On February 15, 2008 DTC began user acceptance testing with external underwriting firms that had been part of a SIFMA municipal user working group. The test system was opened to additional firms on March 3 and effective March 10 all registered users were given access. Firms have the ability to test the web application as well as the autofeed. End to end testing with the book running firms who are submitting data for their customers is also available.

Training material including e-learning courses for underwriters and clearing firms, a web simulation and User Guides are available for firms to aid and support the testing. DTC will also be putting out a schedule for hands on Webinars that users needing additional help can access.

System Testing and Release

The new system will be released into production on April 14th for optional use. At this time firms can begin submitting new municipal deal information into the new system or continue to submit new deal information through PUND, WUN or paper questionnaires.

Throughout the initial period of testing, DTC has been monitoring and recording the number of issues that reach "trade eligible" and "settlement eligible". This information will be shared with the MSRB in support of their requirement that all firms must complete testing prior to submitting a deal in production.

UW SOURCE is scheduled to be released into to production on May 5 for optional use. Firms will have the choice of submitting new municipal underwritings into the new system or continuing to use the current input methods—PUND, WUN and the Eligibility Questionnaire.

Coding and testing has been completed for the new Upload process which will enable users to upload an excel spreadsheet or a flat file of all the required data to UW SOURCE. The upload will give users another alternative to the manual input via the web application and increase efficiency accuracy and timeliness. Firms will be able to use this new functionality in the test region beginning April 14.

Change for New Issues

On September 2 all new municipal underwritings will be required to be submitted into UW SOURCE and DTC will no longer accept new issue information through PUND, WUN or the Eligibility Questionnaire. In addition for certain municipal issue types, including bonds, notes and variable rate demand obligations, DTC's New Issue Information Dissemination Service (NIIDS) will also be required. This is in support of the proposed MSRB rule changes which will eliminate the 3 hour exemption for trade reporting on long term bonds and require the dissemination through NIIDS of the data needed to report and match trade and create a confirm (trade eligible data) within 2 hours of the formal award.

Underwriting Reengineering Testing & Implementation Plan

• Underwriting Reengineering Testing & Implementation Plan (MS-Word, .doc, Updated 04/2008)