Plays a critical role in the functioning of the U.S. capital markets Effective monopoly serving as the sole clearinghouse for the principal securities markets in the U.S. Rigorous risk management controls and strong financial safeguards to protect it from member loss Mutuality of risk as the members and the markets have strong incentives to support the clearinghouse High degree of operating leverage The ratings on National Securities Clearing Corp. (NSCC) incorporate the critical nature of its behind-the-scenes support to the U.S. securities markets, as well as its strong credit controls and financial safeguards that protect it from counterparty default. NSCC is an essential component of the U.S. capital markets' infrastructure in that it clears, settles, and guarantees equity, corporate, and
