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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.

  • About

    MMIs are securities or other financial instruments with short maturities, typically 270 days or less. MMIs play a critical financing role in the market place. Fourteen MMI types are eligible for the MMI Program, including institutional CDs, corporate and municipal CP, medium-term notes (MTN), STBN and medium-term bank notes (MTBN).

  • Who Can Use the Service

    DTC participants that have qualified as Issuer and Paying Agents are eligible to use the service; all Participants may purchase or present for maturity in the ordinary course of business.

  • Benefits

    The MMI Program enhances capital market efficiencies and reduces costs to the industry by enabling MMI securities to be distributed, settled and serviced through DTC’s automated processes. DTC’s straight-through processing mitigates risk for the industry through automation and standardization.

  • How the Service Works

    IPAs seeking DTC eligibility for MMI issues must complete and submit to DTC via its MMI-WUN web-based application the following documentation:

    • Program-level details including the IPA’s DTC account number, issuer name, SEC registration or exemption information, issuer contact information, state/country of domicile and program features (e.g., indexed to principal, variable rate, reedeemable prior to maturity).
    • MMI product-specific Letter of Representations (LOR).
    • MMI Certificate Master Note /Global Certificate Agreement (executed by IPA upon becoming an IPA)
    • Exhibit A (amendment to MMI certificate agreement listing the issuer name and CUSIP base).
    • CUSIP base numbers issued by the CUSIP Service Bureau representing the issuer’s program (e.g., discount CP, MTN).

    DTC may also require additional documentation as deemed necessary.

    After reviewing and approving a submission, the Underwriting group produces the MMI issuer control table (ICT). The MMI ICT allows the IPA to create an issuance instruction. The MMI issuance instruction adds the CUSIP and security-level details (e.g., interest rate, maturity date, payment frequency) to DTC’s masterfile. Additionally, it creates an MMI deposit in the IPA’s DTC account, a maturity obligation (MO), and a delivery (free or valued) of the deposited MMI from the IPA’s account to the specified account of one or more other DTC participants (e.g., the receiving participants) on settlement date.

  • For More Information

    To request additional information, please click here.

Additional Resources

  • News

    Get the latest news, press releases & white papers about DTCC's Market Instrument (MMI) program, specifically built for Issuing and Paying Agents (IPAs).

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  • Legal

    Download legal information about the Money Market Instrument (MMI) eligibility in the form of notices, by-laws & rules. Visit the website to learn more.

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  • Support

    Our support experts are available on all business days. Get answers to your questions regarding our Money Market Instrument (MMI) service here.


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