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 stable outlook on National Securities Clearing Corp. (NSCC) reflects S&P Global Ratings' expectation that the company's financial safeguards will continue to provide substantial protection against member default, from both a loss-absorbing and liquidity standpoint, in extreme but plausible market conditions. We expect the company will keep strengthening its liquid resources by ramping up its commercial paper (CP) issuance,
