The Euroclear system, first established by Morgan Guaranty Trust Company in 1968, originally was intended to facilitate trading in the Eurobond market. Although the bulk of the market transactions are cleared by Cedel, Euroclear controls the remainder. The Euroclear System is the world's largest clearance and settlement system for internationally traded securities. Securities industry professionals, such as broker/dealers, commercial and central banks, investment managers, from more than 80 countries settle their trades through the Euroclear System. The Euroclear System is actually owned by Euroclear Participants, its policy set by the Board of the Euroclear Clearance System Société Coopérative, and operated by the Brussels office of Morgan Guaranty Trust Company of New York through the Euroclear Operations Center. (Euroclear)