The Depository Trust & Clearing Corporation (DTCC) has processed record-high volumes across several of its clearing and post-trade services during early April, amid heightened market volatility. The corporation announced the numbers in a press release.

At the National Securities Clearing Corporation (NSCC), cleared value peaked at US$5.55 trillion on 9 April, a 6.4% increase over the previous record set in December 2024. Transaction volumes reached 545 million on 7 April, exceeding the previous peak during the January 2021 “meme stock” surge by 33%. NSCC’s average monthly volumes for Q1 2025 were 15% higher than the previous quarter and 29% higher year-on-year. Settlement fail rates remained consistent with a T+2 environment, despite the US’s move to a T+1 settlement cycle in May 2024.

“Our platforms undergo rigorous and continuous performance and resiliency testing to ensure they can handle peak volumes,” said Lynn Bishop, DTCC managing director and chief information officer. She added that the organisation “continually invests in infrastructure to manage market stresses and deliver services.”

Peak of 1.206 million transactions

The Fixed Income Clearing Corporation (FICC) also reported record activity, claims DTCC. Its Government Securities Division processed US$11.4 trillion in transactions on 9 April, an 8.88% rise from the previous peak in February 2025. The same day, FICC reached 1.206 million transactions, a 23% increase over earlier highs.

First-quarter 2025 volumes at FICC were 4% higher than the previous quarter and 32% higher year-on-year.

Risk management

DTCC highlighted the role of its risk management capabilities during the volatile period. Following market swings between 4 and 11 April, NSCC’s average start-of-day margin requirements were US$18.3 billion, comparable to the US$18.5 billion recorded during a similar event in 2020. However, the cleared trading values were larger under the T+1 settlement cycle, which DTCC said “took one day of risk out of the market.”

“Risk management is at the foundation of what we do each and every day,” said Tim Cuddihy, DTCC managing director and group chief risk officer. He emphasised the continuous monitoring of risk frameworks “to assess risk reduction, performance, and predictability across a wide range of market conditions.”

Risk monitor

FICC also introduced a 15-minute risk monitor, offering clients near real-time visibility into margin and risk exposures. According to DTCC, this aligns client access to risk information with what is available internally to its risk analysts.