Central securities repository where stock and bond certificates are exchanged in computerized form, allowing for netting of transactions without the need for physical movement of certificates. The DTC is a member of the Federal Reserve System and is owned by most of the brokerage houses on Wall Street and the New York Stock Exchange. The brokers, banks and transfer agents which exchange securities through DTC are known as "DTC participants." DTC holds securities under the nominee name "Cede & Co."