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Depository Trust & Clearing Corporation

Coordinates: 40°42′12″N 74°00′33″W / 40.7032°N 74.0091°W / 40.7032; -74.0091
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Depository Trust & Clearing Corporation
Company typePrivate
IndustryFinance
GenreHolding company
FoundedDTCC (1999) – holding company for DTC (1973) and NSCC (1976)
Headquarters
570 Washington Blvd
Jersey City, NJ
,
U.S.
Number of locations
10
Key people
Kevin Kessinger, Non-executive Chairman
Frank La Salla, President and CEO
ServicesFinancial
RevenueUS$1,784,368,000 (2018)[1]
US$299,713,000 (2018)[1]
Total assetsUS$46,971,101,000 (2018)[1]
Total equityUS$2,332,235,000 (2018)[1]
OwnerBanks, brokers
Number of employees
4,300[2]
SubsidiariesNSCC
DTC
FICC
DTCC Deriv/SERV LLC
DTCC Solutions LLC
EuroCCP Ltd.
DTCC Loan/SERV LLC
Warehouse Trust Company LLC
DTCC Derivatives Repository Ltd.
Websitewww.dtcc.com

The Depository Trust & Clearing Corporation (DTCC) is an American financial market infrastructure company that provides clearing, settlement and trade reporting services to financial market participants. It performs the exchange of securities on behalf of buyers and sellers and functions as a central securities depository by providing central custody of securities.

DTCC was established in 1999 as a holding company to combine The Depository Trust Company (DTC) and National Securities Clearing Corporation (NSCC). User-owned and directed, it automates, centralizes, standardizes, and streamlines processes in the capital markets.[3] Through its subsidiaries, DTCC provides clearance, settlement, and information services for equities, corporate and municipal bonds, unit investment trusts, government and mortgage-backed securities, money market instruments, and over-the-counter derivatives. It also manages transactions between mutual funds and insurance carriers and their respective investors.

In 2011, DTCC settled the vast majority of securities transactions in the United States and close to $1.7 quadrillion[4][5][6] in value worldwide, making it by far the highest financial value processor in the world.[6] DTCC operates facilities in the New York metropolitan area, and at multiple locations in and outside the United States.[7]

History

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Established in 1973, The Depository Trust Company (DTC) was created to alleviate the rising volumes of paperwork and the lack of security that developed after rapid growth in the volume of transactions in the U.S. securities industry in the late 1960s.[8]

1960s Wall Street paperwork crisis

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Before DTC and NSCC were formed, brokers physically exchanged certificates, employing hundreds of messengers to carry certificates and cheques. The mechanisms brokers used to transfer securities and keep records relied heavily on pen and paper. The exchange of physical stock certificates was difficult, inefficient, and increasingly expensive. Before 1946, the SEC had allowed for T+2 settlement (that is, settlement within two days of the trade date), but by the early 1960s, this deadline had been lengthened to four days and then five.[9]

In the late 1960s, with an unprecedented surge in trading leading to volumes of nearly 15 million shares a day on the NYSE in April 1968 (as opposed to 5 million a day just three years earlier, which at the time had been considered overwhelming), the paperwork burden became enormous.[10][11] Stock certificates were left for weeks piled haphazardly on any level surface, including filing cabinets and tables. Stocks were mailed to wrong addresses, or not mailed at all. Overtime and night work became mandatory. Back office worker turnover was 60% a year.[12]

To help brokerage firms catch up on the overwhelming volume of paperwork, the stock exchanges were forced to close every week (they chose every Wednesday), and trading hours were shortened on other days of the week.[9]

Industry response

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The first response was to hold all paper stock certificates in one centralized location, and automate the process by keeping electronic records of all certificates and securities clearing and settlement (changes of ownership and other securities transactions).[13]

One problem was state laws requiring brokers to deliver certificates to investors. Eventually all the states were convinced that this notion was obsolete and changed their laws. For the most part, investors can still request their certificates, but this has several inconveniences, and most people do not, except for novelty value.

