Depository Trust Company (DTC) is a central securities certificate depository through which members effect security deliveries between each other via computerized bookkeeping entries thereby reducing the physical movement of stock certificates. The Depository Trust Company was set up to provide an infrastructure for settling trades in municipal, mortgage-backed and corporate securities in a cost-efficient and timely manner. It is also the world's largest securities depository, holding about $20 trillion of assets in custody at any time. It is a member of the Federal Reserve System, registered with the Securities and Exchange Commission (SEC) and owned by the Depository Trust and Clearing Corporation (DTCC). The DTCC in turn is owned by several banks, brokerages, trading houses and trading exchanges.