by Edward C. Kelleher
With DTCC's New Issue Information Dissemination Service (NIIDS), underwriters will send new issue information electronically to DTC, as well as any follow-up adjusted information.
Once DTC has all the required reporting information, it will send the data to information vendors, dealers and other market participants so they can confirm, clear and report trades in a timely and accurate fashion. DTC will distribute updates in a real-time electronic format until settlement day.
NIIDS will be available to DTC participants - most large municipal underwriters are already DTC participants - and to underwriters that settle transactions through a clearing broker. Plans call for NIIDS to be expanded to automate the collection and distribution of information on corporate bonds, asset-backed securities and other fixed income securities.
Another Slice of the Reengineering Project
NIIDS is part of DTCC's reengineering project, which will bring significant new efficiencies to the industry. The project entails redesigning the core systems for securities underwriting and corporate actions with a single new platform called the DTCC SOURCE - Securities Origination Underwriting & Reliable Corporate Actions Environment. The new platform will replace more than 60 platforms that have been developed for these core systems over the years.
SOURCE will be launched in phases beginning this year with underwriting and NIIDS in late 2007, followed by corporate actions in 2009.@
DTCC has opened its Asia-Pacific global data center in Singapore. The Singapore location is part of the global trio of infrastructure designed to support DTCC’s Global Trade Repository services.Read More