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The Depository Trust Company Annual Report 1988

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THE DEPOSITORY TRUST COMPANY ANNUAL REPORT 1988 GOD GRANT THAT NOT ONLY THE LOVEOF LIBERTY BUT A THOROUGH KNOWLEDGE OF THE RIGHTS OF MAN MAY PERVADE ALL THE NATIONS OF THE EARTH, SO THAT A PHILOSOPHER MAY SET HIS . FOOT ANYWHERE AND SAY, "THIS IS MY COUNTRY." BENJAMIN FRANKLIN pe restoration of Ellis Island and the scheduled opening of a museum for visitors there during 1989 inspire the theme for this year's annual report. From 1892 to 1954, 17 million immigrants passed through the Ellis Island gateway to a new land of refuge, freedom, and opportunity. Cover from a painting by Mort Kanstler CONTENTS Highlights 3 A Message from Management 4 Services 6 Eligible Issues 12 Municipal Securities Program 14 Same-Day Funds Settlement System 16 Securities in Book-Entry-Only Form 17 Institutional Use of DTC 18 DTC Growth: A Three-Year Retrospective 21 Automation of Depository Services 22 Interfaces and the National Clearance and Settlement System 26 Protection for Participants' Securities 27 History, Ownership, and Policies 29 Officers of The Depository Trust Company 34 The Board of Directors 35 Report of Independ~nt Accountants 36 Participants 43 DTC Stockholders 48 2 1988 ANNUAL REPORT he Depository Trust Company, a service company owned by members of the financial industry, is a national clearinghouse for T the settlement of trades in corporate and municipal securities. DTC also performs securities custody services for its participating banks and broker-dealers. In 1988, those Participants delivered $7.9 trillion of securities through the depository's book-entry system, and securities in its custody reached nearly $3.3 trillion at yearend. DTC was created to prevent another paperwork crisis like that of the late 1960s. Its primary mission is to reduce the cost of securities services offered to the public by its Participants. It does so through its automated systems, its telecommunications links with more than 600 Participants and others, and its relationships with the hundreds of firms that serve as transfer agents, paying agents, exchange agents, and redemption agents for securities issuers. HIGHLIGHTS TOTAL FOR THE YEAR Book-entry deliveries Market value (In trillions) $7.9 $9.8 Number (In millions) 67.2 78.0 Cash dividend and interest payments (In billions) $178.2 $151.2 Reorganization, redemption, and maturity payments (In billions) $196.3 $140.9 AT YEAREND Eligible securities issues 608,916 490,620 Value of securities on deposit (In trillions) $3.28 $2.82 Number of shares on deposit (In billions) 106.6 92.6 Principal amount of corporate debt on deposit (In billions) $844.8 $668.4 Principal amount of municipal debt on deposit (In billions) $623.8 $506.6 Participants 605 604 Broker-dealers 413 421 Banks 183 177 Clearing agencies 9 6 3 A MESSAGE FROM MANAGEMENT nce again, DTC's annual report seeks not only Another new program reached the pilot operation to report on activity in the depository during stage in late 1988 when DTC installed the initial capabil­ O the prior year, but to explain its role in the post­ ities for the International Institutional Delivery system. trade processing and custody of securities. The first For DTC Participants, this effort will extend to institu­ purpose is served by the recording, perhaps in daunt­ tional trades in foreign securities settling abroad many ing detail, of annual activity levels in DTC services. The of the benefits of the Institutional Delivery system for sum of those activities and their breadth help explain institutional trades in U.S. securities. DTC's function in the securities industry. Defining other programs desired by Participants, In 1988, DTC services related to trading volume in particularly services for mutual funds and commercial U.S. corporate stocks and bonds reflected the reduced paper, occupied much staff time last year. The dialogue trading activity that afflicted markets for those securi­ with users and others that such efforts require is no dif­ ties, with volumes down on the order of 15% to 20%. In ferent in kind than those of prior years, but the total de­ DTC's securities-custody-related services, however, vol­ velopment effort is now greater. umes increased by a similar or greater margin as those With that in mind, it is especially appropriate to services continued their strong yearly growth. thank DTC Participants and each member of the indus­ This growth was a function of yet another large an­ try committees that last year helped the depository de­ nual increase in the number of issues that were made fine the operational requirements of industry needs. We eligible for DTC services, new issues distributed by un­ want to thank DTC's staff as well for their performance. derwriters through DTC, and