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THE STORY OF THE DEPOSITORY TRUST & CLEARING CORPORATION
“We started by doing a lot of work in the Institutional Delivery System,” said Donald Donahue, president and CEO of The Depository Trust & Clearing Corporation (DTCC) from 2006–2012. “And we asked ourselves, ‘How do we prepare this to handle transactions in securities other than US securities?’” Each new country brought a complex system of financial standards and regulations. Then there were the cultural differences. “I like to think of it as our international breakthrough, the beginning of our sharing with fellow CCPs [central counterparty clearinghouses] and CSDs [central securities depositories] around the world,” said Mary Ann Callahan, former managing director, Global Relations and Development, “We linked operating systems, while strengthening relationships and global dialogues, especially with CSDs that opened direct accounts and the many others who contributed to our popular Global Relations Education and Training (GREAT) workshops over six summers.” DTC’s international expansion plans went through several stops and starts, particularly in Europe, with some projects never coming to fruition. However, the firm stayed the course, confident of an increasingly global economy. Its commitment would pay off. In less than a decade, DTC, in partnership with NSCC, would be ready to grow overseas rapidly by stepping into its first international joint venture with a for-profit company.
Mary Ann Callahan, former managing director, Global Relations and Development, traveled to London to begin exploring DTC and National Securities Clearing Corporation’s (NSCC) European expansion.
Looking to London
It merited just 18 words in the 1995 Annual Report: “DTC opened an office in London to serve Participant affiliates in the United Kingdom and on the Continent.” But there were growing reasons for DTC to be involved outside the
1994 The Depository Trust Company (DTC) unveils interactive ID, replacing both its Institutional Delivery service and International ID systems with one designed to meet the needs of global trading. By year’s end, the new system
1995 MARCH DTC and the Society for Worldwide Interbank Financial Telecommunications (SWIFT) announce they will cooperate in providing international electronic trade confirmations based
1996 DTC and National Securities Clearing Corporation (NSCC) form International Depository & Clearing LLC to focus on relationships with central securities depositories worldwide. The alliance also would include research, marketing and development.
1996 DTC begins exploring a two-way depository interface with the Canadian Depository for Securities Limited.
on DTC’s Institutional Delivery (ID) System.
would process 157,000 transactions per day.
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