This led the New York Stock Exchange to establish the Central Certificate Service (CCS) in 1968[14] at 44 Broad Street in New York City.[12] Anthony P. Reres was appointed the head of CCS. NYSE President Robert W. Haack promised: "We are going to automate the stock certificate out of business by substituting a punch card. We just can't keep up with the flood of business unless we do".[15] The CCS transferred securities electronically, eliminating their physical handling for settlement purposes, and kept track of the total number of shares held by NYSE members.[16] This relieved brokerage firms of the work of inspecting, counting, and storing certificates. Haack labeled it "top priority", $5 million was spent on it,[17] and its goal was to eliminate up to 75% of the physical handling of stock certificates traded between brokers.[15] One problem, however, was that it was voluntary, and brokers responsible for two-thirds of all trades refused to use it.[11]

By January 1969, it was transferring 10,000 shares per day, and plans were made for it to be handling broker-to-broker transactions in 1,300 issues by March 1969.[18] In 1970 the CCS service was extended to the American Stock Exchange.[19] This led to the development of the Banking and Securities Industry Committee (BASIC), which represented leading U.S. banks and securities exchanges,[20] and was headed by a banker named Herman Beavis, and finally the development of DTC in 1973,[21] which was headed by William (Bill) T. Dentzer Jr., a former U.S. intelligence community member and New York State Banking Superintendent.[22][23] All the top New York banks were represented on the board, usually by their chairman. BASIC and the SEC saw this indirect holding system as a "temporary measure", on the way to a "certificateless society".[20]

Today, all physical shares of paper stock certificates are held by a separate entity, Cede and Company.[13]

The second response involves multilateral netting; and led to the formation of the National Securities Clearing Corporation (NSCC) in 1976.

EuroCCP

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European Central Counterparty Limited (EuroCCP) used to be a European subsidiary of DTCC from 2008 to 2020. It provides equities clearing services on a pan-European basis. Headquartered in London, EuroCCP is a UK-incorporated Recognised Clearing House regulated by the UK's Financial Services Authority (FSA). In December 2019, EuroCCP announced it would be purchased by Cboe Global Markets.[24]

EuroCCP began operations in August 2008, initially clearing for the pan-European trading platform Turquoise. EuroCCP has subsequently secured appointments from additional trading platforms and now provides central counterparty services for equity trades to Turquoise, SmartPool, NYSE Arca Europe and Pipeline Financial Group Limited. EuroCCP clears trades in more than 6,000 equities issues for these trading venues. In October 2009, EuroCCP began clearing and settling trades made on the Turquoise platform in 120 of the most heavily traded listed Depositary Receipts.[citation needed]

Citi Global Transaction Services acts as settlement agent for trades cleared by EuroCCP, which now provides clearing services in 15 major national markets in Europe: Austria, Belgium, France, Denmark, Germany, Ireland, Italy, Finland, Netherlands, Norway, Portugal, United Kingdom, Switzerland, Sweden and Spain. Trades are handled in seven different currencies: the Euro, British Pound, U.S. Dollar, Swiss Franc, Danish Krone, Swedish Krona, and Norwegian Krone.[25][26]

Later developments

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In 2008, The Clearing Corporation (CCorp) and The Depository Trust & Clearing Corporation announced CCorp members will benefit from CCorp's netting and risk management processes, and will leverage the asset servicing capabilities of DTCC's Trade Information Warehouse for credit default swaps (CDS).[27][28][29][30]

On 1 July 2010, it was announced that DTCC had acquired all of the shares of Avox Limited, based in Wrexham, North Wales. Deutsche Börse had previously held over 76% of the shares. On 20 March 2017, it was announced that Thomson Reuters acquired Avox.[31]

DTCC entered into a joint venture with the New York Stock Exchange (NYSE) known as New York Portfolio Clearing, that would allow "investors to combine cash and derivative positions in one clearinghouse to lower margin costs".[32]

DTCC supported the Customer Protection and End User Relief Act (H.R. 4413; 113th Congress), arguing that it would "help ensure that regulators and the public continue to have access to a consolidated and accurate view of the global marketplace, including concentrations of risk and market exposure".[33]

DTCC collateral requirements for brokerages created difficulty for users during the GameStop short squeeze.[34][35][36]

In reaction to the 2022 Russian invasion of Ukraine, on March 3, 2022, DTCC blocked Russian securities from the Bank of Russia and The Ministry of Finance of the Russian Federation.[37][38]

