Equities Clearing Services

Home / Clearing Services / Equities Clearing Services Print
DTCC's National Securities Clearing Corporation (NSCC) clears and settles virtually all broker-to-broker equity, corporate and municipal bond and unit investment trust (UIT) transactions in the U.S. markets, advancing new initiatives and driving development of products and services that mitigate risk, reduce costs and enhance processing efficiencies for market participants.

Products and Services



The Automated Customer Account Transfer Service (ACATS) is NSCC’s central processing system for the transfer of customer account assets.

Learn More

Bulk Transfer Initiative


The Bulk Transfer Initiative streamlines the mass transfer of large quantities of customer accounts and assets from a distressed broker to a more stable broker.

Learn More



The CNS® System is NSCC’s core netting, allotting and fail-control engine.

Learn More

SFT Clearing


The Securities Financing Transaction (SFT) Clearing Service are any transactions where securities are used to borrow cash or vice versa.

Learn More



The Cost Basis Reporting Service (CBRS) helps financial firms and other market participants report cost basis information to investors and the federal government.

Learn More



Envelope Settlement Service (ESS/IESS) standardizes and controls physical delivery of securities.

Learn More

The Fully-Paid-for-Account


The Fully-Paid-for-Account is a special sub-account within NSCC’s CNS System that permits Members to use customer fully-paid-for positions to satisfy institutional deliveries in DTC.

Learn More

Obligation Warehouse


Obligation Warehouse (OW) is a non-guaranteed, automated service that facilitates matching broker-to-broker ex-clearing trades and provides the ability to track, manage and resolve failed obligations in real-time.

Learn More