The Depository Trust Company (直接转矩), the central securities depository subsidiary of 存, provides settlement services for virtually all equity, corporate debt and municipal debt trades transacted on the New York Stock Exchange, 纳斯达克, regional exchanges and electronic communication networks (ECNs) in the U.S. Approximately 1.4 million settlement-related transactions per day, with a value of approximately $600 billion, are completed at 直接转矩.
The service allows for the collection/disbursement of a participant’s net obligations and credits, via its settling bank through the NSS system of the Federal Reserve.
Using collateral and net debit cap risk management controls, 直接转矩’s settlement system protects its participants against the credit and liquidity risks of the failure to settle by 直接转矩’s largest participant or affiliated family.
直接转矩’s settlement service offers participants a number of settlement capabilities, including but not limited to: settlement of securities transaction through Deliver Orders (DOs); collection of option contract premiums by processing Premium Payment Orders (PPOs); collection of stock loan mark-to-markets on open contracts by processing Securities Payment Orders (SPOs); pledging securities to pledgees as collateral through the collateral loan system; pledging securities to the Options 清算 Corporation (OCC) to meet OCC margin requirements.