Depository Trust Company: Difference between revisions
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| name = Depository Trust Company |
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| founded = 1999 |
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| hq_location = [[New York]] |
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| subsid = [[Depository Trust & Clearing Corporation]] |
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'''Depository Trust Company''' ('''DTC''') is a [[New York City|New York]] corporation that performs the functions of a [[Central Securities Depository]] as part of the US [[National Market System]].<ref>{{cite web|url=http://www.dtcc.com/about/businesses-and-subsidiaries/dtc.aspx |title=The Depository Trust Company - DTC |publisher=DTCC |date= |accessdate=2016-04-01}}</ref> Since 1999 it has been a subsidiary of the [[Depository Trust & Clearing Corporation]], a securities [[holding company]]. |
'''Depository Trust Company''' ('''DTC''') is a [[New York City|New York]] corporation that performs the functions of a [[Central Securities Depository]] as part of the US [[National Market System]].<ref>{{cite web|url=http://www.dtcc.com/about/businesses-and-subsidiaries/dtc.aspx |title=The Depository Trust Company - DTC |publisher=DTCC |date= |accessdate=2016-04-01}}</ref> Since 1999 it has been a subsidiary of the [[Depository Trust & Clearing Corporation]], a securities [[holding company]]. |
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Revision as of 13:13, 23 April 2020
 | This article needs additional citations for verification. (June 2014) |
| Founded | 1999 |
|---|---|
| Headquarters | New York |
| Subsidiaries | Depository Trust & Clearing Corporation |
| Website | www |
Depository Trust Company (DTC) is a New York corporation that performs the functions of a Central Securities Depository as part of the US National Market System.[1] Since 1999 it has been a subsidiary of the Depository Trust & Clearing Corporation, a securities holding company.
History
DTC was formed under the special incorporation laws of New York for trust companies. DTC manages book-entry securities entitlement transfers for brokerage houses and maintains custody of global (jumbo) stock certificates and other stock certificates through its affiliated partnership nominee, Cede and Company. DTC maintains Omnibus Customer Securities Accounts for the account of the DTC Participant.
Functions
Even though DTC Participants own most of the stock of DTC, the DTC is technically a subsidiary of the Depository Trust & Clearing Corporation because DTCC owns the only voting stock.
DTC is not the holder of record of the securities for which it manages the custody. DTC instead designates Cede and Company, whose partners consists of DTC employees, as their main custodial Nominee pursuant to New York's legislation called the Uniform Commercial Code, Article 8: Investment Securities.
See also
- National Securities Clearing Corporation
- Fixed Income Clearing Corporation
- Securities clearing and depository institutions
References
- ^ "The Depository Trust Company - DTC". DTCC. Retrieved 2016-04-01.
- Financial services companies of the United States
- Central securities depositories
- Securities clearing and depository institutions
- Financial services companies based in New York City
- American companies established in 1973
- Financial services companies established in 1973
- 1973 establishments in New York (state)