Underwriting

CLOSING (A NEW ISSUE)

What are the closing call time frames?

The Underwriting (UW) Department’s Closing Desk will begin accepting closing calls starting at 8:30 a.m. to 1:15 p.m. Eastern Time (ET), Monday through Friday (unless otherwise noted in DTC’s Holiday Schedule Important Notices).  The underwriter and agent (or bond counsel representing the issuer) must contact DTC’s Closing Desk by no later than 1:15p.m (EST) on the issue’s closing date. The UW Closing Desk can be reach at 1-866-724-4402, option 2.  Also see Exhibit B Underwriting Standard Time Frames of DTC’s Operational Arrangements (OA) at http://dtcc.com/~/media/Files/Downloads/Settlement-Asset-Services/Underwriting/operational-arrangements.ashx.

Can I request an early Closing Call

Please send an email to the closingdesk@dtcc.com with the following details:

  • Issue Description:
  • CUSIP(s):
  • Reason for early closing call request:
  • Time of call needed:

Can I have an extension for my Closing?

Requests for time extensions to notify the UW Closing Desk of an issue closing will be considered for issues of value of $100 million or more.  Such requests must be made to the UW Closing Desk by no later than 1:00 p.m. Eastern Time (ET).  Further note, as listed in the DTC fee schedule, late closing calls after 2 p.m. ET will incur a late surcharge.

Who are the parties to the new issue that DTC will accept as authorizing the issue closing?

Within the time frames stated in DTC’s Operational Arrangements (OA), DTC requires closing notification to DTC’s Closing Desk Hotline from the following parties:

  • For FAST issues – the underwriter and agent or bond counsel.
  • For FAST issues in addition to the closing call, the FAST agent (holding the balance certificate) must confirm the issue balance via the PTS/PBS function, FRAC.
  • For Non-FAST – the underwriter and agent or bond counsel.

Also see section II.B Transfer Requirement- FRAC, and Exhibit B, Underwriting Standard Time Frames, of DTC’s OA at:

http://dtcc.com/~/media/Files/Downloads/Settlement-Asset-Services/Underwriting/operational-arrangements.ashx

What should I do (as FAST agent) if I experience problems confirming or viewing FRAC?

  • Verify the transfer agent (TA) number given to the new issue for which you need to confirm the balance with the Underwriting Eligibility Team at 866-724-4402 Option 2.                                      
  • For technical and /or password problems, contact the DTCC Customer Helpline at 888-382-2721 or 212-855-1541.
  • If technical and/ or password problems cannot be resolved within the timeframes required to approve the FRAC and close the issue, contact Securities Processing Department at taservices@dtcc.com.

Where do I send the physical certificates for my issue (for NON-FAST issues)?

For Non-FAST issues, certificates should be sent to:
     The Depository Trust & Clearing Corporation
     570 Washington Blvd.  - 1st Floor Central Delivery
     Jersey City, NJ 07310
     Attn: Underwriting Packaging Department

Is DTC in receipt of the certificates for my issue (i.e., “Are they Packaged”?)?

For Non-FAST issues, the underwriter of the issue can view the “Packaging” status in UW SOURCE on the “Security Detail” screen. When the Packaging status states "Packaged", this indicates that the certificates for the issue have been received and verified by DTC in preparation for the issue’s closing. 

Also see section II.B Transfer Requirements- Possession and Inspection of DTC’s Operational Arrangements (OA) at: 
http://dtcc.com/~/media/Files/Downloads/Settlement-Asset-Services/Underwriting/operational-arrangements.ashx.


What is the Letter of Securities Possession (LOP) and when can I use it?

The LOP is a document that may be utilized in extreme circumstances when an underwriter of a NON-FAST issue fails to deliver the certificates to DTC within OA time frame requirements and must close the issue on the scheduled closing date. The underwriter in conjunction with executing the LOP must be able to evidence that they attempted in good faith to deliver the certificates to DTC within the required time frames by providing the mail carrier tracking receipt number; i.e. that is, despite its best efforts, the delivery of the certificates to DTC was not made timely due to circumstances outside the underwriter’s control (e.g., due to weather conditions). 

DTCC’s acceptance and approval of the LOP is required. The underwriter must contact the UW Closing Desk to request approval of the use of the LOP. The UW Closing Desk can be reached at 1-866-724-4402, option 2.  Also please see Important Notice B# 1647-14 dated, 09/12/14 for further details http://www.dtcc.com/~/media/Files/pdf/2014/9/11/1647-14.pdf.

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