The Depository Trust Company, a member of the United States Federal Reserve System, is a limited-purpose trust company under New York State banking law. It is a registered clearing agency with the Securities and Exchange Commission. The company retains custody of approximately 2 million securities issues, which it dematerializes so that they exist only as electronic files to bring efficiency to the securities industry. It also provides the services necessary for the maintenance of the securities it has in custody. Services offered include settlement services, asset services and global tax services. The Depository Trust Company, an employer of more than 2,500, is based in New York.