Timeline for New Service

DTCC’s new-issue service is expected to undergo testing and, subject to regulatory approval, be implemented next year. To achieve that, the depository has set an accelerated timetable for creating the service. “Given all that we have to do, and all that the industry has to do, this is an aggressive timetable,” said James Balbo, DTCC managing director, Asset Services. “But it will solve a regulatory compliance problem for the industry – on time – while delivering better risk management and reduced costs.”

The timetable includes:

• Q1/06 Publication of customer system requirements.
• Q2-4/06 Resolution of technology and operating issues such as transmission protocols, data elements and underwriter audit reports.
• Q2-4/06 Regulatory changes involving MSRB participation and mandatory electronic data submission rule changes with the SEC.
• Q1/07 Limited pilot testing and customer training.
• Q2/07 Beginning of customer transition to new system.
• Q3/07 Completion of customer transition to new system.