National Securities Clearing Corp.
|READ: Five Minutes with Michael Bodson, CEO, DTCC (April 2012)|
|National Securities Clearing Corp.|
|Headquarters||New York, NY USA|
|Key People||Donald Donahue, chairman and CEO; William Aimetti, president and COO|
|Products||financial clearing and settlement|
The National Securities Clearing Corp. (NSCC), a wholly owned subsidiary of The Depository Trust & Clearing Corporation (DTCC), is a central counterparty that provides centralized clearance, settlement and information services for almost all broker-to-broker equity, corporate bond and municipal bond, exchange-traded funds and unit investment trust (UIT) trades in the U.S.
The NSCC, which was established in 1976, 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 percent each day. NSCC generally clears and settles trades on a T+3 basis.
In July, 2012, the Financial Stability Oversight Council designated the National Securities Clearing Corp. as a preliminary consideration for systemically important nonbank financial company or financial market utility list. If designated, the firm would be subject to heightened risk management, financial resource, and other standards, but would also gain access to the Federal Reserve's emergency lending facilities.
- ↑ Welcome to National Securities Clearing Corporation. NSCC.
- ↑ About DTCC. DTCC.