparison, pool netting and pool settlement services to the mortgage-backed securities market thus providing greater efficiency, transparency and risk mitigation to this specialized market.