DTCC's subsidiary, The Depository Trust Company, established in 1973, was created to reduce costs and provide clearing and settlement efficiencies by immobilizing securities and making "book-entry" changes to ownership of the securities. DTC provides securities movements for NSCC's net settlements, and settlement for institutional trades (which typically involve money and securities transfers between custodian banks and broker/dealers), as well as money market instruments.

DTCC's subsidiary, National Securities Clearing Corporation (NSCC), established in 1976, provides clearing, settlement, risk management, central counterparty services and a guarantee of completion for certain transactions for virtually all broker-to-broker trades involving equities, corporate and municipal debt, American depositary receipts, exchange-traded funds, and unit investment trusts.

NSCC also nets trades and payments among its participants, reducing the value of securities and payments that need to be exchanged by an average of 98% each day. NSCC generally clears and settles trades on a T+3 basis.

Fixed Income Clearing Corporation (FICC), was created in 2003 to reduce costs and give DTCC customers a common approach to fixed income transaction processing by integrating the Government Securities Clearing Corporation and the Mortgage-Backed Securities Clearing Corporation.

DTCC Solutions LLC was created to deliver information-based and business processing solutions to financial intermediaries globally.

DTCC Deriv/SERV LLC provides automated matching and confirmation services for over-the counter (OTC) derivatives trades, including credit, equity and interest rate derivatives. It also provides related matching of payment flows and bilateral netting services.

Deriv/SERV's customer base, which includes dealers and buy-side firms from more than 30 countries, is the largest of any post-trade service provider in the OTC derivatives marketplace. In 2006, Deriv/SERV processed a record 2.6 million transactions.

Omgeo, the leading provider of post-trade, pre-settlement institutional trade management solutions, processes over one million trades per day and serving some 6,000 investment managers, broker/dealers and custodians in 42 countries.

The company partners closely with service providers, infrastructure suppliers, industry standards organizations and its clients to increase operational efficiency and reduce risk for the world's investment management community through straight-through processing (STP) solutions.

Omgeo LLC is a global joint venture of DTCC and Thomson Financial.

European Central Counterparty Ltd. (EuroCCP) is a wholly owned subsidiary of The Depository Trust & Clearing Corporation. It was created to provide clearing and settlement services for Turquoise, a new pan-European trading platform backed by nine major investment banks: Credit Suisse, Deutsche Bank, Goldman Sachs, Morgan Stanley, Merrill Lynch, Citi, UBS, BNP Paribas, and Société Générale. Turquoise members participate in up to 50% of the trades on many of the leading European exchanges.

In addition to Turquoise, EuroCCP will also clear and settle trades for SmartPool, a pan-European electronic block trading platform created by NYSE Euronext, HSBC and BNP Paribas.

For more information about EuroCCP, visit www.EuroCCP.co.uk