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The Depository Trust & Clearing Corporation (DTCC)USAA holding company set up in 1999 to combine the Depository Trust Company (DTC) and the National Securities Clearing Corporation (NSCC) to offer clearance and settlement services to the securities markets. The DTCC now operates through six subsidiaries that clear and settle nearly all US market trades in equities (equity), corporate and municipal debt (debt security), US government securities, mortgage-backed securities, money market instruments and over-the-counter derivatives.The DTCC also offers securities safekeeping services for many different types of securities. The DTCC is owned by its customers, who are securities industry participants including banks, broker-dealers, mutual funds and other financial institutions, and operates at an at-cost basis by returning excess revenue to its member firms.Each DTCC subsidiary operates independently and is self-funded by user fees. The six DTCC subsidiaries are the:• DTC.• Fixed Income Clearing Corporation (FICC) .• NSCC .• DTCC Deriv/SERV LLC .• DTCC Solutions LLC .• European Central Counterparty Ltd. (EuroCCP) .
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.
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