The Depository Trust & Clearing Corporation (DTCC) today announced significant achievements in handling market volatility. During the recent market volatility, DTCC reached new peak values and volumes across platforms and services.

• National Securities Clearing Corporation (NSCC):

On April 9, NSCC achieved a new peak value of $5.55 trillion, a 6.4% increase from the previous peak of $5.22 trillion on December 20, 2024.

Additionally, NSCC reached a new peak volume of 545 million transactions on April 7, a 33% increase from the previous peak of 409 million transactions during the “meme stock” event on January 27, 2021.

Q1 2025 monthly NSCC volume averages were 15% higher than the previous quarter and 29% higher year-over-year.

Fail rates remain consistent with a T+2 environment, as they have since T+1 was introduced in the U.S. in May 2024.

• Fixed Income Clearing Corporation (FICC):

As previously announced, FICC’s Government Securities Division (GSD) hit a new peak of over $11 trillion on April 9, successfully processing $11.4 trillion in transactions and representing an 8.88% increase from the prior peak of $10.47 trillion on February 28, 2025.

On April 9, FICC reached a new peak volume of 1.206 million transactions, a 23% increase from the previous peak of 978 thousand transactions on April 7, 2025.

Q1 2025 monthly FICC volume averages were 4% higher than the previous quarter and 32% higher year-over-year.

• Institutional Trade Processing (ITP):

TradeSuite processed 5.8 million transactions on April 7, a 27.7% increase from the previous peak of 4.6 million transactions on March 11, 2025.

CTM processed 3.74 million transactions on April 7, a slight increase from the previous peak of 3.69 million transactions on February 28, 2025.

“Our platforms undergo rigorous and continuous performance and resiliency testing to ensure they can handle peak volumes. At the same time, we continually invest in our infrastructure to ensure we remain able to manage market stresses and effectively deliver services,” stated Lynn Bishop, Managing Director and Chief Information Officer, DTCC. “All DTCC services continue to perform business as usual, bringing increased confidence and safety to the markets.”

At the same time, DTCC’s Risk Management capabilities have been instrumental in safeguarding firms, underlying investors and financial markets during stress. These capabilities were further aided by the acceleration of the U.S. settlement cycle to T+1, which took one day of risk out of the market.

NSCC’s start of day margin requirements following the elevated market volatility between April 4 and April 11, 2025, averaged $18.3 billion, with NSCC cleared activity reaching new peaks. A similar market price move observed in June 2020 resulted in margin requirements of $18.5 billion. While the margin levels are comparable, the cleared 1-day trading values during the recent market volatility were consistently larger than the cleared 2-day trading values from the 2020 period, highlighting the benefits of the T+1 settlement cycle.

“Risk management is at the foundation of what we do each and every day,” stated Tim Cuddihy, Managing Director and Group Chief Risk Officer at DTCC. “We continually monitor our risk management framework and margin models to assess risk reduction, performance, and predictability across a wide range of market conditions. All is done with one thing in mind – the safety of the markets, firms and underlying investors.”

“DTCC has been battle tested for decades, providing safety and confidence,” stated Brian Steele, Managing Director, President, Clearing & Securities Services at DTCC. “We’ll continue to provide this level of performance, while looking toward the future with an innovation mindset that enables us to deliver new value and capabilities that advance the financial ecosystem.”