A holding company established 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 operates through a number of subsidiaries that clear and settle US market trades in securities such as equities, corporate and municipal debt and money market instruments.

The DTCC is owned by its principal users, 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.

For a further discussion of the clearance and settlement of publicly-traded securities, see Practice Notes, Clearing and Settlement of Debt Securities: Overview and Securities Transfers and Proxy Voting.