Overview

Global Update, an account-maintenance feature of Commission Settlement, gives broker/dealers and other distribution firms an automated, streamlined way to provide fund companies with updated account-representative and branch-change information.

Global Update is accessible via mainframe over DTCC’s SMART connection, or through DTCC WebDirect, a Web interface that gives participants direct access over the Internet to services provided by DTCC's subsidiaries.

Who Can Use the Service

Any financial organization interested in the service and that meets NSCC qualifications can use the service.

Benefits

• Streamlines the account-rep and branch-update process.
• Reduces overhead costs associated with manual and paper processing.
• Gives firms a tool toupdate information pertaining to many accounts or a single account with one transmission.

How the Service Works

Firm Input - Branch Information:

• Change of address
• New branch
• Closed branch
• Branch number change

Firm Input - Account Rep Information:

• Transfer
• New account rep
• Delete account rep
• Name change
• Account level representative

Input and Output Timeframes

The deadline for firms to input changes is 10:00 a.m. Eastern Time (ET), Monday through Friday, and 12:00 p.m. ET on Saturday. NSCC sends out files at 11:00 a.m. ET, Monday through Friday, and 1:00 p.m. on Saturday. Based on the branch or account representative information received, funds can use the data to globally or individually update their customer accounts.

For More Information

Please contact DTCC Relationship Management at (212) 855-8877.