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DTCC requires its customers to hold collateral with the clearinghouse to keep adequate liquidity. If risk thresholds are breached, DTCC can choose to raise its collateral requirements and demand cash from members.
Brokers are banks at their core. They take deposits in the form of cash & stock & lend it out, collecting the difference. If brokers are like banks, DTCC is like a central bank. They manage liquidity & monitor risks to the financial system directly through trade processing.
More news outlets are catching on, but DTCC is behind RH's frantic cash raising & account freezes. It required billions in cash immediately from certain brokers to manage the squeeze stock chaos last week. Compound248 explains this even better here:https://twitter.com/compound248/status/1355274739351248898 …
Read on
DTCC is extremely important to the financial system & to all investors. Their actions directly impact how stocks trade & how traders make decisions. Journalists need to talk about them more.
How does DTCC keep up with technology changes? Which brokers use DTCC the most & therefore have the most voting power? Why doesn’t DTCC hold press conferences & broadcast its strategy to the public? Why is CEO Michael Bodson not a household name like JPow?
I'll be writing more about DTCC in this Friday's newsletter - sign up below if interested:https://frontmonth.substack.com/
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