The DTCC’s top platforms experienced peak volumes as the tariff turmoil impacts markets.
Post-trade market infrastructure provider the Depository Trust and Clearing Corp. (DTCC) has quantified recent market volatility, spurred by tariff turmoil and other factors, with reports of record volumes via its platforms and services.
DTCC officials report peak values and volumes across:
- The National Securities Clearing Corp. (NSCC):
- “On April 9, NSCC achieved a new peak value of $5.55 trillion, a 6.4 percent increase from the previous peak of $5.22 trillion on December 20, 2024;” and
- NSCC officials say the platform “reached a new peak volume of 545 million transactions on April 7, a 33 percent increase from the previous peak of 409 million transactions during the ‘meme stock’ event on January 27, 2021;”
- “Q1 2025 monthly NSCC volume averages were 15 percent higher than the previous quarter and 29 percent higher year-over-year;” and
- “Fail rates remain consistent with a T+2 environment, as they have since T+1 was introduced in the U.S. in May 2024.”
- Fixed Income Clearing Corp. (FICC):
- The FICC’s Government Securities Division (GSD) “hit a new peak of over $11 trillion on April 9, successfully processing $11.4 trillion in transactions and representing an 8.88 percent increase from the prior peak of $10.47 trillion on February 28, 2025. On April 9, FICC reached a new peak volume of 1.206 million transactions, a 23 percent increase from the previous peak of 978 thousand transactions on April 7, 2025;” and
- “Q1 2025 monthly FICC volume averages were 4 percent higher than the previous quarter and 32 percent higher year-over-year.”
- And Institutional Trade Processing (ITP) platforms:
- “TradeSuite processed 5.8 million transactions on April 7, a 27.7 percent increase from the previous peak of 4.6 million transactions on March 11, 2025;” and
- The Central Trade Matching (CTM) platform “processed 3.74 million transactions on April 7, a slight increase from the previous peak of 3.69 million transactions on February 28, 2025.”
