The Depository Trust & Clearing Corporation said rebates for its customers in 2005 amounted to nearly $528 million, or more than double the previous year's figure.

In a news release on Wednesday, the New York-based clearing firm said the National Securities Clearing Corporation returned $241 million to customers last year; the Depository Trust Company, $185 million and the Fixed Income Clearing Corporation, $83 million.

Jill Considine, chairman and chief executive of DTCC, cited the firm's yearly expense reduction targets, as well as the record transaction volumes last year across its business lines, as among the factors that led to the record rebates.

Another factor, she said, was the completion last year of DTCC’s multi-year initiatives, which earlier required significant investment. Among these initiatives is the Southern Business Center in Tampa, which DTCC opened last March.

DTCC and its subsidiaries are owned by its member firms and operate on an "at-cost basis," charging transaction fees then giving back excess profits to members.

Last December, the New York-based clearing firm announced that it will slash $161 million in transaction fees for services provided by its subsidiaries. 

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