Pre-Issuance Messaging Service

Exchange and validate issuance instructions for U.S. money market instruments through a centralized messaging hub, improving coordination between Dealers and Issuing Paying Agents (IPAs).
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Pre-Issuance Messaging (PIM) Service

Improve Accuracy and Coordination Ahead of Issuance

Issuance coordination between Dealers and Issuing Paying Agents (IPAs) for money market instruments (MMIs) can be complex and fragmented, often involving multiple direct connections and manual bilateral processes. These inefficiencies may result in delays, miscommunications and increased operational risk, particularly when firms must maintain separate connections with each counterparty.

DTCC's Pre-Issuance Messaging (PIM) Service provides a secure and efficient way for DTC participant Dealer firms and IPAs to exchange issuance instructions for U.S. money market instruments before issuance. Through a centralized messaging hub at DTC, the service supports standardized message exchange and processing, eliminating the need for bilateral connections while promoting consistent communications across the industry.  

Key Features & Benefits

Streamlined Communications

Facilitates the efficient exchange of issuance instructions between Dealers and IPAs through a centralized messaging framework.

Reduced Operational Risk

Supports secure, standardized message exchange that minimizes manual touchpoints and reduces the complexity of maintaining multiple direct connections.

Lower Messaging Costs

Offers a cost-effective pricing model in which only message senders incur fees while recipients receive messages at no charge.

Reliable Message Delivery

Enables uninterrupted communication through persistent messaging capabilities and proactive monitoring of undelivered messages.

Centralized Connectivity

Eliminates the need for separate bilateral connections by routing communications through a single messaging hub.

Using This Service

PIM is available to DTC participant Dealer firms and IPAs that exchange issuance instructions for money market instruments (MMIs) in the U.S. market. The service is designed for organizations that require a secure, standardized method for communicating issuance-related information through DTC's centralized messaging hub.

PIM is available to DTC participant Dealer firms and IPAs that exchange issuance instructions for money market instruments (MMIs) in the U.S. market. The service is designed for organizations that require a secure, standardized method for communicating issuance-related information through DTC's centralized messaging hub.

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