NU Online News Service, March 10, 2004, 1:32 p.m. EST – The Depository Trust & Clearing Corp., New York, says business boomed at its insurance services processing unit in 2003.[@@]
DTCC has been handling the clearing and settlement of stock and bond trades for years. Recently, it has been handling life insurance and annuity transactions.
The total dollar value of settlements rose to $9.5 billion, from $5.4 billion in 2002, DTCC says.