The LSE Directory / Clearing houses
DTCC (The Depository Trust & Clearing Corporation) is the central post-trade infrastructure provider for United States securities markets. It operates through three principal regulated subsidiaries: the National Securities Clearing Corporation (NSCC), the central counterparty for equities and other cash market trades; the Fixed Income Clearing Corporation (FICC), which clears US Treasury and agency mortgage-backed securities transactions through its Government Securities Division and Mortgage-Backed Securities Division; and the Depository Trust Company (DTC), a central securities depository that holds securities in book-entry form and settles transactions by electronic movement between participant accounts instead of physical certificates. DTC also runs the Global Trade Repository, which collects and reports derivatives trade data to satisfy swap data reporting requirements in multiple jurisdictions. DTCC's ownership structure sets it apart from for-profit, exchange-owned clearinghouses: it is a user-owned, member-governed utility, owned by the banks, broker-dealers and other participant firms that rely on its clearing and settlement services rather than by outside shareholders. Its customer base is almost entirely institutional: banks, broker-dealers, custodians, asset managers and other DTC, NSCC and FICC participants, with retail investors touching its infrastructure only indirectly through their broker's use of the depository. In the newly forming market for centrally cleared US Treasury securities, FICC is one of several SEC-approved central counterparties, now facing competition for volume from CME Securities Clearing and ICE Clear Credit as the SEC's Treasury clearing mandate phases in. DTCC was formed in 1999 as a holding company joining DTC, which had operated as a central securities depository since 1973, with NSCC, which had cleared equities trades since 1976. FICC was created in 2003 through the merger of the Government Securities Clearing Corporation and the Mortgage-Backed Securities Clearing Corporation. Frank La Salla has served as DTCC's President and CEO since August 2022, following a 28-year career at BNY. DTC alone custodies more than 1.44 million securities issues from over 170 countries, with assets under custody surpassing $100.3 trillion as of June 2025, up from $73.5 trillion in 2020. DTC is a member of the US Federal Reserve System, and its subsidiaries are registered clearing agencies regulated by the Securities and Exchange Commission. In December 2025, the SEC granted DTCC a three-year pilot authorization to tokenize a set of highly liquid, DTC-custodied assets, including Russell 1000 Index constituents, major US index ETFs and Treasury securities, developed with an industry working group of more than 50 custodians, asset managers, broker-dealers and market infrastructure firms. DTCC has said it will launch a limited first phase of the tokenization service in July 2026, with a fuller rollout planned for October 2026. Separately, DTCC is preparing FICC and its participants for the SEC's central clearing mandate covering US Treasury cash and repo transactions, with compliance deadlines of December 31, 2026 for cash market trades and June 30, 2027 for repo and reverse repo transactions.