Operations

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DTC

[edit]
Main article: Depository Trust Company

The Depository Trust Company (DTC) was the original securities depository.[39][40]

Established in 1973, it was created to reduce costs and provide efficiencies by immobilizing securities and making "book-entry" changes to show ownership of the securities.[13] DTC moves securities for NSCC's net settlements, and settlement for institutional trades (which typically involve money and securities transfers between custodian banks and broker-dealers), as well as money market instruments. In 2022, DTC processed $2.5 quadrillion in transactions.[41] In addition to settlement services, DTC retains custody of 3.5 million securities issues valued at $87.1 trillion, including securities issued in the United States and more than 170 other countries.[42] DTC is a member of the U.S. Federal Reserve System, and a registered clearing agency with the Securities and Exchange Commission.

Most large U.S. broker-dealers and banks are full DTC participants, meaning that they deposit and hold securities at DTC. DTC appears in an issuer's stock records as the sole registered owner of securities deposited at DTC. DTC holds the deposited securities in "fungible bulk", meaning that there are no specifically identifiable shares directly owned by DTC participants. Rather, each participant owns a pro rata interest in the aggregate number of shares of a particular issuer held at DTC. Correspondingly, each customer of a DTC participant, such as an individual investor, owns a pro rata interest in the shares in which the DTC participant has an interest.

Because the securities held by DTC are for the benefit of its participants and their customers (i.e., investors holding their securities at a broker-dealer), frequently the issuer and its transfer agent must interact with DTC in order to facilitate the distribution of dividend payments to investors, to facilitate corporate actions (i.e., mergers, splits, etc.), to effect the transfer of securities, and to accurately record the number of shares actually owned by DTC at all times.

NSCC

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The National Securities Clearing Corporation (NSCC) is the original clearing corporation, and provides clearing and serves as the central counterparty for trades in the U.S. securities markets.[43]

Established in 1976, it provides clearing, settlement, risk management, central counterparty services, and a guarantee of completion for certain transactions for virtually all broker-to-broker trades involving equities, corporate and municipal debt, American depositary receipts, exchange-traded funds, and unit investment trusts. NSCC also nets trades and payments among its participants, reducing the value of securities and payments that need to be exchanged by an average of 98% each day. NSCC generally clears and settles trades on a "T+1" basis. NSCC has roughly 4,000 participants, and is regulated by the U.S. Securities and Exchange Commission (SEC).

FICC

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The Fixed Income Clearing Corporation (FICC) provides clearing for fixed income securities, including treasury securities and mortgage backed securities[44][45]

FICC was created in 2003 to handle fixed income transaction processing, integrating the Government Securities Clearing Corporation and the Mortgage-Backed Securities Clearing Corporation. The Government Securities Division (GSD) provides real-time trade matching (RTTM), clearing, risk management, and netting for trades in U.S. government debt issues, including repurchase agreements or repos. Securities transactions processed by FICC's Government Securities Division include Treasury bills, bonds, notes, zero-coupon securities, government agency securities, and inflation-indexed securities. The Mortgage-Backed Securities Division provides real-time automated and trade matching, trade confirmation, risk management, netting, and electronic pool notification to the mortgage-backed securities market. Participants in this market include mortgage originators, government-sponsored enterprises, registered broker-dealers, institutional investors, investment managers, mutual funds, commercial banks, insurance companies, and other financial institutions.

Global Trade Repository

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DTCC created Deriv/SERV LLC In 2003 to help resolve over the counter (OTC) derivatives challenges of the time. It provides automated matching and confirmation services for derivatives trades, including credit, equity, and interest rate derivatives. It also provides related matching of payment flows and bilateral netting services. Deriv/SERV's customers include dealers and buy-side firms from 30 countries. In 2006, Deriv/SERV processed 2.6 million transactions.

From 2006 this service was complemented by the Trade Information Warehouse (TIW), an infrastructure that records all Credit derivatives transactions, such as Credit default swaps. This proved specifically useful in September 2008 by helping authorities and market participants understand exposures to failing or fragile counterparties such as Lehman Brothers or AIG.[46] Partly based on that experience, the G20 in 2009 decided to mandate derivatives trade reporting across all derivatives asset classes (interest rates, currencies, equity, credit, and commodities), with the reports collected by regulated Trade Repositories. The reporting mandate was subsequently enshrined in legislation in the respective jurisdictions, e.g. the Dodd–Frank Act in the U.S. and EMIR in the European Union.

