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Apr 24, 2013 • Press Releases

DTCC Launches New Loan/SERV Balance Reconciliation Platform

New York and London, April 24, 2013 – The Depository Trust & Clearing Corporation (DTCC) announced today that it has launched a new Loan/SERV reconciliation platform called Balance Reconciliation that simplifies the reconcilement process for lenders by focusing on balances only.

The platform, especially designed for buy-side firms, enables lenders to submit balances to DTCC for matching and reconcilement with the facility agent, without having to submit the underlying transaction detail, which is the way the current reconciliation process works.

With the introduction of Balance Reconciliation – DTCC’s third loan reconcilement service – Loan/SERV Reconciliation now offers reconcilement at the contract level, transaction level and balance level, providing maximum flexibility to meet the varied needs of bank lenders, buy-side firms, custodians and administrators. All three services enable agent banks and lenders to view and reconcile syndicated loans on a daily basis.

Syndicated loans involve multiple lenders for each borrower with an agent bank acting as the liaison, transmitting information back and forth among parties.

Under the new Balance Reconciliation, agent banks will continue to enter individual transactions, but lenders will be able to match positions with the agent bank by entering balances only. If the balances do not match, the lender can access the agent bank’s transactions to see where the discrepancy lies.

“The ability to check loan balances easily and quickly will be a big boost for the syndicated loan market. Balance Reconciliation will streamline and improve our reconciliation process,” said Mindy Campbell, Operations Manager, T. Rowe Price. “More and more lenders will see the advantages that come with the reconciliation service and this will lead to greater market-wide adoption.”

DTCC introduced its first Loan/SERV Reconciliation Service in 2008 which was designed to provide transaction-level reconciliation. In 2009, DTCC launched Contract Reconciliation to provide lenders with comprehensive contract level detail from agent banks to lenders.

“Balance Reconciliation was designed to address the needs of a large portion of the market looking for a simple, straightforward reconciliation service. This added platform increases the flexibility Loan/SERV offers customers and how lenders choose to reconcile their loan books,” said Mathew Keshav Lewis, DTCC vice president, Global Loans Product Management. “Loan/SERV’s reconciliation tools have been well received with more than 4,000 funds taking advantage of the service from over 40 jurisdictions to date.”

Eleven global agent banks, more than 20 custodians and administrators, and over 4,460 investment funds administered by more than 337 leading fund managers and bank lenders around the globe are linked to DTCC’s Loan/SERV Reconciliation Service.

Balance Reconciliation is a service offering of DTCC Loan/SERV LLC, a wholly-owned subsidiary of DTCC.

About DTCC

DTCC has operating facilities and data centers around the world and, through its subsidiaries, automates, centralizes, and standardizes the post-trade processing of financial transactions for thousands of institutions worldwide. With 40 years of experience, DTCC is the premier post-trade market infrastructure for the global financial services industry, simplifying the complexities of clearance, settlement, asset servicing, global data management and information services for equities, corporate and municipal bonds, government and mortgage-backed securities, derivatives, money market instruments, syndicated loans, mutual funds, alternative investment products, and insurance transactions. In 2012, DTCC’s subsidiaries processed securities transactions valued at approximately US$1.6 quadrillion. Its depository provides custody and asset servicing for securities issues from 131 countries and territories valued at US$37.2 trillion. DTCC’s global trade repositories record more than US$500 trillion in gross notional value of transactions made worldwide.

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For Release: Immediately

Edward C. Kelleher