greater use of the deposi­ The corporate culture here is "efficient service to tory by Participants that had joined only recently. These Participants"; without wide staff support and profes­ and other factors raised the market value of securities in sionalism, that aspiration could not be achieved. DTC's custody to almost $3.3 trillion at yearend, even as the annual value of book-entry deliveries among Participants fell almost $2 trillion, to $7.9 trillion. In retrospect, DTC may view the year 1988 as one in which a significant new program completed its first full William T. Dentzer, Jr. year of operation, and as the beginning year for devel­ Chairman and Chief Executive Officer opment of other major undertakings. DTC's Same-Day Funds Settlement (SDFS) system is the first of those programs mentioned above. While u.s. trades in equities and bonds typically settle in next­ Conrad R Ahrens day funds, certain other securities settle in same-day, or President and Chief Operating Officer Federal, funds. These issues could not be made eligible for cost-saving depository services until DTC had de­ veloped a system to function alongside its Next-Day Funds Settlement system. Beginning in 1987 with muni­ cipal notes, more types of securities were made eligible in the SDFS system so that their total value in DTC cus­ tody increased eightfold over the year, to $103 billion. 4 5 SERVICES SitOry Trust's goal is to reduce the cost of securities processing for its Participants while CHART 1 CHART 2 I)Eincreasing accuracy, security, and speed in that Shares on Deposit Shares on Deposit From Banks (billions) From Broker-Dealers (billions) processing. It accomplishes this by continually making more issues eligible for depository services, reducing the number of certificates that must be shipped and 50 60 handled within the financial community, automating 40 and standardizing the flow of information, achieving 45 economies of scale, and acting as a central intersection 30 and "switch" for the flow of data, securities, and funds 30 between Participants and agents for issuers of those 20 securities. 15 DTC's services begin when participating banks and 10 broker-dealers deposit securities with it. Participants 0 0 can then affect their securities positions resulting from 84 85 86 87 88 84 85 86 87 88 such deposits through instructions to the depository to perform a certain service, such as to deliver securities to another party through book-entry on DTC's records CHART 3 CHART 4 Equity Securities Corporate Debt and collect payment from that party. Each DTC On Depos~ (bollions of shares) Securities on Deposit Participant uses a number of depository services, ac­ ($ billions/principal amount) cording to the services it offers to its customers. The 120 1000 depository's services are briefly described in this section, followed by a listing of 1988 volumes in 800 selected services. 90 Deposits 600 60 Deposits of certificates in eligible securities can be made 400 at DTC or at various bank and clearing corporation of­ 30 fices nationwide that act in cooperation with DTC as 200 depository facilities. More than 23 million certificates 0 were deposited with DTC in 1988. 0 84 85 86 87 88 84 85 86 87 88 Deliveries Changes of securities ownership are made by book­ CHARTS CHART 6 entry deliveries on DTC's accounting records. These Lotteries for Partial Tender and Exchange Muni Redemptions Offers Processed deliveries may be with or without an accompanying money payment and are reported to Participants daily. 20 8 800 80 Deliveries in 1988 were valued at almost $8 trillion. (See Chart 16, page 7.) 15 6 600 60 Pledges \ 10 4 400 40 Securities may be pledged by book-entries on DTC's II II accounting records to banks or other entities that have V agreed to accept them as collateral for various purposes. 5 2 200 20 Banks participating in DTC's pledge program num­ bered 94 at yearend. In addition, the Federal Reserve 0 rl 0 0 84 85 86 87 88 0 84 85 86 87 88 Banks of Boston, New York, Philadelphia, Richmond, .. Number of Issues Called (thousands) • Number of Offers • Value of Aooeptances ($ billions) and St. Louis accept pledges to their DTC accounts • Value of Redemptions ($ billions) 6 SERVICES CHART 7 CHART 8 CHART 9 CHART 10 Market Value of Underwriting Cash Dividends and Urgent COD WI\hdrawaIs in Securities on Deposit ($ trill.... ) Distributions (thousands) Interest Received for Registered Issues (millions) Participants ($ billions) 3.5 20 200 1.00 3.0 15· 150 .75 2.5 2.0 10 100 .50 1.5 5 50 .25 1.0 0 0 0 0 84 85 86 87 88 84 85 86 87 88 84 85 86 87 88 84 85 86 87 88 CHART 11 CHART 12 CHART 13 CHART 14 Corporate Call Lotteries Value of Outstanding Municipal Bond Municipal Bonds (thousands) Pledges ($ billions/yearend) Interest Received for On Deposit Participants ($ billions) ($ billions'principal amount)
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