Examkin

Soru

Zorluk: KolayDepositories, Clearing Corporations, and Settlement Entities

A broker-dealer holds customer corporate stock and bond holdings in electronic format rather than issuing physical certificates. Which entity acts as the primary central securities depository in the U.S. financial market, retaining physical custody of immobilized securities and automating electronic book-entry transfers?

  1. The Depository Trust Company (DTC)Cevap
  2. B
    The National Securities Clearing Corporation (NSCC)
  3. C
    The Options Clearing Corporation (OCC)
  4. D
    The Financial Industry Regulatory Authority (FINRA)

Cevap

The Depository Trust Company (DTC) serves as the primary U.S. central securities depository, maintaining centralized custody of securities and executing electronic book-entry ownership transfers.
The Depository Trust Company (DTC) is the primary U.S. central securities depository. It holds physical and immobilized certificates in custody while facilitating electronic book-entry changes of ownership, avoiding physical delivery of stock and bond certificates.

Adım Adım Çözüm

1
Identify the specific market service requested in the scenario
The question asks for the entity responsible for maintaining custody of immobilized security certificates and performing electronic book-entry ownership changes.
Distinguishing between post-trade roles (custody/depository vs. clearing/netting vs. options guarantee) is essential for capital markets operations.
2
Match the custody and book-entry transfer function to the correct entity
The Depository Trust Company (DTC) fulfills the central securities depository role for corporate stock and bond issues.
DTC automates paperless settlement through book-entry journal entries, eliminating the need to physically move certificates.

Anahtar Kavram

Central Securities Depository (DTC) functions versus clearing house and SRO roles
Bu soruyu puanla

Konular

Depositories, Clearing Corporations, and Settlement Entities

Bu konudan daha fazla soru