DTCC
DTCC is a member-owned post-trade market utility providing clearing, settlement, custody, and data services for U.S. capital markets to broker-dealers, banks, asset managers, and issuers, processing $4.7 quadrillion in annual transactions and holding over $114 trillion in custody across 150+ countries.
- Company typePrivate
- Founded1999
- HeadquartersNew York, United States
- Headcount5,001–10,000
- GTM typeB2B
- OfferingServices
What DTCC does
DTCC (The Depository Trust & Clearing Corporation), founded in 1973 and headquartered in New York, is the principal post-trade market infrastructure provider for the U.S. capital markets and operates as a member-owned utility cooperative. Through its subsidiaries DTC (central securities depository), NSCC (equities clearing), FICC (fixed income clearing), and DTCC Digital Assets, the company provides clearing, settlement, custody, asset servicing, institutional trade processing (ALERT, CTM, TradeSuite ID), wealth and investment solutions, derivatives trade reporting, and data analytics services to broker-dealers, asset managers, banks, trust companies, corporations/issuers, and an emerging set of digital asset firms. DTCC processes approximately $4.7 quadrillion in annual securities transactions, holds over $114 trillion in custody, and serves participants in 150+ countries.
The company's core technology stack spans CNS (Continuous Net Settlement), DTC book-entry settlement, FICC's GSD and MBSD netting, and the ALERT/CTM straight-through-processing suite. A multi-year cloud-first modernization is migrating core systems to AWS and Microsoft Azure. The newer digital asset stack includes a multi-chain tokenization service (SEC No-Action Letter authorized December 2025; Canton Network and Stellar integrations), the Besu-based Collateral AppChain integrated with Chainlink CRE for 24/7 tokenized collateral management (target production Q4 2026), the ComposerX platform (Factory, Capital Markets Platform, LedgerScan) derived from the 2023 Securrency acquisition, and a public API Marketplace. Supporting services include DTCC Learning (with a generative AI Q&A feature) and the DTCC Digital Launchpad for live tokenization demonstrations.
DTCC's revenue model is transaction- and subscription-based across five primary streams: clearing and settlement transaction fees, asset custody and depository fees (subscription/recurring based on assets held), data and analytics subscriptions, derivatives trade repository and regulatory reporting fees (EMIR, MiFID II), and wealth/investment solutions processing fees. Pricing is relationship-driven, negotiated through membership agreements and not publicly disclosed. Distribution is exclusively direct to financial institution members through the MyDTCC client portal, API Marketplace, and dedicated relationship management. As a member-owned cooperative, profits are reinvested rather than distributed to external shareholders, and DTCC has no public funding rounds.
DTCC firmographics
Firmographics- Name
- DTCC
- Legal name
- The Depository Trust & Clearing Corporation
- Website
- http://www.dtcc.com/
- Company type
- Private
- Founded year
- 1999
- Operating status
- Operating
- Headcount range
- 5,001–10,000 employees
- Short description
- DTCC is a member-owned post-trade market utility providing clearing, settlement, custody, and data services for U.S. capital markets to broker-dealers, banks, asset managers, and issuers, processing $4.7 quadrillion in annual transactions and holding over $114 trillion in custody across 150+ countries.
- Ownership category
- akta.pro rank
DTCC industry classification
Industry- Product category
- Post-Trade Financial Market Infrastructure
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- Central Securities Depositories (CSDs) & Settlement Systems (FSACAHAA)
- akta.pro secondary industries
- National CSDs & Domestic Settlement Systems (FSAFAGAA), Central Securities Depository (CSD) & Securities Settlement Services (FSAAAOAD), OTC Derivatives CCPs (Swaps) (FSAFAFAB)
Keywords
Where DTCC is headquartered
LocationHeadquarters
- HQ city
- New York
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
DTCC business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales, Others
Revenue model
- Clearing and Settlement Services: DTCC charges transaction-based fees for clearing and settlement services across equities, fixed income, and derivatives markets. The company processes trillions in daily transaction volume, generating fees based on value and volume of securities settled.
