The Depository Trust Company is a subsidiary of the Depository Trust and Clearing Corporation Company (DTCC) and is the primary securities depository for the United States and is the world’s largest securities depository. DTC acts as a limited purpose trust company and provides safekeeping through electronic and physical certificated record-keeping of securities balances. They also act as a clearinghouse to settle trades. They accept more than 3.6 million individual securities for deposit and holds in excess of 35 trillion dollars’ worth of securities. As a clearing agency registered with the SEC, DTC provides security custody and book-entry transfer services for securities transactions in the U.S. market involving equities, corporate and municipal debt, money market instruments, American depositary receipts, and exchange-traded funds. In accordance with its rules, DTC accepts deposits of securities from its participants (i.e., broker- dealers and banks), credits those securities to the depositing participants’ accounts, and effects book-entry movements of those securities. DTC holds securities through its nominee Cede & Co.