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Our Initiatives

Modernization Initiatives

We are undertaking simultaneous efforts to deliver enhanced and new business functionality to the industry, while addressing legacy technology risks and security enhancements. By leveraging the components, patterns and principles developed through efforts to-date, we’re embedding resiliency capabilities at both the infrastructure layer and the application layer, ensuring DTCC can continue to operate smoothly under any circumstances. Our transformation program involves a full end-to-end assessment of the lifecycle of the trade to enable a modern, flexible, and operationally resilient core. Our vision is the modernization of our entire enterprise into a unified and integrated service, to deliver a simplified client experience and seamless services.

Explore Our Initiatives

The development of more innovative technology will necessitate more advanced and adaptable solutions to support the industry’s growing needs and to maximize capital efficiencies. Changes to the applications that deliver DTCC services will include new enhancements as well as simplifications to workflows to improve settlement efficiencies. The investment into a modular ecosystem is our future-proof design for ensuring long term resiliency and stability of our technical systems.

Equities Clearing & Settlement Transformation - Functional Change Document
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Upcoming Changes:

Client Interface Changes

DTCC is upgrading client connectivity options to support distributed connections and lightweight messaging, simplifying client interactions through modern, standardized interfaces. Notably, the new system will support interfaces in ISO 20022 format only, through messaging (MQ) and file (sFTP) channels. These changes will streamline the client experience and support more seamless services.

Settlement Functional Changes

Changes in Settlement include several enhancements and simplifications, including innovations such as supporting settlement of partial deliver orders, expansion of data fields on member messages, and simplification to member profiles and settlement workflows that will drive greater transaction throughput.

Clearing Functional Changes

Clearing modernization includes innovations such as enhancing the Universal Trade Capture (UTC) service by extending trading hours, reducing the settlement cycle for ACATS by a full business day, and improving the clearing process and capital efficiency for ETFs that include options components managed between NSCC and the Options Clearing Corporation (OCC). These changes will support a dynamic and resilient trading environment, maximize liquidity, and reduce counterparty risk.

Our Roadmap

Our roadmap highlights our development and testing timeline through 2027. Some of these projects are already well underway, and in other areas, we are only starting to lay the groundwork. The roadmap will be updated periodically as additional details for timeframes beyond 2027 are determined.

The Future of Clearing and Securities Services - Timeline
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