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by Michael Scholl

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  • PBS Reaches the Tipping Point

  • Asset Services

  • The new PBS system is a lot easier to navigate than PTS,” said Gerald Sheridan, vice president in the Trust Operations & Technology Unit at Regions Morgan Keegan Trust. “The web-based design falls in line with a lot of the other applications we are currently using.”

    José Salgado, senior specialist in the Domestic Trade Settlement Group at Citibank, concurred. “I think it’s very user-friendly,” he said. For example, PBS gives customers intuitive drop-down menus to access functions, dispensing with the need to memorize and type in three- and four-letter acronyms that are required to access functions through PTS.

    Both Sheridan and Salgado also like the downloading capabilities. “This feature allows us to download different reports and sort them however we want so we can identify all the trades we need to track during the course of the day,” Salgado said.

    “Downloading makes it a lot easier for us to look at the information and apply it internally to the proper accounts,” Sheridan added.

    Smoothing the transition

    Although DTC is actively encouraging firms to make the switch to PBS, it continues to operate PTS and has not yet set a date for shutting it down.

    “Employees at some firms have been using PTS for decades and are so accustomed to it that they don’t want to make the change,” said Paula Arthus, DTCC managing director, Relationship Management. “But experience shows that once the late adopters make the transition, they are glad they did.”

    Regions Morgan Keegan Trust employees began using PBS exclusively after such usage became mandatory at the firm in the third quarter of 2009. Although some longtime PTS users were reluctant to try the newer system, the advantages of PBS have become apparent to everyone at the firm who uses it, according to Sheridan. “The experience for them has been positive and they are now well accustomed to PBS, and they like it,” he said.

    While Citibank is currently using both services, according to Salgado, the firm is in a transition period during which employees are being persuaded to switch to PBS. “We actually have a goal to try to get everybody up to speed with PBS by the end of the second quarter of this year,” he said.

    Sheridan’s firm, based in Birmingham, Alabama, used the available online training opportunities to help make its transition from PTS to PBS. “The method by which you can teach somebody the various functions on PBS is much easier than it was on PTS,” Sheridan said.

    PBS also includes online help screens that assist customers in cross-training their staff and finding their way around the system. (PTS requires users who run into trouble to consult a separate DTC webpage for assistance.)

    DTC offers online PBS training through the DTCC Learning website at To learn more about other training options, contact the Training Administrator at or 888.258.6393.