- Asset Custody and Depository Services: DTC provides safekeeping and book-entry custody services for securities valued at over $114 trillion. Revenue is generated through custody fees based on asset values held.
- Data and Analytics Services: DTCC provides reference data, corporate actions data, market analytics, and reporting services to financial institutions, generating subscription and usage-based fees.
- Trade Repository and Regulatory Reporting: Derivatives trade reporting services under regulatory mandates (EMIR, MiFID II, etc.) generating subscription fees from reporting entities.
- Wealth and Investment Solutions: Fund solutions, private market solutions, and insurance/retirement processing services generating fees for mutual fund processing, networking, and administrative services.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels6 records
DTCC product offering
Product offeringCore offering
DTCC is the central post-trade market infrastructure for U.S. and global financial markets, providing central securities depository services through DTC, central counterparty clearing through NSCC (equities) and FICC (fixed income), and settlement, asset servicing, derivatives trade repository, and data/analytics services. It processes roughly $4.7 quadrillion in annual securities transactions and holds over $114 trillion in custody, and is expanding into digital asset tokenization and blockchain-based collateral management under SEC authorization.
Product overview
DTCC is a central securities depository and post-trade market infrastructure provider offering a comprehensive, multi-module platform. Its core offerings span clearing and settlement services (equities via NSCC, fixed income via FICC/GSD and MBSD, and settlement via DTC), institutional trade processing (ALERT, CTM, TradeSuite ID), wealth and investment solutions (fund processing, private markets, insurance/retirement), repository and derivatives services, and data services. DTCC has expanded into digital assets with its DTCC Digital Assets division, which includes Tokenization services, the Collateral AppChain (for 24/7 tokenized collateral management), ComposerX (Factory, Capital Markets Platform, LedgerScan), and the DTCC Digital Launchpad. Supporting infrastructure includes the API Marketplace, DTCC Learning (with AI-powered Generative Answering), and a cloud-first modernization program. DTCC processes over $4.7 quadrillion in securities transactions annually and custodians over $114 trillion in assets from more than 150 countries.
Differentiator
Problem solved
Functional benefit
Products and services
- Equities Clearing (NSCC) Central clearing services for U.S. equities provided by the National Securities Clearing Corporation (NSCC) subsidiary, including Continuous Net Settlement (CNS), ACATS account transfers, Securities Financing Transaction (SFT) Clearing, ETF processing, and Obligation Warehouse. Supports options-based ETF clearing as of 2026. For broker-dealers, banks, and asset managers.
- Fixed Income Clearing (FICC) Central clearing for U.S. government securities, agency securities, and mortgage-backed securities provided by the Fixed Income Clearing Corporation (FICC) subsidiary through its Government Securities Division (GSD) and Mortgage-Backed Securities Division (MBSD). Includes Agent Clearing, Sponsored Service, GCF Repo, CCIT, Real-Time Trade Matching, MBS Novation, and EPN. For banks, broker-dealers, and institutional fixed income participants.
- Settlement Services (DTC) Book-entry movement of securities and cash through the Depository Trust Company (DTC) for equity, fixed income, and other asset classes. Processes trillions of dollars daily and holds more than $114 trillion in custody for participants in over 150 countries. For broker-dealers, banks, custodians, and issuers.
- Institutional Trade Processing (ALERT, CTM, TradeSuite ID) Suite of institutional post-trade services: ALERT web-based standing settlement instruction (SSI) management; CTM post-trade matching for equities and fixed income; TradeSuite ID automated trade confirmation and affirmation; Settlement Instruction Manager; and ITP Data Analytics. Enables straight-through processing from execution to settlement, supporting T+1 and emerging 24x5 cycles. For broker-dealers, custodians, and institutional investors.
- Asset Services Full-lifecycle services for securities held at DTC, including Underwriting, Issuer Services, Corporate Actions Processing, Securities Processing, Global Tax Services, and Agent Services. For corporations, issuers, and asset managers.
