To request eligibility for a new or secondary equity, corporate or municipal debt, or retail certificate of deposit issue, a user of this service must submit securities offering data and offering documentation (e.g., prospectus, official statement, the offering memorandum) via Underwriting’s online platform Securities Origination, Underwriting and Reliable Corporate action Environment (UW SOURCE). The DTC Underwriting group then reviews the information to determine eligibility and, more generally, compliance with DTC’s Operational Arrangements.
After first paragraph please add the following: Retail CD Eligibility request using the electronic certificate model must be submitted via Underwriting Central (UWC). If your firm submits Retail CDs for eligibility, you may require access to both UW SOURCE & UWC. Contact us for more information about UWC.
Once DTC designates the issue as eligible, participants can use DTC’s Participant Terminal System (PTS) to:
- View the details of a DTC-eligible issue.
- View DTC Important Notices for corporate and municipal underwritings and money market instrument (MMI) issues.
- Monitor the market “flipping” activity of an initial public offering (IPO) and get itemized reports.
- Send electronically to DTC issuance and delivery instructions (as an Issuing/Paying Agent), and receive instructions (as sales agent or custodian) for MMI.
UW SOURCE allows a user to transmit key data elements electronically via three submission options:
- Access the templates onscreen and populate the required data manually.
- Access the system and upload an Excel spreadsheet template.
- Use a computer to compute autofeed transmission.
Through UW SOURCE users can then monitor an issue's progress throughout the underwriting process and track the approval, processing, packaging and closing status. There is no cost to register for UW SOURCE but users must be DTC participants or correspondents.