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DTCC Recognized With Early Adopter Accomplishments Award For Replacement Processing Service

May 25, 2010— The Depository Trust & Clearing Corporation (DTCC) announced today, from the ACORD LOMA Insurance Systems Forum in Las Vegas, Nevada, that it has been recognized with an “Early Adopter” award for its Replacement Processing service, a new system that will help insurance carriers and their distributors when investors want to transfer — or, as it is called in the industry, “replace” — their insurance holdings.

For carriers, the new system will eliminate many of the costly and complex manual tasks involved with replacement processing. At the same time, the system will keep distributors — those who market insurance products — updated on their pending replacement contracts with participating trading partners.

Winning ACORD’s distinguished “Web Service Profile Award – Early Adopter Accomplishment,” DTCC aptly demonstrated the benefits and cost-savings of this newest product, which will be added to DTCC’s Insurance and Retirement Services suite of insurance processing solutions.

“Replacements — annuity 1035 exchanges, transfers or rollovers — are a significant part of the new business process for the insurance industry. In fact, a Gartner study a few years ago quantified at least 30% of variable annuity sales result from 1035 exchanges and other replacements,” said Adam Bryan, managing director, DTCC Insurance and Retirement Services. “By enabling insurance companies to process these replacements using standard, automated technologies, we’ve proven in our pilot tests that we can help them reduce operating expenses, deliver higher levels of service to customers and distributors, and meet audit and compliance requirements.”

The ACORD awards focus on the development of innovative implementations that highlight business value and business opportunities between trading partners, and recognizes companies whose XML implementations have provided leadership in the way business is processed utilizing ACORD insurance data standards.

"DTCC is to be congratulated not only for earning this Early Adopter Award, but for showing the benefits that can be achieved by implementing ACORD Standards," said Lloyd Chumbley, vice president, Standards, ACORD.

“We are honored that ACORD has recognized DTCC and the Insurance and Retirement Services team with this award,” Bryan said.

About DTCC

DTCC, through its subsidiaries, provides clearance, settlement and information services for equities, corporate and municipal bonds, government and mortgage-backed securities, money market instruments and over-the-counter derivatives. In addition, DTCC is a leading processor of mutual funds and insurance transactions, linking funds and carriers with their distribution networks. DTCC's depository provides custody and asset servicing for more than 3.6 million securities issues from the United States and 121 other countries and territories, valued at US$33.6 trillion. In 2009, DTCC settled nearly US$1.48 quadrillion in securities transactions. DTCC has operating facilities in multiple locations in the United States and overseas.