The Depository Trust & Clearing Corp. cleared over $1 quadrillion in assets for the first time in 2004, topping its 2003 volume of $923 trillion by 22%.
Most of the firm's subsidiaries saw double-digit increases in volume, including mutual funds, which were up 19%. DTCC handled 103.8 million mutual fund transactions, amounting to $1.5 trillion in value.
Revenue from the record $1.1 quadrillion in volume was up 11% over the previous year, from $947 million to $1.1 billion. DTCC also returned $219 million to customers in discounts and refunds, since it operates "at cost."
One area where DTCC did not see growth was mortgage-backed securities, where volume declined by 4% because of slowdown.
The largest percentage increase was in equities processing, which rose 21%, followed by insurance commission, application and premium transactions, which matched mutual funds at 19%. Also, U.S. Government securities volume was up 17%.
Every day, DTCC processed approximately $4.5 trillion; the firm turned over the volume of the nation's gross domestic product in 2.7 days.
DTCC has also announced a new mission statement: "By 2010, to be the acknowledged world-class provider of servicing solutions to financial markets through leadership, innovation, technology, risk management and strategic alliances."
According to its annual report, in 2000, the firm stated: "Our mission is, by 2005, to be the provider of choice worldwide for investment servicing solutions through leadership, innovation and technology."