When applying for DTC eligibility, all applicable NIIDS Data Elements must be entered into DTC’s underwriting system, UW SOURCE, following the procedure described for our New Issue Eligibility process. These elements include data required for trade reporting, trade matching, and the setup of trade confirmations (“trade-eligible data”), as well as additional information necessary for DTC’s eligibility review. All required information must be submitted to DTC for a municipal security’s eligibility determination. Upon submission, applications are either accepted or rejected and the status is reported to the sender.
DTC timestamps and records the source of all input information and accepts multiple transmissions. After collecting all required data, DTC changes the status of the issue from “pending” to “trade eligible” in the system. Upon receipt of the minimum required data, and only after the Dissemination Agent has given its authorization, the NIIDS data will be disseminated to subscribers. Authorization occurs when the Disseminating Agent sets the dissemination flag to “yes.”
The Dissemination Agent’s contact information is distributed to enable subscribers to contact it with questions or comments. Subscribers and DTC participants can access the data from NIIDS in real time to populate their security masterfile databases.
Any firm that wishes to receive NIIDS data elements through UW SOURCE must sign a NIIDS Subscriber Agreement. DTC does not validate or seek to confirm the NIIDS data elements but merely acts as a conduit to pass along such information.