The following document consists of the response made by The Depository Trust Company ("DTC") to the questionnaire entitled Disclosure Framework For Securities Settlement Systems (the "Disclosure Framework"). The Disclosure Framework was developed under the auspices of the Committee on Payment and Settlement Systems and the International Organization of Securities Commissions.
Consistent with the purpose of the Disclosure Framework, DTC's response provides only a general overview of how DTC deals with certain risk management issues. Therefore, this document should not be relied upon by DTC Participants or others as a complete discussion of these matters.
Requests for further information may be directed to:
Ms. Diane Brennan Director-Risk Management Phone: (212) 855-3320 Fax: (212) 855-3274
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