tailieunhanh - A Guide to DTCC’s Pivotal Roles in How Securities Change Hands

You’ll make money on a mutual fund if the value of its investments goes up and you sell the fund for more than you paid for it. This is called a capital gain. If you sell the fund for less than you paid for it, this is called a capital loss. Depending on the fund, you may also receive distributions of dividends, interest, capital gains or other income the fund earns on its investments. However, unless you ask for the distributions to be paid in cash, the fund will usually reinvest them for you. . | Following A Trade I n today s . capital markets billions of shares of securities change hands every day. Brokers banks investment managers fund managers exchanges and many others play prominent roles in this daily drama. And all rely on the behind-the-scenes expertise of the subsidiaries that make up The Depository Trust Clearing Corporation DTCC the world s largest financial posttrade infrastructure organization. DTCC ensures the capacity certainty and reliability required to clear and settle today s enormous trading volumes. Clearance and settlement is a process which at the end of the day ensures that sellers are paid for the securities they sold and buyers receive the securities they bought. How this process works is not always easily understood. This booklet describes the role of two of DTCC s subsidiaries that support post-trade processing and money settlement for two types of trades 1 a broker-to-broker trade and 2 an institutional trade. Broker-to-broker trades are processed by our National Securities Clearing Corporation NSCC subsidiary which handles post-trade processing for virtually all equity municipal and corporate bond transactions in the . market. Institutional trades are high-value trades made by an investment manager for an institutional investor such as a mutual fund pension fund hedge fund bank trust department or insurance company. Our Depository Trust Company DTC subsidiary handles the securities and money settlement while Omgeo our joint venture with Thomson Financial acts as a communications hub for the exchange of information among key parties to an institutional trade. In addition to supporting these types of trades post-trade processing services are also provided for . Government and mortgage-backed securities money market instruments mutual funds insurance products and over-the-counter derivatives. A Broker-to-Broker Trade For broker-to-broker trades NSCC performs three critical functions helping the industry reduce risk lower .

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