An effective monopoly in serving the principal securities markets in the U.S. Independent member-owned (utility–like) financial market infrastructure company (FMI) with strong member support Relatively high operating leverage Our expectation that the company will continue to operate with minimal leverage Profitability that is relatively low, albeit reflecting the utility-like business model Well-diversified membership with average creditworthiness Strong risk-management controls and robust financial safeguards The stable outlook on National Securities Clearing Corp. (NSCC) reflects Standard&Poor's Ratings Services' opinion that the company's financial safeguards will continue to provide substantial protection against member default, even in extreme market conditions. The outlook also takes into account our expectation that NSCC will retain its crucial role ensuring the sound functioning of the principal
