Settlement and Asset Services

Asset Services Performance Metrics - Principal & Income Cash Processing

Once distributions are announced, DTC is responsible for collecting entitlements from issuers or their paying agents and allocating those payments to Participants on payable date.

In accordance with DTCC's P&I White Paper, in early February, 2011, DTC revised its allocation methodology such that only those entitlements paid and associated to CUSIP-level detail by the Industry cut-off for such payments – currently 3:00 p.m. ET – will allocate on the payable date. DTC revised its P&I Performance Metrics to support this effort and highlight those situations impacting timely allocations. DTC will measure and report to the industry the following accuracy and timeliness metrics:

The Cash Processing sigma levels are predicated on defects as defined below.

• Accuracy Defect Accuracy Defect (External) – Measures the percentage P&I Allocations made on the Payable Date, relative to the expected allocations for the Payable Date. Precise allocations are those where timely payment is able to be matched to CUSIP-level detail and allocated to DTC participants. Defects are measured as those allocations not occurring on payable date. A sigma level is assigned to the allocation of both dollars and CUSIPs.

Calculations:

• P&I Allocated CUSIPs / Total Expected CUSIPs
• P&I Allocated Dollars / Total Expected Dollars

• Timeliness Defect (External) – Timeliness Defect (External) – Measures payments made to DTC by the established industry cut-off for issuers and payment agents to wire funds to DTC, as well as payments made to DTC by close-of-business. Compliance for both points in time is reflected as separate sigma levels and defects refer to payments not made by 3:00 p.m. ET and by close-of-business on the payable date. In an environment where only payments received and matched to CUSIPs will allocate, payment timeliness is a critical measure.

Calculations:

• Dollars Paid by 3:00 p.m. ET / Total Dollars Paid for the Month
• Dollars Paid by Payable Date COB / Total Dollars Paid for the Month

  P&I Compliance Agent Performance Report February 2024 (pdf) 

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  P&I Compliance Agent Performance Report December 2017 (pdf) 

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  P&I Compliance Agent Performance Report December 2016 (pdf) 

  P&I Compliance Agent Performance Report November 2016 (pdf) 

  P&I Compliance Agent Performance Report October 2016 (pdf) 

  P&I Compliance Agent Performance Report September 2016 (pdf) 

  P&I Compliance Agent Performance Report August 2016 (pdf) 

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  P&I Compliance Agent Performance Report September 2015 (pdf) 

  P&I Compliance Agent Performance Report August 2015 (pdf) 

  P&I Compliance Agent Performance Report July 2015 (pdf)

  P&I Compliance Agent Performance Report June 2015 (pdf)

  P&I Compliance Agent Performance Report May 2015 (pdf)

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 P&I Compliance Agent Performance Report December 2014 (pdf) 

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 P&I Compliance Agent Performance Report August 2014 (pdf) 

 P&I Compliance Agent Performance Report July 2014 (pdf)