- Wealth & Investment Solutions Services for wealth managers and institutional investors covering Fund Solutions (mutual fund/ETF processing via Fund/SERV and Networking), Private Market Solutions, and Insurance and Retirement Solutions (annuities and retirement product processing). For asset managers, wealth managers, insurance carriers, and retirement plan administrators.
- Repository and Derivatives Services Trade repository services for OTC derivatives across APAC, Europe/UK, and North America; derivatives lifecycle management via the Trade Information Warehouse (TIW); and reporting services including DTCC Report Hub with Trade Reporting Analytics and UTI Exchange. For derivatives dealers, reporting entities, and regulators.
- Data Services Reference data and analytics services including corporate actions and reference data (CA 20022 Service, CA Web Service, DTC Allocation Date Service, ETF Portfolio Data Service, Security Master File Data, Legal Notice System Data, Liquidity Coverage Ratio Service) and market aggregates and analytics (CDS Kinetics, Equity Kinetics, Treasury Kinetics, Money Market Kinetics, End-of-Day Position Fixed Income, OTC Direct Connect). For financial institutions and regulators.
- Tokenization Service DTCC's tokenization service enables securities held at the Depository Trust Company (DTC) to be converted into digital tokens on approved blockchain networks. Covers Russell 1000 stocks, major ETFs, and U.S. Treasuries under a multi-chain strategy connecting to networks including Stellar (H1 2027) and Canton Network. For broker-dealers, banks, asset managers, exchanges, and digital asset firms.
- Collateral AppChain Blockchain-based (Besu) collateral management platform enabling near real-time, 24/7 tokenized collateral tracking, valuation, automated eligibility checks, margining, collateral optimization, and settlement. Integrates Chainlink CRE for data orchestration and automation. Target production launch Q4 2026. For broker-dealers, banks, and collateral managers.
- ComposerX Digital asset issuance and management platform (formerly Securrency) comprising ComposerX Factory for token creation, ComposerX Capital Markets Platform for capital markets workflows, and ComposerX LedgerScan for ledger scanning and reconciliation. Designed to streamline token creation and settlement for institutional adoption.
- DTCC Digital Launchpad Digital asset infrastructure platform used to demo live tokenization and collateral workflows, including the April 2025 'Great Collateral Experiment' event showcasing on-chain asset movement with instant settlement. For financial institutions evaluating tokenization and digital collateral.
- Rapid Issuance Automated structured note issuance service for securities custodied at DTC, leveraging Universal Workflow Collaboration (UWC) integration to enable issuers to complete closings within an hour, improving operational efficiency and reducing processing delays and risk. For structured note issuers and dealers.
- MiFID ARM Reporting Service DTCC's Approved Reporting Mechanism (ARM) service for UK MiFID II transaction reporting, providing end-to-end reporting through a single cloud-native platform. Live as of June 2026. For UK trading firms subject to MiFID reporting obligations.
- FICC-CME Cross-Margining Arrangement Joint cross-margining arrangement between DTCC's FICC and CME Group enabling eligible positions in U.S. Treasury securities and interest rate futures to offset each other, reducing margin requirements. Expanded to end-user clients effective April 30, 2026 following SEC and CFTC approval. For eligible FICC and CME clearing members and end-user clients.
- API Marketplace Developer portal and API marketplace providing programmatic access to DTCC's data feeds, trading infrastructure, and post-trade services, including trade reporting, settlement instructions, corporate actions, and analytics. Available at developer.dtcc.com. For member firms, developers, and technology integrators.
Quantifiable outcome
- Over $114 trillion in assets held in custody
- +3 more outcomes
Companies that use DTCC
Customer profileNamed customers10 records
Segments5 records
Ideal customer profiles4 records
DTCC technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration9 records
AI capability2 records
Feature7 records
DTCC partnerships and signals
Strategic signalPartnerships
Eleven partnerships are on record, tiered minor and core.
