The Depository Trust & Clearing Corporation (DTCC)

The primary activity of the company DTCC (Depository Trust & Clearing Corporation) is to provide post-trade infrastructure services for global financial markets. DTCC offers clearing, settlement, and custody services, as well as data management and risk management solutions. Its products and services include the clearing and settlement of transactions in equities, bonds, derivatives, and other financial instruments, the management of data repositories, as well as regulatory compliance solutions. DTCC primarily serves financial institutions, such as banks, brokers, asset managers, and other participants in global financial markets.

History of DTCC and key milestones in its development

The Depository Trust & Clearing Corporation (DTCC) is a central player in the global financial market infrastructure, specializing in clearing, settlement, and custody of securities.

Creation and foundation
DTCC was created in 1999 by the merger of the Depository Trust Company (DTC, founded in 1973) and the National Securities Clearing Corporation (NSCC, founded in 1976). This merger aimed to streamline and secure post-trade processes for financial securities in the United States.

Development of products and services
Over the years, DTCC has expanded its offering to include:

• Clearing and settlement of equities, bonds, derivatives, and funds.
• Institutional transaction processing solutions (ALERT®, CTM®, Settlement Instruction Manager, etc.).
• Asset management, tax, corporate actions, and reference data services.
• Regulatory reporting and derivatives management platforms (Trade Information Warehouse, Global Trade Repository).
• Innovative solutions around digital assets and tokenization.

Partnerships and acquisitions
DTCC has established strategic partnerships with other global market infrastructures (Clearstream, Euroclear, etc.) to promote interoperability and resilience in the financial system. It has also integrated or collaborated with entities specializing in risk management, compliance, and digital transformation.

Strategic changes and innovations
DTCC has continuously modernized its infrastructures, notably through:

• Digitization of post-trade processes.
• Adoption of blockchain and cloud for digital asset management.
• Launch of tokenization solutions for real-world assets (RWAs).
• Promotion of central clearing for the U.S. Treasuries markets to reduce systemic risks.
• Initiatives to accelerate transaction settlement and strengthen operational resilience.

Current position
Today, DTCC processes quadrillions of dollars in transactions each year and continues to play a key role in securing, modernizing, and innovating global financial markets.

The founder of The Depository Trust & Clearing Corporation (DTCC) is not a single person, but the organization was created in 1999 following the merger of the Depository Trust Company (DTC) and the National Securities Clearing Corporation (NSCC), two entities founded in the 1970s by major financial institutions to modernize and secure the settlement of financial transactions in the United States.

The main members of DTCC’s executive team are:

• Frank La Salla – President and Chief Executive Officer (CEO) and member of the Board of Directors
• Susan Cosgrove – Chief Financial Officer (CFO)
• Larry Thompson – Executive Vice President and General Counsel
• Ann Shuman – General Counsel
• Murray Pozmanter – President of DTCC Clearing Agency Services and Head of Operations Management
• Tim Keady – Chief Client Officer

DTCC is a key financial infrastructure, owned by major global banks and financial institutions, and its Board of Directors is composed of executives from these institutions.

As for the banking sector in general, executive teams vary by bank, but they are generally composed of a Chief Executive Officer, a Chief Financial Officer, a Chief Operating Officer, a General Counsel, and other executives responsible for key functional areas.