ers ), ▁as ▁well ▁as ▁money ▁market ▁instruments . ▁ ▁In ▁ 2 0 0 7 , ▁D TC ▁settled ▁transactions ▁worth ▁$ 5 1 3 ▁tr ill ion , ▁and ▁processed ▁ 3 2 5 ▁million ▁book - entry ▁deliver ies . ▁ ▁In ▁addition ▁to ▁settlement ▁services , ▁D TC ▁retain s ▁cust ody ▁of ▁ 3 . 5 ▁million ▁se cur ities ▁issues , ▁worth ▁about ▁$ 4 0 ▁tr ill ion , ▁including ▁se cur ities ▁issued ▁in ▁the ▁United ▁States ▁and ▁more ▁than ▁ 1 1 0 ▁other ▁countries . ▁ ▁D TC ▁is ▁a ▁member ▁of ▁the ▁U . S . ▁Federal ▁Reserve ▁System , ▁and ▁a ▁registered ▁clear ing ▁ag ency ▁with ▁the ▁Sec ur ities ▁and ▁Exchange ▁Commission . ▁ ▁Most ▁large ▁U . S . ▁bro ker - de al ers ▁and ▁banks ▁are ▁full ▁D TC ▁participants , ▁meaning ▁that ▁they ▁depos it ▁and ▁hold ▁se cur ities ▁at ▁D TC . ▁D TC ▁appears ▁in ▁an ▁iss uer ' s ▁stock ▁records ▁as ▁the ▁sole ▁registered ▁owner ▁of ▁se cur ities ▁depos ited ▁at ▁D TC . ▁D TC ▁holds ▁the ▁depos ited ▁se cur ities ▁in ▁“ f ung ible ▁bulk ”, ▁meaning ▁that ▁there ▁are ▁no ▁specifically ▁ident ifiable ▁shares ▁directly ▁owned ▁by ▁D TC ▁participants . ▁R ather , ▁each ▁particip ant ▁own s ▁a ▁pro ▁r ata ▁interest ▁in ▁the ▁aggregate ▁number ▁of ▁shares ▁of ▁a ▁particular ▁iss uer ▁held ▁at ▁D TC . ▁Cor respond ingly ,