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Depository Trust Company

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Depository Trust Company
IndustryFinance
Founded1973; 51 years ago (1973)
HeadquartersNew York City
SubsidiariesDepository Trust & Clearing Corporation
Websitewww.dtcc.com/about/businesses-and-subsidiaries/dtc Edit this on Wikidata

Depository Trust Company (DTC), founded in 1973, is a New York corporation that performs the functions of a Central Securities Depository as part of the US National Market System.[1] DTC annually settles transactions worth hundreds of trillions of dollars, processes hundreds of millions of book-entry deliveries, and custodies millions of securities issues worth tens of trillions of dollars issued in the United States and over 100 other countries. Since 1999 it has been a subsidiary of the Depository Trust & Clearing Corporation, a securities holding company.

History

DTC was formed in 1973 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.

Bill Dentzer was Chairman and CEO from 1973 to 1994.[2] He was succeeded by William F. Jaenike, who was Chairman and CEO from 1994 to 1999.[2][3]

Functions

DTC participants own the non-voting stock of DTC. Depository Trust & Clearing Corporation owns all of the voting stock in DTC, which makes DTC a subsidiary of Depository Trust & Clearing Corporation.

DTC is not the holder of record of the securities for which it manages the custody. Instead, DTC designates Cede and Company as their main custodial nominee pursuant to New York's Uniform Commercial Code, Article 8: Investment Securities. Cede and Company's partners are employees of DTC.

In 2007, DTC settled transactions worth $513 trillion, and processed 325 million book-entry deliveries. In addition to settlement services, DTC retains custody of 3.5 million securities issues, worth about $40 trillion, including securities issued in the United States and more than 110 other countries.

See also

References

  1. ^ "The Depository Trust Company - DTC". DTCC. Retrieved 2016-04-01.
  2. ^ a b "DTCC 40 Anniversary". www.dtcc.com.
  3. ^ "Alabama Education". Alabama Education.
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