Provides a variety of services to nearly all U.S. broker-to-broker trades Strong financial safeguards and risk-management controls to protect against member default Mutuality of risk, which provides strong financial and business incentives for member support The strictly limited profit business model, which maintains NSCC's role as a utility, and the clearinghouse's importance to securities markets High degree of operating leverage Standard&Poor's Ratings Services' ratings on National Securities Clearing Corp. (NSCC) reflect the firm's near monopoly as a clearinghouse serving the principal securities markets in the U.S. NSCC's board of directors is populated by all major market participants, each of whom depends upon NSCC to clear financial securities market trades. In the absence of NSCC, U.S. markets would lose
