This page may contain stale information. Last updated: 2026-06-01
Definition
Securities clearing is the post-trade process of confirming, netting, and settling trades between buyers and sellers. A clearing agency registered under SEC Section 17A acts as central infrastructure — either as central counterparty (CCP) or central securities depository (CSD).
Traditional vs Blockchain-Native
| Aspect | DTCC (Traditional) | PSSC (paxos) |
|---|---|---|
| Settlement | T+1/T+2 typical | T+0 (same-day) |
| Technology | Legacy book-entry | Private permissioned DLT |
| Role | CCP + CSD | CSD only (bilateral DvP) |
| Counterparty risk | Centralized netting | Bilateral, lower margin |
May 2026 Milestone
paxos Securities Settlement Company became the first blockchain-native SEC-registered clearing agency (Release 34-105562, May 27, 2026). Registration is temporary (max 18 months) under Rule 17Ab2-1(c). Commercial launch expected March 2027 earliest.
Seven-year path: 2019 no-action letter → 2020 AT&T/GE pilot → 2026 registration.