n will payments for Common Shares have to be made?
During the first week of April 2024, Voluntary Purchaser Participants will be notified through the DocuSign®
electronic signature service of their opportunity to purchase or obligation to sell Common Shares. During the
third week of April 2024, after DTCC has received elections to purchase Common Shares from Voluntary
Purchaser Participants, Mandatory Purchaser Participants will be notified via email from Computershare Web
Service that a notice concerning their obligation to purchase or sell Common Shares is available on
Computershare’s Investor Center.
All payments for purchases and sales of Common Shares will be settled on the Settlement Date, which is
currently anticipated to be April 30, 2024.
5. How is payment finalized?
A purchaser or seller that is a Participant of DTC will have its settlement account at DTC debited or credited, a
purchaser or seller that is a Participant of NSCC but not a Participant of DTC will have its settlement account
at NSCC debited or credited, a purchaser or seller that is a Participant of the GS Division but not a Participant
of DTC or NSCC will have its settlement account at the GS Division debited or credited, and a purchaser or
seller that is a Participant of the MBS Division but not a Participant of DTC, NSCC or the GS Division will
have its settlement account at the MBS Division debited or credited.
6. How many Participants currently own Common Shares? How many Participants are Mandatory
Purchaser Participants?
Currently, there are approximately 263 Participants that own Common Shares. With the new Mandatory
Purchaser Participants, that number is expected to increase to approximately 283.
7. Who owns DTCC?
DTCC is owned by the holders of its Common Shares. The Common Shares are owned by Participants of the
Clearing Agencies. DTCC also has three classes of preferred shares, the Series A Preferred Shares, the Series
B Preferred Shares, the Series C Preferred Shares, and the Series D Preferred Shares (collectively, the “Preferred
Shares”). The Preferred Shares are owned by Stock Clearing Corporation, a wholly owned subsidiary of New
York Stock Exchange LLC, the successor-in-interest to New York Stock Exchange Inc. (“NYSE”), the
Financial Industry Regulatory Authority, Inc., the successor-in-interest to the National Association of Securities
Dealers, Inc. (“FINRA”), and institutional investors.
Participants of the Clearing Agencies are required or permitted (depending on their category of participation)
to own Common Shares in amounts proportionate to their use of the services of the Clearing Agencies. The
system of Participant ownership was originally set up to support DTC, and was adopted by DTCC when it was
formed in 1999.
In connection with the integration of NSCC as a subsidiary of DTCC, the common stockholders of NSCC,
Securities Clearing Corporation (a subsidiary of The New York Stock Exchange, the predecessor in interest of
NYSE) and National Clearing Corporation (a subsidiary of NASD, the predecessor in interest of FINRA),
exchanged their common stock of NSCC for the Preferred Shares. As holders of the Preferred Shares, NYSE
and FINRA each have the right to elect one member of the DTCC Board but no other rights.
8. How many Common Shares are currently issued?
