Going Global
I n the mid-1990s, The Depository Trust Company (DTC) began taking its first steps outside the United States in partnership with National Securities Clearing Corporation (NSCC). It had to, as its participants were opening international offices that required DTC’s and NSCC’s expertise and services. That did not mean it was an easy call for DTC. There was a serious debate inside the firm as to how much involvement it should have in international markets and whether or not it made sense to expand beyond the United States. At the time, NSCC had what was called the International Securities Clearing Corporation (ISCC), which offered several services globally. DTC had been very skeptical about that business. Bill Dentzer, who was CEO at the time, did not see international expansion as a meaningful business opportunity for DTC. He understood it was coming, but in his view, it was not there yet.
In 1995, The Depository Trust Company (DTC) expanded internationally, opening an office in London, England, to serve participant affiliates and the growing European market. (Photo courtesy of Pixabay/Public Domain Pictures.)
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