Title: The Custodial Illusion – DTCC, CEDE & Co., and the Federal Reserve’s Invisible Grip

Date of Action: 10 September 2025

Filed By: :Waseem: Malik – Sovereign Archivist

Codename: The Custodial Illusion

⚖️ Details of Strategic Intelligence

1. The Custodian That Owns Nothing

• The Depository Trust & Clearing Corporation (DTCC) clears and settles over $2.5 quadrillion annually.
• Yet it owns nothing — it merely “holds” securities in custody.
• All titles are funnelled into a single nominee shell: CEDE & Co.

2. CEDE & Co. – The Shell Sovereign

• CEDE & Co. is a paper phantom — a partnership created solely to hold legal title.
• Nearly all publicly traded U.S. shares are registered in its name.
• Investors — whether pension funds, institutions, or individuals — hold only beneficial interests, never the title.
• Brokers register securities in “street name” under CEDE, never in the investor’s own name.

3. The Federal Reserve’s Silent Integration

• The Federal Reserve does not own DTCC outright.
• But its network of primary dealers — JPMorgan, Goldman Sachs, Citigroup — are DTCC’s stakeholders.
• DTCC’s custody and the Fed’s monetary policy are structurally bound together — forming a financial priesthood of control.