Previously issued securities can create operational friction when they remain outside The Depository Trust Company’s (DTC) depository and book-entry environment. Participants may need to rely on physical certificates, manual transfers or separate custody and settlement arrangements, increasing processing time, reconciliation effort and operational risk.
Secondary Market Eligibility gives DTC Participants a centralized way to request that an older issue be reviewed for access to DTC services. Bringing previously issued securities into a common infrastructure helps firms streamline trade support, reduce reliance on physical handling and fragmented processes, improve position and transaction visibility, and lower the potential for processing errors, delays and settlement risk.
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Each month, DTCC measures sigma levels for a variety of transaction processes, including those for underwriting, redemptions, dividend and interest payments, and reorganization announcements.
Monitor the accuracy and timeliness of principal and interest (P&I) payment allocations through DTC's Performance Metrics reporting.
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