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CHAPTER EIGHT | A HIGHER PROFILE
You figure out if the business is something that you can build within your existing platform or, if you need a new platform, how much you’re going to charge for it.
For DTCC, organic and strategic growth by way of logical adjacencies will continue to shape the firm’s expansion plans into the future.
The Aftermath of the Economic Crisis
As the effects of the Great Recession continued into 2010, the US Congress took action to safeguard the economy from similar market vulnerabilities. The passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act that year established new rules, including many that directly impacted DTCC. While Dodd-Frank was mainly focused on reducing risk throughout the broader markets, DTCC’s clearing agency subsidiaries—The Depository Trust Company, National Securities Clearing Corporation and the Fixed Income Clearing Corporation—were designated as systemically important financial market utilities. This designation required that DTCC’s clearing agencies needed to, among other things, establish transparent recovery and wind-down plans that, should an economic downturn comparable to or more severe than the 2008 recession occur, the firm would have a well-established and clear approach in place. In 2018, the firm had filed plans with the US Securities and Exchange Commission. To get there, DTCC brought together members, regulators and representa- tives from an array of the firm’s departments. This comprehensive planning process included a detailed examination of the clearing agencies’ obligations
2013 JULY DTCC acquires full ownership of Omgeo from Thomson- Reuters. The two had shared a 50-50 partnership since Omgeo launched in 2001.
2014 FEBRUARY
2015 DTCC launches a full suite of data products in response to client requests for more centralized, on-demand data provisioning.
2015 DECEMBER DTCC has 7 US offices and 15 worldwide. Its subsidiaries process $1.6 quadrillion in securities transactions.
NSCC requires national regional exchanges, as well as qualified special representatives, to submit locked-in trade data in real time. Clients would now receive expedited trade reconciliation and the ability to monitor out-of-balance positions.
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