- FINOS (Fintech Open Source Foundation)minorDTCC anchored the FINOS AI Fund, a member-led Supplemental Directed Fund designed to accelerate responsible agentic AI adoption in regulated financial services through shared governance standards, open source specifications, and interoperability frameworks.
- Stellar Development FoundationcoreDTCC announced a partnership to connect its tokenization service with the Stellar public blockchain network. The collaboration will enable DTC-custodied assets including Russell 1000 stocks, ETFs, and U.S. Treasuries to be issued in tokenized form on Stellar, with integration targeted for H1 2027 under SEC no-action letter authorization.
- ChainlinkcoreDTCC integrated Chainlink's oracle technology into its Collateral AppChain platform to support 24/7 near real-time collateral management, valuation, and automated margining. The collaboration enables automated eligibility checks, asset valuation, margining, collateral optimization, and settlement across global financial markets and blockchains.
- CME GroupcoreDTCC and CME Group received regulatory approval from SEC and CFTC to expand their cross-margining arrangement for U.S. Treasury and interest-rate derivatives. The new service allows eligible clients to offset positions across both clearing houses, reducing margin requirements and improving liquidity.
- Amazon Web Services (AWS)coreDTCC partnered with AWS for cloud infrastructure modernization, migrating core systems including clearing, settlement, and risk-management tools to the cloud by the end of the decade. AWS partnership is part of DTCC's cloud-first strategy to enhance digital market infrastructure.
- Clearstream and EuroclearcoreDTCC collaborated with Clearstream, Euroclear, and Boston Consulting Group to release a white paper proposing a five-pillar interoperability framework for digital asset securities ecosystems. The framework addresses fragmentation across distributed ledger technology networks and aims to enable trusted, scalable interoperability.
- Digital Asset (Canton Network)coreDTCC partnered with Digital Asset to tokenize DTC-custodied U.S. Treasury securities on the Canton Network, representing the first step in DTCC's strategy to make DTC-custodied assets available on-chain. Canton Network is a permissioned blockchain built for institutional finance with backing from major Wall Street firms.
- Microsoft AzurecoreDTCC partnered with Microsoft Azure alongside AWS for cloud-first modernization strategy, enhancing system resilience, security, and efficiency with integration of AI tools.
- BlackRock, Goldman Sachs, JPMorgancoreOver 50 financial institutions including BlackRock, Goldman Sachs, JPMorgan, Bank of America, Citigroup, Wells Fargo, and others participated in DTCC's Industry Working Group to design the tokenization service for DTC-custodied assets.
- Circle, Coinbase, KrakencoreCrypto-native firms including Circle, Coinbase, and Kraken participated in DTCC's tokenization working group, contributing to the design of digital asset infrastructure and ensuring integration with blockchain-based systems.
- EU T+1 Industry CommitteeminorDTCC participates in the EU T+1 Industry Committee, contributing to the development of automated, interoperable standing settlement instructions (SSIs) as Europe prepares to transition from T+2 to T+1 settlement in October 2027.
Scale indicators9 records
Recent moves8 records
Expansion highlights6 records
DTCC competitors and assessment
Company assessmentDirect peers
- Clearstream: Clearstream is the international CSD headquartered in Luxembourg, owned by Deutsche Börse. It provides post-trade infrastructure for securities across Europe and is a direct functional peer to DTCC's DTC, collaborating on interoperability frameworks for digital assets.
- Euroclear: Euroclear is one of the world's largest international CSDs, providing settlement and custody for cross-border securities transactions. It is a direct peer to DTCC in core CSD, settlement, and asset-servicing functions, and has co-authored DTCC's digital asset interoperability white papers.
- CME Group: CME Group is the world's largest derivatives marketplace and operates a derivatives clearing house. It is a direct peer in clearing infrastructure and is also DTCC's cross-margining partner, sharing a regulatory framework that links FICC and CME for combined margining efficiency.
- OCC (Options Clearing Corporation): OCC is the world's largest equity derivatives clearing house, clearing options, futures, and securities lending transactions. It is a direct peer in U.S. clearing infrastructure and shares the regulatory designation as a systemically important CCP under SEC oversight.
