Any full service NSCC Member that has entered into an Authorized Participant agreement with an ETF Agent and Distributor/Sponsor to become an Authorized Participant can use NSCC’s ETF processing service.

While, in some instances, an ETF sponsor may allow a non-clearing firm to become an Authorized Participant, any firm executing a transaction in an ETF through NSCC must either be an NSCC Member or must have a clearing relationship with an NSCC Member.

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