A common misconception is that Cede and Company is merely a fictitious legal name used to refer to Depository Trust Company. In fact, Cede is actually a New York City-based partnership of certain employees of DTC.[5][6] Cede is a separate legal person from Depository Trust Company, which is owned by DTC Participants, who are banks and brokerage houses, and not employees of DTC.
One reason Cede is structured as a partnership is that each general partner can order transfers of stock registered in the name of the partnership without the need of presenting a separate corporate resolution to the stock issuer's transfer agent or stock registrar to validate the authority of the transfer.
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