What is Depository Trust Company?

DTC is the world's largest central securities depository. It acceptsdeposits of over 2 million equity and debt securities issues (valued at $23trillion)from over 65 countries for custody, executes book-entry deliveries (valuedat over $116 trillion in 2000)records book-entry pledges of those securities, and processes relatedincome distributionsDTC is a member of the U.S. Federal Reserve System,a limited-purpose trust company under New York State banking law, a registered clearing agency with the Securities and Exchange Commission, and is owned by theDepository Trust and ClearingCorporation (DTCC), which is in turn owned primarily by most of themajor banks, broker-dealers, and exchanges on Wall Street.