Instruction Window Cutoff Times

For the majority of corporate actions distribution events, the instruction window is open from 12:00 midnight until 8:00 p.m. eastern time.

Note that in a minority of cases, the event cutoff may be different than 8:00 p.m. If so, the cutoff time would be noted on the event.

Instructions sent via ISO messaging can be submitted up until two hours before the instruction window closes. Functionally, this means that ISO 20022 messages can be submitted until 6:00 p.m. if the event cutoff is 8:00 p.m.

Please note that, once any instructions originating from ISO 20022 messages have been edited in the browser, you cannot change your instructions using ISO 20022 messages. Use the browser to make any changes past this point. Read the complete rules here.

Note that if any amount remains uninstructed at cutoff, that amount will automatically be elected at the default rate. You can choose to actively elect the default rate instead of automatically accepting it.