NSCC Members and non-clearing firms may use this service. There are no additional requirements for NSCC Members. Commission Bill members must first be approved by their respective exchanges, then complete a Commission Settling Agreement and an ACH Agreement. Currently, non-clearing firms are required to utilize ACH to receive Commission Bill credits. Upon SEC approval of an NSCC rule filing, it will become mandatory that these firms utilize the Automated Clearing House (ACH) facility to settle all their Commission Bill amounts (both credits and debits).

The Commission Billing service offers the following benefits:

• Pre-edit output available daily for reconciliation.
• Electronic distribution of monthly statements
• Provides machine-readable Commission Bill Statement information for NSCC Members and email for non-clearing members the night before payable date.
• Nets commissions into one credit or debit figure each month for every participant.
• All settlements of Equity Commission Bills are transmitted an automated fashion via ACH for non-clearing firms or through their NSCC settlement account for NSCC Member firms.

Commission Bill Debit Input
Each month, specialists and $2 brokers provide NSCC Members and non-clearing firms with commission bills for trades executed on their behalf. As firms reconcile their accounts, they may submit input to NSCC on a daily basis by the 10th calendar day of the month (if the 10th is not a business day, the input must be received by the next business day). These transmissions can be sent either using a direct transmission, via PC Web Direct, or through the NYSE's On-line Comparison System (OCS) or the Amex's Intra-day Comparison System for Options (IDCO).

Daily Pre-edit Commission Bill Output
Pre-edit output files are available in either machine readable or print image format to be used by non-clearing firms and NSCC Members for reconciliation purposes. Cancels can be submitted intra-month for corrections and will appear on the output records. The pre-edit output is available electronically by email or direct transmission.

Monthly Commission Bill Statement
NSCC distributes the monthly commission bill electronically by e-mail or direct transmission in either print image or machine-readable format on the second business day after the debit submission cutoff. The statement lists individual debits and credits by firm number as well as a total of the final commission payment owed or due the member.

For NSCC Members, the appropriate debit or credit is applied to their NSCC money settlement obligation. Commission Bill firms (non-clearing firms) collect their commissions automatically through the ACH facility. Pending SEC approval of an NSCC rule filing, all non-clearing members will be required to pay their commission amounts via use of the ACH facility. All debits and credits occur on or about the 15th of each month.

Please call Relationship Management at 1 888.382.2721.