In May 2011, the International Swaps and Derivatives Association selected DTCC to build up a global industry-wide infrastructure to comply with the G20 mandate, and the service was started in December 2011.[47] The trade repository service was branded Global Trade Repository (GTR) in 2012. It was deployed that year in the U.S. under CFTC supervision, and in 2013 in Australia under ASIC supervision, Hong Kong as an agent of HKMA, Japan under FSA supervision, and Singapore under MAS supervision. In November 2013, DTCC obtained a license from ESMA to operate its trade repository in the European Union, based in London and starting in February 2014,[48] and in 2019 that service was extended to Switzerland under FINMA supervision. From 2018, DTCC built up its GTR infrastructure to also support securities financing transaction reporting in the European Union under the EU Securities Financing Transactions Regulation (SFTR). In the wake of Brexit, DTCC created an EU entity based in Dublin, which ESMA registered as an EU trade repository in late 2020,[49] which on 1 January 2021 took over part of the activity previously reported to the UK trade repository. In compliance with legislation in the individual jurisdictions, DTCC operates trade repositories under several legal entities across the world, but keeps the original vision of a globally integrated reporting utility.[50]

In 2019, DTCC rebranded its derivatives and trade repository businesses, including the GTR and TIW, as Repository and Derivatives Services (RDS).

Other operations

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DTCC Solutions is DTCC's subsidiary, formerly named Global Asset Solutions, delivering information-based and business processing solutions relative to securities and securities transactions to financial intermediaries globally, such as Global Corporation Action Validation Service (GCA VS) and Managed Accounts Service.[51]

GCA VS provides a centralized source of information about corporate actions, including tender offers, conversions, stock splits, and nearly 100 other types of events for equities and fixed-income instruments traded in Europe, Asia Pacific, and the Americas. In 2006, GCA VS processed 899,000 corporate actions from 160 countries. Managed Accounts Service, introduced in 2006, standardizes the exchange of account and investment information through a central gateway.

DTCC Learning provides financial, technology, and career training and educational services to the global financial industry.[52]

Loan/SERV provides services to loan syndicates and agents.

Omgeo is a central information management and processing hub for broker-dealers, investment managers, and custodian banks. It provides post-trade, pre-settlement institutional trade management solutions for the securities clearance and settlement industry, processes over one million trades per day, and serves 6,000 investment managers, broker/dealers, and custodians in 42 countries.[53] Omgeo was formed in 2001 as a joint venture between DTCC and Thomson Reuters combining various trade services previously provided by each of these organizations.[53][54] In November 2013 DTCC bought back Thomson Reuters' interest in the firm, so it is now wholly owned by DTCC.

Leadership

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  • William T. Dentzer Jr, DTC Chairman & CEO, 1973-1994[55][56]
  • William F. Jaenike, DTC Chairman & CEO, 1994-1999[56][57]
  • Jill M. Considine, DTC then DTCC Chairman & CEO, 1999-2006[58][59]
  • Donald F. Donahue, Chairman 2006-2011 and CEO 2006-2012[60]
  • Robert Druskin, Executive Chairman 2011-2015 and Non-executive Chairman 2015-2023
  • Michael Bodson, President & CEO 2012-2022[61]
  • Frank La Salla, President & CEO since 2022[62]
  • Kevin Kessinger, Non-executive Chairman since 1 January 2024

The board was composed of 21 members as of 2019.[63][64] Two board members are selected by "preferred shareholders" ICE and FINRA, while 14 are from international clearing agencies.[64]

