Secondary Market Eligibility

The Secondary Market Eligibility program at DTC allows participants to submit eligibility requests for already-issued, outstanding securities that were not previously made eligible for DTC depository and book-entry services (“older issues”).

About

The Secondary Market Eligibility program allows underwriters, investors and other market participants that are DTC Participants to submit eligibility requests to DTC for secondary market (“older issue”) securities. Once DTC makes the securities eligible, they can be distributed quickly and economically via electronic book-entry delivery and settlement. These securities are then available for the full range of depository and book-entry services.

Who Can Use the Service

DTC participants can use the service.

Benefits

The availability of DTC services to issued and outstanding securities that satisfy DTC eligibility requirements enhances capital market efficiencies and reduces costs by enabling securities to be distributed, settled and serviced through DTC’s automated processes.

DTC’s straight-through processing mitigates risk for the industry through automation and standardization.

How the Service Works

Participants seeking DTC eligibility for already-issued securities must complete and submit to DTC’s Underwriting department the following documentation:

  • Older Issue Eligibility Questionnaire
  • A copy of the physical certificate or certificates representing the securities, with the S&P CUSIP number clearly visible.
  • An Agent Attestation form
  • Applicable offering documents.

DTC may also require a legal opinion and/or additional documentation as deemed necessary.

Applicants must pay a non-refundable eligibility review fee regardless of eligibility outcome. (See DTC Fee Guide)

For More Information

Please contact Client Support at 1-866-724-4402.

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