Building The Business Case For Outsourced Corporate Actions Validation

Industry leading financial institutions are reaping operational benefits and avoiding significant unnecessary financial exposures by ensuring the quality and the timeliness of their corporate actions data. As well as minimising costs from operational disruption caused by incorrect or incomplete data, these firms are able to reduce the risk of litigation and compensation claims arising from corporate actions errors, allowing them to save on the capital they set aside to mitigate these risks and avoid reputational harm. In many cases, the amounts involved are measured in the millions, of pounds, euros or dollars.

January 17, 2011

Safe, Secure, Setting New Standards: A Report to the Industry on Business Continuity Planning

Since the events of September 11, 2001, the need to protect the global financial system has brought heightened attention to business continuity planning, both in the United States and in markets worldwide. The need is particularly acute for The Depository Trust & Clearing Corporation (DTCC), the largest post-trade financial services infrastructure company in the world. Safeguarding DTCC’s ability to support its critical clearing, settlement and asset servicing roles, as well as the highly specialized knowledge of its employees, is acknowledged by the industry and regulators alike to be essential to sustaining the safety and soundness of U.S. financial markets.

October 25, 2011

The Role of DTCC in Mitigating Systemic Risk

DTCC views this white paper on systemic risk issues as a preliminary “to do” list, detailing issues and questions on which DTCC, along with the industry, needs to focus in order to find appropriate answers and take requisite actions.If you need support accessing the white paper, you can call the DTCC Learning hotline toll-free at (888) 258-6393, or you can e-mail us. For any other questions, please contact your Relationship Manager.

September 30, 2011

CNS Settlement as Delivery versus Payment in DTC (CNS for Value)

The Depository Trust & Clearing Corporation (DTCC) is seeking feedback on its initiative to change the way Continuous Net Settlement (CNS) transactions are processed. CNS is a service of the National Securities Clearing Corporation (NSCC). Currently, CNS obligations of NSCC Members (short covers) and allocations to such NSCC Members (long allocations) are processed as free of payment deliveries at The Depository Trust Company (DTC) with the related funds settlement occurring at NSCC via an end-of-day net settlement process.

September 13, 2011

Recommendations for Reducing Risks Among Interoperating CCPs

As Europe's securities regulators, equities central counterparties (CCPs) and trading firms work together to design a framework for interoperability between CCPs that is safe, scalable and sustainable, EuroCCP presents a discussion of several options for reducing the liquidity and credit risks in multi-CCP links. In this paper, EuroCCP offers for discussion and consideration four key recommendations.

January 13, 2010

Safe, Secure, Setting New Standards: A Report to the Industry on Business Continuity Planning

Since the events of September 11, 2001, the need to protect the global financial system has brought heightened attention to business continuity planning, both in the United States and in markets worldwide.

February 2, 2004 (Updated July 2011)

P+I Payment Refinement: A Move to Further Reduce Payment Risk

One of the core asset services provided by DTC is the daily collection and allocation of cash  entitlements due on DTC-eligible securities. Commonly referred to as Principal and Income payments, these entitlements include dividend, interest, periodic principal, redemption and maturity payments arising from the servicing of 3.5 million securities eligible at the depository. This document is intended to prepare participants and agents for the changes in DTC’s P+I collection and allocation practices.

November 30, 2009

Service Description for Central Counterparty (CCP) for Mortage-Backed Securities – The Next Steps

The Fixed Income Clearing Corporation (FICC), a subsidiary of The Depository Trust & Clearing Corporation (DTCC), working with its members, has identified a strategy to align the services provided by its Mortgage-Backed Securities Division (MBS) with a central counterparty (CCP) model of settlement. FICC’s primary objective in taking these next steps is to expand novation beyond select pool obligation settlements by becoming the CCP to the TBA net positions and obligations themselves. This effort will incorporate a number of development initiatives into one major program.

March 2, 2009

Complying with new cost basis legislation: What brokers, banks, transfer agents, mutual funds and issuers need to know

The Emergency Economic Stabilization Act, commonly referred to as the “bailout bill,” was signed into law on October 3, 2008. Included in the $700 billion rescue package are new and stringent requirements on financial intermediaries1 to report adjusted cost basis2 to investors and the Internal Revenue Service (IRS) for securities transactions posted after January 1, 2011. A principal aim of the legislation is to provide investors with the means to accurately report gains or losses on the sale of securities for their annual tax filings.

December 11, 2008

Transforming the Syndicated Loan Market: A White Paper to the Industry

The global syndicated loan market totaled more than $4.5 trillion in 2007, an increase of 13% over 2006 and 32% over 2005. The largest market was the United States, with $2.1 trillion in loan activity, an increase of more than 20% over 2006.

September 8, 2008