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DTCC: Launches SMART/Search, New Online Research Archive

SMART/Search for Archived Reports

New York, July 29, 2003 - The Depository Trust & Clearing Corporation (DTCC) has launched a new product that puts powerful research capabilities squarely in the hands of customers. SMART/Search for Archived Reports provides firms with streamlined access to several years of historical transactional reports from DTCC's depository.

Accessible over the Internet or through DTCC's secure private network, SMART (Securely Managed And Reliable Technology), users can log in to SMART/Search for Archived Reports to view past activity, positions and settlement, and soon, access to even TradeSuite confirms and billing statements.

Before the launch of SMART/Search, customers could previously view only 60 business days (about three months) of transactional history. This posed a challenge when firms need to research further into their reports - for example, to resolve a discrepancy or to respond to auditors who might need to know a firm's position on a particular date. Getting transactional reports beyond 60 days was a labor-intensive process, requiring firms submit a request to have DTCC's reports reviewed.

Through the new SMART/Search product, customers are granted secure, direct access - via an intuitive browser interface - to reports stored on DTCC's own vast archive. Customers can even choose to have search results reported in multiple formats, including viewing directly online within the browser, via file download, email link or by email attachment.

"Our customers have told us in focus groups and in surveys that this kind of product from DTCC will save them considerable time, effort and expense," said Michael Vellecca, product management director, DTCC Network Services. "A tool like SMART/Search, which allows direct, streamlined access to archived reports, is going to be much more convenient and efficient for firms to use."

SMART/Search successfully rolled out in pilot on June 30, made available first to a group of ten firms that had been meeting as a working group for the past six months to help guide the development of the product. The pilot is expected to expand rapidly over the next few months, with SMART/Search likely available to all users by year-end.

About SMART

Securely Managed And Reliable Technology (SMART), DTCC's centralized, end-to-end managed communications infrastructure, provides connectivity support for all post-trade clearance and settlement processing. Through SMART, DTCC offers customers an integrated suite of secure, managed network functions and capabilities, including support for order flow and market data. SMART is both managed and provisioned by DTCC for customers, providing high reliability and high capacity.

About DTCC

The Depository Trust & Clearing Corporation (DTCC), through its subsidiaries, provides clearance, settlement and information services for equities, corporate and municipal bonds, government and mortgage-backed securities, over-the-counter credit derivatives and emerging market debt. DTCC's depository also provides custody and asset servicing for more than two million securities issues from the United States and 100 other countries and territories. In addition, DTCC is a leading processor of mutual funds and insurance transactions, linking funds and carriers with their distribution networks. DTCC has operating facilities in multiple locations in the United States and overseas. For more information on DTCC, visit www.dtcc.com.