Depository Trust and Clearing Corporation (DTCC) is an American financial services company founded in 1999. DTCC provides clearing and settlement services for the financial markets. DTCC is a member of the US Federal Reserve System and the Securities and Exchange Commission.Depository Trust and Clearing Corporation (DTCC) is primary clearinghouse service, called The Depository Trust Company (DTC), was founded in 1973 as a joint venture between the New York Stock Exchange (NYSE) and several large banks, including Citibank, J.P. Morgan Chase & Co., Bank of America, and Wells Fargo. DTC electronically clears securities transactions by matching buy orders with sell orders registered at its central book-entry depository facility.In this way, DTC eliminates the need for physical delivery of securities certificates to counterparties in most cases, reducing costs and improving efficiency in the marketplace.DTCC also operates two other subsidiaries: National Securities Clearing Corporation (NSCC) which clears all types of equity securities; and Fixed Income Clearing Corporation (FICC) which clears over-the-counter interest rate derivatives products.. FICC is also one of five designated contract markets authorized by the Commodity Futures Trading Commission to clear swaps products.DTCC operates the world's largest securities clearing system. DTCC processed 3.1 billion transactions valued at $1.6 quadrillion in 2017.