See also

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References

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  1. ^ a b c d http://www.dtcc.com/~/media/Files/Downloads/legal/financials/2019/DTCC-Annual-Financial-Statements-2018-and-2017.pdf [bare URL PDF]
  2. ^ "DTCC Named to the Forbes Best Employers List | DTCC". www.dtcc.com.
  3. ^ "Depository Trust Company – DTC". Investopedia. Retrieved March 18, 2015.
  4. ^ "New DTCC Data Products Service To Provide Dynamic Data Provisioning and Easier Access to DTCC Data". DTCC. June 30, 2015. Archived from the original on March 5, 2016. Retrieved April 1, 2016.
  5. ^ "DTCC Settles Record $1.8 Quadrillion in 2007; $984 Million in Rebates Returned to Customers". Business Wire. March 25, 2008. Retrieved April 1, 2016.
  6. ^ a b "Quadrillion dollar corporation at the heart of the financial system". Australian Financial Review. July 7, 2015. Retrieved April 1, 2016.
  7. ^ "The Muse brings you inside the office of DTCC". The Muse. Retrieved March 17, 2023.
  8. ^ William T. Dentzer Jr. (2008). The Depository Trust Company: DTC's Formative Years and Creation of The Depository Trust & Clearing Corporation (DTCC). YBK Publishers.
  9. ^ a b Morris, Virginia B.; Goldstein, Stuart A. (2009). Guide to Clearance & Settlement: An Introduction to DTCC. New York: Lightbulb Press. p. 4. ISBN 9781933569987. Retrieved November 20, 2022.
  10. ^ Wells, Wyatt (January 1, 2000). "Certificates and Computers: The Remaking of Wall Street, 1967 to 1971". Business History Review. 74 (2): 193–235. doi:10.2307/3116692. JSTOR 3116692. S2CID 154737499.
  11. ^ a b Alec Benn (2000). The Unseen Wall Street of 1969–1975: And Its Significance for Today. Bloomsbury Academic. ISBN 978-1-56720-333-2. Retrieved October 31, 2012 – via Google Books.
  12. ^ a b "Liberty Park, USA Foundation". Archived from the original on October 28, 2008.
  13. ^ a b c Morris, Virginia B.; Goldstein, Stuart A. (2009). Guide to Clearance & Settlement: An Introduction to DTCC. New York: Lightbulb Press. p. 7. ISBN 9781933569987. Retrieved November 20, 2022.
  14. ^ "Wall Street: Attack on the Snarl", Time, May 24, 1968.
  15. ^ a b "Wall Street: Speeding It Up". Time. March 15, 1968. Retrieved October 31, 2012.
  16. ^ "About Us > History > Timeline > Timeline 1930 "Black Box" Ticker". New York Stock Exchange. March 15, 1968. Archived from the original on May 8, 2015. Retrieved August 26, 2017.
  17. ^ "Computer Usage – Fall Issue 1968" (PDF). computerhistroy.org. Retrieved October 31, 2012.
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  21. ^ "Bill Maurer – Forget Locke?: From Proprietor to Risk-Bearer in New Logics of Finance – Public Culture 11:2". Archived from the original on August 16, 2007. Retrieved March 11, 2017.
  22. ^ Susan Dentzer (August 28, 2019). "The Greatest Father from a Great Generation". Medium.
  23. ^ "Securities and Exchange Commission Historical Society Interview with Donald Calvin" (PDF). November 21, 2008. Archived from the original (PDF) on November 21, 2008.
  24. ^ "Cboe To Buy European Equities Clearing House EuroCCP". Business Insider. December 10, 2019.
  25. ^ "About DTCC – European Central Counterparty Ltd. (EuroCCP)". DTCC. January 6, 2012. Archived from the original on October 29, 2012. Retrieved October 31, 2012.
  26. ^ "Welcome to EuroCCP". European Central Counterparty. Archived from the original on June 25, 2012. Retrieved October 31, 2012.
  27. ^ "CCorp and DTCC CDS Clearing". Clearingcorp.com. May 29, 2008. Archived from the original on February 17, 2012. Retrieved October 31, 2012.
  28. ^ "DTCC " Trade Information Warehouse". DTCC. Archived from the original on October 15, 2009. Retrieved October 31, 2012.
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  30. ^ "Moves to bring transparency to otc derivative and cds markets". Hedge Funds Review. October 2, 2008. Retrieved October 31, 2012.
