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Talk of the bay

In this case, $1-quadrillion was a low estimate

By JEFF HARRINGTON
Published May 16, 2005


Who knew that $1,000,000,000,000,000 - 15 zeros if you're counting - would turn out to be a conservative number?

Earlier, the Depository Trust & Clearing Corp. predicted it would pass the $1-quadrillion mark in securities trades that were cleared and settled in 2004. It turns out that DTCC, which recently opened a major operations center in Tampa, wound up settling $1.1-quadrillion in trades. That's up 22 percent from a mere $923-trillion in 2003.

For numbers aficionados, that translates into $4.5-trillion worth of transactions every business day or, as the DTCC points out, it's like turning over the equivalent of the U.S. gross domestic product every 2.7 days.

Among other highlights for the year: Total revenue rose to $1.1-billion, up 11 percent from $947-million in 2003; and the company returned $219-million to customers in discounts and other refunds.

DTCC chairman and CEO Jill Considine released the figures last week while discussing the company's new mission statement. By 2010, the DTCC intends to be "the acknowledged world-class provider of servicing solutions to financial markets through leadership, innovation, technology, risk management and strategic alliances."

Considine's road map toward 2010 doesn't sound easy. It's a mix of globalization, speed and more technological innovation. But she can be sure success likely will mean one thing: plenty of zeros in future annual reports.

[Last modified May 14, 2005, 00:53:02]


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