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DTCC Wins 2008 "Best Operational Support Service Provider" Award by Credit Magazine

New York, July 31, 2008 – DTCC was named “Best Operational Support Service Provider” by Credit Magazine based on an industry survey of leading buy-side firms. The award recognizes efforts to reduce operational risk and improving efficiency in the processing of over-the-counter (OTC) derivatives transactions globally, through its DTCC Deriv/SERV subsidiary.

“We are honored to receive this award from Credit Magazine,” said Frank De Maria, managing director and chief operating officer, DTCC Deriv/SERV. “It is a testament to our efforts to strengthen the infrastructure of this dynamic and vastly growing market and to help our customers reduce operational risk and increase operational efficiency.”

Deriv/SERV provides automated matching and confirmation for OTC credit, interest rate and equity derivatives. The system serves the largest community of users in the OTC derivatives market, with a global client base that includes all major dealers and more than 1,100 buy-side firms in 31 countries. Industry participants estimate that 95% of OTC credit derivatives transactions are electronically processed on Deriv/SERV's matching and confirmation platform. Volume on the service in 2007 soared 123% to over 5.8 million, up from 2.6 million in 2006.

DTCC's Trade Information Warehouse (Warehouse) is the market’s only comprehensive trade database and centralized electronic infrastructure for OTC credit derivatives contracts over their lifecycles. Its central settlement service over the last three quarterly payment cycles reduced 1.62 million gross payments valued at US$72.5 billion (£36.5 billion) gross to 823 net payments valued at US$3.5 billion (£1.8 billion), achieving an average 95% netting factor.

To date, 17 dealers representing 122 bilateral relationships settle their payment obligations through the Warehouse. These relationships encompass the vast majority of the dealer volume in the global OTC derivatives market. When the central settlement service was launched in November 2007 in collaboration with CLS Bank International (CLS Bank), there were 14 participating dealers with 19 bilateral relationships using the service. The sharp increase in bilateral relationships in less than seven months has contributed substantially to the volume growth on the service. The service will be opened to buy-side clients starting in 2009.

Last week, DTCC announced its plans in partnership with Markit to form a new jointly owned company that will combine the strengths of Markit’s front- and middle-office trade processing services with DTCC Deriv/SERV’s back-office leadership in post-trade confirmation and matching to facilitate a more secure, reliable and streamlined operational environment for the OTC derivatives market. The alliance will provide a single gateway for confirming OTC derivative transactions globally and will allow buy- and sell-side firms to gain better access to additional services provided by Markit and DTCC through a centralized portal.

Published monthly, Credit Magazine is read by more than 10,000 buy- and sell-side credit professionals globally.

About DTCC

The Depository Trust & Clearing Corporation (DTCC), through its subsidiaries, provides clearance, settlement and information services for equities, corporate and municipal bonds, government and mortgage-backed securities, money market instruments and over-the-counter derivatives. In addition, DTCC is a leading processor of mutual funds and insurance transactions, linking funds and carriers with financial firms and third parties who market these products. DTCC’s depository provides custody and asset servicing for 3.5 million securities issues from the United States and 110 other countries and territories, valued at $40 trillion. Last year, DTCC settled more than $1.86 quadrillion in securities transactions. DTCC provides automated matching and confirmation for OTC derivatives contracts through wholly-owned subsidiary DTCC Deriv/SERV LLC. Deriv/SERV’s Trade Information Warehouse is the market’s first and only global trade database and centralized electronic infrastructure for post-trade processing of OTC derivatives contracts over their lifecycles. In 2007, Deriv/SERV processed more than 5.8 million OTC derivatives transactions. DTCC has operating facilities in multiple locations in the United States and overseas, including London and Shanghai.

For more information on DTCC, visit www.dtcc.com.