  31. ^ "Thomson Reuters Completes Clarient and Avox Acquisitions Creating Best-In-Class KYC and Legal Entity Data Due Diligence Standards". Retrieved August 14, 2017.
  32. ^ "Intercontinental Exchange Picked as Top Stock at Sandler O'Neill". Bloomberg. January 4, 2013.
  33. ^ Pagliocca, Theresa (April 14, 2014). "Customer Protection and End-User Relief Act (H.R. 4413) Receives House Committee Approval". DTCC. Archived from the original on February 9, 2019. Retrieved June 18, 2014.
  34. ^ "Robinhood tightens GameStop trading curbs again as SEC weighs in".
  35. ^ "Robinhood nearly went under during the GameStop short squeeze". July 2, 2022.
  36. ^ "Robinhood raises $1bn from investors and taps banks at end of wild week".
  37. ^ "DTCC blocks Russian securities from Bank of Russia".
  38. ^ "Russia's sovereign default risk: Into the red zone".
  39. ^ "DTCC " The Depository Trust Company (DTC)". DTCC. Archived from the original on October 29, 2012. Retrieved October 31, 2012.
  40. ^ "CPSS Publications – The Depository Trust Company – Response to the disclosure framework for securities settlement Systems" (PDF). Retrieved October 31, 2012.
  41. ^ https://www.dtcc.com/about/-/media/Files/Downloads/Annual-Report-2022/DTCC2022AR-PRINT.pdf [bare URL PDF]
  42. ^ https://www.dtcc.com/-/media/Files/Downloads/Press-Room/DTCC-Clearance-Settlement-Interactive-2021.pdf [bare URL PDF]
  43. ^ "National Securities Clearing Corporation (NSCC)". DTCC. Retrieved October 31, 2012.
  44. ^ "Fixed Income Clearing Corporation (FICC)". DTCC. Archived from the original on October 29, 2012. Retrieved October 31, 2012.
  45. ^ "Welcome to Fixed Income Clearance & Settlement". FICC. Retrieved October 31, 2012.
  46. ^ Michael Bodson (April 2013). "New infrastructures for a sounder financial system" (PDF). Financial Stability Review. Banque de France.
  47. ^ "DTCC startet globales Transaktionsregister für OTC-Zinsderivate". Business Wire. December 7, 2011.
  48. ^ "ESMA approves DTCC trade repository in Europe". Institutional Asset Manager. November 11, 2013.
  49. ^ "ESMA Registers DTCC Data Repository (Ireland) PLC as Trade Repository under EMIR and SFTR". ESMA. December 18, 2020.
  50. ^ Chris Childs (April 20, 2020). "Regulators Narrow the Distance to Reach Data Standardization for Global Derivatives Reporting". DTCC.
  51. ^ "DTCC Solutions LLC". DTCC. Archived from the original on October 29, 2012. Retrieved October 31, 2012.
  52. ^ "Welcome to DTCC Learning Center!". DTCC Learning Center. Retrieved November 19, 2015.
  53. ^ a b "Post-Trading Solutions for the Global Investment Industry". Omgeo. Retrieved November 19, 2015.
  54. ^ "Omgeo LLC". DTCC. Archived from the original on October 29, 2012. Retrieved October 31, 2012.
  55. ^ Hagerty, James R. (February 11, 2021). "William Dentzer Helped Wall Street Unsnarl Its Paperwork; Former CIA operative, who died at age 91, led early clearinghouse for stock trades". The Wall Street Journal.
  56. ^ a b "DTCC 40 Anniversary". www.dtcc.com.
  57. ^ "Alabama Education". Alabama Education.
  58. ^ "Jill M Considine - Independent". LCH.
  59. ^ "Interview with Jill Considine conducted on August 1, 2011, by James Stocker" (PDF). Securities and Exchange Commission Historical Society. 2011.
  60. ^ "Considine to step down at DTCC; Donahue and Aimetti move up". Finextra. April 25, 2007.
  61. ^ "DTCC Board of Directors Elects Michael C. Bodson President and CEO". Businesswire. April 23, 2012. Retrieved August 26, 2020.
  62. ^ "Frank La Salla succeeded Michael C. Bodson, who has retired after a decade leading the company" (Press release). April 25, 2022.
  63. ^ "DTCC 2019 Annual Report". DTCC. Retrieved April 15, 2020.
  64. ^ a b "Leadership - The DTCC Board". DTCC. Retrieved April 15, 2020.
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40°42′12″N 74°00′33″W / 40.7032°N 74.0091°W / 40.7032; -74.0091

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