- LCH (London Clearing House): LCH, part of LSEG, is a leading global clearing house providing services across asset classes including OTC derivatives, fixed income, and equities. It is a direct peer in CCP operations and competes with DTCC's FICC for cross-border clearing mandates.
- SIX Group: SIX operates the Swiss stock exchange and post-trade infrastructure including a CSD and clearing house for Swiss and international securities. It is a direct peer offering integrated exchange, CSD, and clearing services analogous to DTCC's bundled model.
Broad incumbents
- BNY Mellon: BNY Mellon is the world's largest custodian with over $50T in assets under custody. It is a broad incumbent peer in custody and asset servicing and is also a DTCC partner via the Agent Clearing Triparty Service and Collateral-in-Lieu initiatives.
- State Street: State Street is a major global custodian and asset servicer, competing with DTCC in custody, fund services, and ETF servicing. Its State Street Global Advisors franchise makes it a broad incumbent in capital markets infrastructure adjacent to DTCC's institutional services.
- Intercontinental Exchange (ICE): ICE operates global exchanges and clearing houses, including ICE Clear Credit and ICE Futures U.S. It is a broad incumbent peer in exchange and clearing infrastructure, with mortgage and credit derivatives clearing that overlaps with DTCC's FICC MBSD business.
- JPMorgan (Custody and Securities Services): JPMorgan's Securities Services division is one of the largest global custodians and a major participant in DTCC's clearing and tokenization initiatives. It is a broad incumbent in custody and post-trade services, competing with DTCC while also being a key client and working group member.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks7 records
Key highlights7 records
Customer concentration
DTCC social profiles
Digital presenceDTCC financial estimates
Financial estimateRevenue estimate
Valuation estimate
DTCC leadership team
Management profileNumber of profiles
Profiles10 records
DTCC subsidiaries and ownership
Company hierarchySubsidiaries7 records
DTCC funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
DTCC M&A and investment
M&A and investmentM&A4 records
Investments8 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about DTCC
What does DTCC do?
DTCC is the central post-trade market infrastructure for U.S. and global financial markets, providing central securities depository services through DTC, central counterparty clearing through NSCC (equities) and FICC (fixed income), and settlement, asset servicing, derivatives trade repository, and data/analytics services. It processes roughly $4.7 quadrillion in annual securities transactions and holds over $114 trillion in custody, and is expanding into digital asset tokenization and blockchain-based collateral management under SEC authorization.
Is DTCC a public or private company?
DTCC is a private company. It is classified as unknown and is currently operating.
When was DTCC founded?
DTCC was founded in 1999. It employs 5,001 to 10,000 people.
Where is DTCC based?
DTCC is headquartered in New York, United States, in the North America region.
How does DTCC make money?
Five revenue lines are on record. Clearing and Settlement Services are the primary driver. The others are asset Custody and Depository Services, data and Analytics Services, trade Repository and Regulatory Reporting and wealth and Investment Solutions.
Who are DTCC's main competitors?
Direct peers on record are Clearstream, Euroclear, CME Group, OCC (Options Clearing Corporation), LCH (London Clearing House) and SIX Group. Broad incumbents are BNY Mellon, State Street, Intercontinental Exchange (ICE) and JPMorgan (Custody and Securities Services).
Does DTCC have an API?
Yes. DTCC offers a public API Marketplace at developer.dtcc.com providing access to DTCC's data feeds, trading infrastructure, and post-trade services. APIs cover areas including trade reporting, settlement instructions, corporate actions, and data analytics. Auth methods, rate limits, and versioning are documented on the developer portal. Developer documentation is at developer.dtcc.com.
What industry is DTCC in?
DTCC's product category is Post-Trade Financial Market Infrastructure. Its primary akta.pro industry code is FSACAHAA, Central Securities Depositories (CSDs) & Settlement Systems, with a secondary code of FSAFAGAA, National CSDs & Domestic Settlement Systems. Its NAICS code is 522320 and its SIC code is 6200.