Products & Services
Clearance and Settlement
Equities Clearance
As the central counterparty for the nation's major exchanges and markets, DTCC clears and settles virtually all broker-to-broker equity, listed corporate and muni bond and UIT trading in the U.S., ensuring capacity, certainty and reliability to handle today's enormous trading volumes.
As the central counterparty for the nation's major exchanges and markets, DTCC clears and settles virtually all broker-to-broker equity, listed corporate and municipal bond and Unit Investment Trust trading in the U.S. through its National Securities Clearing Corporation (NSCC) subsidiary.
While NSCC provides final settlement instructions to its customers each day, the payment and movement of securities ownership occurs at DTCC's subsidiary, The Depository Trust Company (DTC). In addition to NSCC transactions, DTC settles institutional trades, money market instruments and other financial obligations. As DTCC's depository, DTC also eliminates the movement of securities by providing book-entry deliveries, which transfer the ownership of securities electronically.
The Automated Customer Account Transfer Service (ACATS) is a system that automates and standardizes procedures for the transfer of assets in a customer account from one brokerage firm and/or bank to another.
The Cost Basis Reporting Service (CBRS) is an automated system that provides brokerage firms, banks and other financial organizations the ability to transfer customer cost basis information from one firm to another on any asset transferred through the Automated Customer Account Transfer Service (ACATS).
The Continuous Net Settlement (CNS) System is NSCC’s core netting, allotting and fail-control engine. Within CNS, each security is netted to one position per participant, with NSCC as its central counter-party (novation).
Correspondent Clearing is a trade capture position movement service that allows a participant to move a position from an executing broker's account (special representative) to a different clearing broker's account (correspondent).
An Exchange Traded Funds (ETF) is a security portfolio that trades on an exchange as an equity. NSCC's ETF process automates the creation and redemption of ETF securities.
The Fully-Paid-for-Account is a special sub-account within NSCC's Continuous Net Settlement (CNS) System that assists participants in maintaining compliance with possession and control requirements pursuant to Rule 15c3-3 of the Securities Exchange Act.
ID Net, a joint service offering of The Depository Trust Company (DTC) and National Securities Clearing Corporation (NSCC), extends the benefits of netting to institutional trade settlement, allowing broker/dealer users to combine their affirmed institutional equity trades with other trades that they may have in NSCC’s Continuous Net Settlement (CNS) system.
The Reconfirmation and Pricing Service (RECAPS) is a mandated service for all participants that reconfirms and reprices participants' aged equity, municipal bond, corporate bond, UITs and zero coupon security transactions that have previously failed to settle in NSCC's clearance and settlement system or by other means.
SMART/Track for Agency Lending Disclosure provides a central communications hub for the transmission of open loan data between agent lenders and borrowers on a daily and periodic basis.
SMART/Track for Buy-ins is a Web-based system that enables automated communication and tracking of NSCC CNS and non-CNS (e.g., NYSE, AMEX, NASD and NSCC Non-CNS) buy-in notices as well as MSRB closeouts.
The SMART/Track for Corporate Action Liability Notification Service is a Web-based system that provides automated communication and tracking of corporate action liability notices for securities undergoing a voluntary corporate action event.
SMART/Track for Stock Loan Recalls provides a central communications hub for the transmission of stock loan recall messages between counterparties.
The Stock Borrow Program allows participants to lend NSCC available stocks and fixed income securities from their account at The Depository Trust Company (DTC) to cover temporary shortfalls in NSCC's Continuous Net Settlement (CNS) System.
The Foreign Securities Comparison and Netting (FSCN) service automates the comparison and receipt of locked-in trades and bi-lateral netting of non-U.S. equity transactions.
The Trade Capture and Reporting Service validates and reports equity transactions executed in the US equity markets throughout the trading day. Trades are submitted to NSCC by an exchange or by a Qualified Special Representatives (QSRs).
The Over-the-Counter (OTC) Comparison service accepts one-sided transactions from NSCC participants and matches buyers and sellers based upon clearing firm, executing market participant ID, CUSIP or trading symbol, share quantity, price and trade date.
The TradeSuite/CNS Interface for prime broker is a settlement option that streamlines Prime Broker trade processing. The interface allows an executing broker to hand off a trade executed for a hedge fund to its prime broker for clearance and settlement.
