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The Underwriting group is the entry point for depository and book-entry transfer services at The Depository Trust Company (DTC). Services offered through the Underwriting group offer efficiencies in the capital markets and reduce risk to participants by automating and facilitating the distribution and settlement of new and secondary issues. To be eligible for the array of services DTC provides through a security’s lifecycle, securities must be processed through the Underwriting group for an eligibility determination (in consultation with Legal, as necessary) and operational setup.


The New Issue Eligibility program allows newly issued securities as well as secondary offerings that meet DTC’s eligibility criteria to become eligible for the depository and book-entry services of DTC.

The Secondary Market Eligibility program at DTC allows participants to submit eligibility requests for already-issued, outstanding securities that were not previously made eligible for DTC depository and book-entry services.

The Money Market Instrument (MMI) Program allows Issuing and Paying Agents (IPAs) to submit requests to make new Money Market Instrument (MMI) issues eligible for settlement at DTC.

The New Issue Information Dissemination Service (NIIDS) is used in conjunction with the New Issue Eligibility service. NIIDS was created to improve the trade reporting and price transparency of transactions for new issues of municipal securities.

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