▁depart ments . ▁D TC ▁has ▁information ▁regarding ▁these ▁processes ▁on ▁its ▁website . ▁ ▁National ▁Sec ur ities ▁Clear ing ▁Corporation ▁( NS CC ) ▁– ▁The ▁original ▁clear ing ▁corpor ation , ▁it ▁provides ▁clear ing ▁and ▁serves ▁as ▁the ▁central ▁counter party ▁for ▁tr ades ▁in ▁the ▁U . S . ▁se cur ities ▁mark ets . ▁ ▁Est ab lished ▁in ▁ 1 9 7 6 , ▁it ▁provides ▁clear ing , ▁settlement , ▁risk ▁management , ▁central ▁counter party ▁services , ▁and ▁a ▁guarantee ▁of ▁completion ▁for ▁certain ▁transactions ▁for ▁virt ually ▁all ▁bro ker - to - bro ker ▁tr ades ▁involving ▁equ ities , ▁corpor ate ▁and ▁municipal ▁deb t , ▁American ▁depos it ary ▁rece i pts , ▁exchange - tr aded ▁funds , ▁and ▁unit ▁invest ment ▁trust s . ▁NS CC ▁also ▁n ets ▁tr ades ▁and ▁pay ments ▁among ▁its ▁participants , ▁reducing ▁the ▁value ▁of ▁se cur ities ▁and ▁pay ments ▁that ▁need ▁to ▁be ▁ex changed ▁by ▁an ▁average ▁of ▁ 9 8 % ▁each ▁day . ▁NS CC ▁generally ▁cle ars ▁and ▁sett les ▁tr ades ▁on ▁a ▁" T + 2 " ▁basis . ▁ ▁NS CC ▁has ▁roughly ▁ 4 , 0 0 0 ▁participants , ▁and ▁is ▁reg ulated ▁by ▁the ▁U . S . ▁Sec ur ities ▁and ▁Exchange ▁Commission ▁( SE C ). ▁▁ ▁F ixed ▁In come ▁Clear ing ▁Corporation ▁( F IC C ) ▁– ▁Prov ides ▁clear ing ▁for ▁fixed ▁income