How The Indirect Holding System Affects Investor Suits

Law360, New York (September 29, 2015, 5:51 PM EDT) -- In the Tom Clancy thriller "Debt of Honor," foreign agents nearly bring the American economy to its knees by wiping out computer records at a single company — The Depositary Trust Co., more commonly known as DTC.[1] It is a fictional plot contrivance, to be sure, but like much fiction, it contains a grain of truth. DTC does indeed exist and plays a crucial role in the securities industry. As the legal titleholder of trillions of dollars of securities, both stock and debt, DTC's computer records are the first link in what is often a long chain of intermediaries existing between...

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