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CHAPTER FIVE | GOING GLOBAL
United States. Since 1985, US investors had grown their investment in foreign stocks and bonds by 1,500 percent. And DTC’s global securities program was growing at about 25 percent per year. Since it began accepting global securities in 1990, 5,200 of them had been distributed at a total value of $830 billion. While the London office did not merit much attention in the annual report that first year, a 20th-anniversary retrospective published in the London Financial News was more direct: “DTC arrived in the UK punching,” James Rundle wrote. “Trade confirmation, the signal confirming execution of a securities trade, which until then had been sent by fax, was gradually going digital, and DTC competed fiercely for the business with European giant Thomson Financial.”
In 1997, DTC’s international operations took on the name International Depository & Clearing (IDC). Pictured is the staff at the UK offices.
1997 MARCH DTC becomes an electronic trade confirmation provider on the SWIFT communications network. This allows connectivity between 10,000 ID system users and SWIFT’s 6,000 users.
1997 APRIL NSCC forms the Emerging Markets Clearing Corporation as the first truly global clearing corporation guaranteeing cross-border trading activity. It is formed in coordination with the Emerging Markets Traders Association.
1997 NOVEMBER
2001 The Depository Trust & Clearing Corporation (DTCC) and Thomson form a joint venture, which would be known as Omgeo. Omgeo would help DTCC expand globally. In 2013, DTCC would acquire 100 percent ownership
International Depository & Clearing (IDC), NSCC and DTC host the first conference on cross-border institutional trade matching and settlement. The conference draws 39 staff members from 19 central securities depositories in 17 countries.
and rebrand Omgeo as Institutional Trade Processing.
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