The Biggest Financial Company You Have Never Heard Of

[girl gone mad]

The Biggest Financial Company You Have Never Heard Of
Posted by Tyler Durden, http://zerohedge.blogspot.com/2009/06/biggest-financial-company-you-have.html">Zero Hedge


CDS and option traders love to hate and hate to love the Depository Trust & Clearing Corporation (DTCC). But few aside from those who trade derivatives over-the-counter care about the DTCC. Here is a reason why you should: "Last year DTCC settled $1.88 quadrillion in securities transactions across multiple asset classes. We essentially turnover the equivalent of the U.S. GDP every three days."

Below I present DTCC's full testimony before the House Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises titled "Effective Regulation of the Over-the-Counter Derivatives Markets."

Also if you have never heard of DTCC before you are excused. Taken from the testimony:

Now, many of you may not have heard of DTCC before. That’s purposeful. We have traditionally kept a low profile, given the critical nature of the role we play in U.S. financial markets.

DTCC’s depository is the largest securities depository in the world, providing custody and asset servicing for 3.5 million securities issues from the United States and 110 other countries and territories valued at $30 trillion.

Additionally if you care as to who, if anyone, has insight into the dealings of the DTCC:

We are regulated by the SEC, the Federal Reserve Board of Governors and the New York State Banking Department for many of our activities.

Oh, the same Federal Reserve that is a dead end in terms of accountability? How convenient. (We won't even touch on the SEC's effectiveness as a regulator, and have never even heard of the last guys). Wouldn't make sense to have someone actually transparent regulating this most critical of financial enterprises, would it.

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[kimmerspixelated]

1. Holy Crap!

BUt this is essentially dirty money isn't it? If not, these folks need to fund and sponsor the green energy industry in Wind, Solar, etc. to provide America's new jobs! They need to put the quadrillions to good use!