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 Relatively low profitability, albeit reflecting the utility-like business model Well-diversified membership with average creditworthiness Strong risk-management controls and robust financial safeguards The ratings on The Depository Trust&Clearing Corp. and its core subsidiaries, Fixed Income Clearing Corp. (FICC), National Securities Clearing Corp. (NSCC), and The Depository Trust Co. (DTC), are on CreditWatch with negative implications. S&P Global Ratings believes financial safeguards at FICC are weaker than at U.S. and European peers, from a liquidity standpoint, in a stress scenario
