国会女议员 凯西·卡斯特 of Florida in the House of Representatives congratulated 存 for its 50th anniversary on 五月 11, 2023. Below is the full transcript of her remarks.
Ms. 佛罗里达的卡斯特. Mr. 演讲者, I rise today to acknowledge The Depository Trust & 结算公司(存), the world's leading 帖子-trade market infrastructure for the global financial services industry, 50周年纪念. 存 is a trusted employer in the Tampa Bay area and across the globe. An accomplishment that few firms ever achieve, this is a truly significant milestone not just for 存, 而是整个行业.
Originally founded in 1973 as The Depository Trust Company (直接转矩), this firm was established to address a multitude of issues which had been plaguing the global financial services throughout the late 1960s and early 1970s. 在此期间, Wall Street dealt with countless amounts of paper every day--so much so that at one point, 美国.S. markets actually stopped trading one day a week so that firms could catch up on their paperwork. 这导致系统运行缓慢, 低效和过时, and runners having to carry paper checks and physical securities between firms.
To address this paperwork crisis, Congress charged 美国.S. Securities and Exchange Commission (SEC) with the task of investigating and addressing the underlying causes of the issue. The laws and solutions that resulted from this action have profoundly shaped the clearance and settlement process we use today and ultimately led to the creation of 直接转矩 as an industry utility. 一个真正的行业先锋, 直接转矩 streamlined back-office operations, introduced a computerized book entry accounting system and used technology to eliminate reliance on paper stock certificates. Through its creation of the first electronic security, 直接转矩 effectively launched the modern financial services marketplace.
存 has had incredible growth since its foundation in 1973. Operating across 21 global locations, 存自动化, centralizes and standardizes the processing of financial transactions. 除了直接转矩, 这家公司有两个子公司, The National Securities 清算 Corporation (NSCC) and The Fixed Income 清算 Corporation. Designated as Systemically Important Financial Market Utilities (SIFMU) by 美国.S. Treasury Department's Financial Stability Oversight Council (FSOC), these three clearing agency subsidiaries play a critical role in protecting the safety and stability of the global financial system.
存's accomplishments include introducing multi-lateral netting, which significantly streamlined settlement and reduced risk; automating clearing and settling trades in U.S. Treasuries and mortgage-backed securities in the world's largest fixed income market; delivering greater efficiency, cost savings and risk mitigation to institutional trading and investors; and improving the data reporting landscape for the 直接转矩 derivatives business.
I commend and am particularly grateful to 存 for the critical role it has played in providing stability and certainty for the global financial markets in times of crisis, 包括圣堂. 11 terrorist attack, the 2008 Financial Crisis and the COVID-19 pandemic. In spite of these systemic shocks, 存 ensured that the markets continued to operate seamlessly.
在过去的50年里, 存 has earned its reputation as a trusted steward by driving innovation, embracing technology and creating new products and services to protecting the safety and stability of the financial markets. 今天, the firm continues to drive positive change by leading large-scale, industry-wide initiatives to strengthen market structure.
Mr. 演讲者, on behalf of my neighbors in Tampa Bay and the citizens of Florida, I congratulate The Depository Trust & 清算 Corporation on this remarkable achievement that is its 50th anniversary and wish it many more years of success in protecting the investing public.
This statement was originally published to the 国会记录卷. 169, No. 80 2023年5月11日星期四.