Ratings on National Securities Clearing Corp. (NSCC) incorporate the critical nature of its behind-the-scenes support to the U.S. securities markets, as well as its strong credit controls and financial safeguards that protect it from counterparty default. NSCC is an essential component of the U.S. capital markets infrastructure in that it clears, settles, and guarantees equity, corporate, and municipal trades on the principal securities marketplaces. In addition to ensuring the safety and soundness of the U.S. securities markets, NSCC promotes market efficiency and reduces processing costs for its members. Through its Continuous Net Settlement (CNS) system, NSCC becomes the central counterparty to trades between members. By only accepting matched trades, NSCC eliminates price risk in the normal course of business. NSCC's
