Effective monopoly as the sole clearinghouse serving the principal securities markets in the U.S. Rigorous risk management controls and strong financial safeguards Mutuality of risk Implied support from the broader investment community High degree of operating leverage Standard&Poor's Ratings Services' ratings on National Securities Clearing Corp. (NSCC) incorporate its critical role in the behind-the-scenes operations of the U.S. securities markets, as well as its strong credit controls and financial safeguards that protect it from member default. Given the importance of NSCC to the fabric of the U.S. securities markets, both the members--already bound by mutuality of risk--and the larger investment community have a strong incentive to support NSCC, if this ever becomes necessary. NSCC clears, settles, and guarantees
