National Securities Clearing Corp.
| National Securities Clearing Corp. | |
| |
| Founded | 1976 |
|---|---|
| Headquarters | New York, NY USA |
| Key People | Michael Bodson, president and CEO; Murray Pozmanter, general manager of SIFMU |
| Products | financial clearing and settlement |
| Website | http://www.nscc.com/ |
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.[1]
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.[2]
In July, 2012, the Financial Stability Oversight Council designated the National Securities Clearing Corp. as a systemically important nonbank financial company or financial market utility list. The designation means NSCC is subject to heightened risk management, financial resource, and other standards, but also has access to the Federal Reserve's emergency lending facilities.
Key People[edit]
- Michael Bodson, President and CEO
- Robert Druskin, non-executive Chairman
- Murray Pozmanter, general manager in charge of all DTCC's SIFMU
References[edit]
- ↑ Welcome to National Securities Clearing Corporation. NSCC.
- ↑ About DTCC. DTCC.