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[Music] dtcc subsidiaries include payment and settlement systems clearing houses and depositories dtccs subsidiaries are the underlying infrastructure that enable the financial markets to operate seamlessly every business day centralized clearing and settlement offered by gtcc enables investors to trade in the accessible transparent and highly efficient securities markets that they do today [Music] typically after you buy a stock its sent to our subsidiary national securities clearing corporation or nscc for clearing and settlement when i say clearing that means we update the account of the trading parties and arrange for the transfer of money and securities at dtcc one of our most important responsibilities is guaranteeing the trade will be completed no matter what even if the person on the other side of the trade cant meet their obligation next the trade goes through nsccs netting process every day netting reduces the value of payments that need to be exchanged by an average of
