Skip to main content

Correspondent Clearing is a service that allows NSCC Members to move a position from an executing broker (or special representative) account to a different clearing broker (correspondent) account.

  • About

    Correspondent Clearing allows an NSCC Member broker-dealer to use one broker-dealer for an execution and another for clearance and settlement.  Transactions in all NSCC-eligible equities and corporate bonds can be transferred using this service.

  • Who Can Use the Service

    The service is available to all full service NSCC Members that have completed the required 9A/9B authorizations, which are available through web-interface.

  • Benefits

    The service provides a number of operational advantages:

    • Allows NSCC Members to move a position from an executing broker's account to a different account for clearance and settlement. This service allows a broker-dealer to execute a trade through another broker-dealer and settle the trade in its own account.
    • Makes output available in real-time through Universal Trade Capture (UTC) FIX messages or on an intra-day basis in the UTC machine readable output (MRO).

  • How the Service Works

    Correspondents and the designated special representative must first establish a trading relationship through NSCC’s Trading Relationship Management system, to ensure that the correspondent broker has permitted the special representative to submit locked-in data on its behalf.

    Correspondents can then route trade orders to the designated special representatives to execute trades on their behalf. After the trades are executed, the special representatives submit offsetting trade information via Correspondent Clearing to NSCC, thus moving the position to the clearing broker's account.

    Both Special representatives and correspondents receive Correspondent Clearing transactions details through UTC output, which itemize the positions submitted into the correspondent clearing service.

  • For More Information

    To request additional information, please click here.

Additional Resources

  • News

    See the latest news updates about DTCC Correspondent Clearing Service for transferring transactions for all NSCC-eligible equities and corporate bonds. Learn more.

    Read More
  • Legal

    Download legal information about the Correspondent Clearing Service including important notices, SEC rule filings, by-laws, rules and procedures at our online portal.

    Read More
  • Support

    This section contains answers for all your questions regarding the Correspondent Clearing Service. Login here for support and learn more about DTCC's services.

    Support
Helping Clients Optimize DTCC Services Every Day

DTCC Learning

DTCC Learning offers comprehensive, fast-track training for DTCC customers of financial services organizations who are looking to expand their expertise and abilities in using the post-trade processing products and services provided by DTCC’s subsidiaries.

dtccdotcom