DTCC

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.

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

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

• Post-trade infrastructure
• Central securities depository
• Clearing and settlement
• Trade repository services
• Financial market utility

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales, Others

Revenue model

1. 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.
2. 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.
3. 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.
4. Trade Repository and Regulatory Reporting: Derivatives trade reporting services under regulatory mandates (EMIR, MiFID II, etc.) generating subscription fees from reporting entities.
5. 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

Core 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

Named customers10 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration9 records

AI capability2 records

Feature7 records

Partnerships

Eleven partnerships are on record, tiered minor and core.

• FINOS (Fintech Open Source Foundation)minorStrategic or Co-development Partner · 23 June 2026DTCC 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 FoundationcoreTechnology or Integration · 27 May 2026DTCC 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.
• ChainlinkcoreTechnology or Integration · 12 May 2026DTCC 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 GroupcoreStrategic or Co-development Partner · 16 April 2026DTCC 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)coreTechnology or Integration · 15 April 2026DTCC 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 EuroclearcoreStrategic or Co-development Partner · 3 April 2026DTCC 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)coreTechnology or Integration · 17 December 2025DTCC 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 AzurecoreTechnology or IntegrationDTCC 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, JPMorgancoreStrategic or Co-development PartnerOver 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, KrakencoreStrategic or Co-development PartnerCrypto-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 CommitteeminorStrategic or Co-development PartnerDTCC 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

Direct 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

• Xx.com/the_dtcc
• Facebookfacebook.com/TheDTCC
• LinkedInlinkedin.com/company/dtcc

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A4 records

Investments8 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about DTCC