BASIC and the SEC saw this indirect holding system as a "temporary measure", on the way to a "certificateless society". Today, all physical shares of paper stock certificates are held by a separate entity, Cede and Company. The second response involves multilateral netting; and led to the formation of the National Securities Clearing Corporation (NSCC) in 1976. Later developments In 2008, The Clearing Corporation (CCorp) and The Depository Trust & Clearing Corporation announced CCorp members will benefit from CCorp's netting and risk management processes, and will leverage the asset servicing capabilities of DTCC's Trade Information Warehouse for credit default swaps (CDS). On 1 July 2010, it was announced that DTCC had acquired all of the shares of Avox Limited, based in Wrexham, North Wales. Deutsche Börse had previously held over 76% of the shares. On 20 March 2017, it was announced that Thomson Reuters acquired Avox. DTCC entered into a joint venture with the New York Stock Exchange (NYSE) known as New York Portfolio Clearing, that would allow "investors to combine cash and derivative positions in one clearinghouse to lower margin costs". DTCC supported the Customer Protection and End User Relief Act (H.R. 4413; 113th Congress), arguing that it would "help ensure that regulators and the public continue to have access to a consolidated and accurate view of the global marketplace, including concentrations of risk and market exposure". Reaction to the 2022 Russian invasion of Ukraine In reaction to the 2022 Russian invasion of Ukraine, on March 3, 2022, DTCC blocked Russian securities from the Bank of Russia and The Ministry of Finance of the Russian Federation. CEOs The architect of the industry response to the 1960s paperwork crisis, and of what is now DTCC, was William (Bill) T. Dentzer Jr., a former US public official and intelligence community member. Dentzer was the founder of DTC, and its Chairman & CEO from 1973 to 1994. Dentzer was succeeded by William F. Jaenike, who was DTC Chairman & CEO from 1994 to 1999. In 1999, Jill M. Considine was recruited from her job as CEO of the New York Clearing House for global payments to become the first Chairman & CEO and to merge DTC with 4 independent Clearing Corporations serving vertical markets in equities, corporate bonds, government securities, mortgage-backed securities. Considine oversaw the merger & renamed the unified company The Depository Trust & Clearing Corporation (DTTCC). The merger & integration