A central repository through which members electronically transfer stock and bond certificates in the same way as in a clearinghouse. The Depository Trust Company is set up to provide an infrastructure for settling trades in municipal, mortgage-backed markets and corporate securities in a cost-efficient and timely manner. This is one of the world's biggest securities depositories, holding about $20 trillion in assets at any time. It is a member of the Federal Reserve system, registered with the Securities and Exchange Commission (SEC), and owned by the Depository Trust and Clearing Corporation (DTCC). The DTCC, in turn, is owned by several banks, brokerages, trading houses and trading exchanges.