Clearing Fund Management - DTC

The Clearing Fund Management system is used to manage your DTC Participant Funds deposit accounts in real-time. Through this system, you can manage your Participants Fund requirements, deposits, deficits or excesses, and any actions required on your part. With this application, you can calculate the effect that withdrawal transactions have on your Participants Fund deposit.

The benefits of the Clearing Fund Management system include:

  • Real-time access to your Participants Fund requirements and deposits, and associated reporting.
  • Calculation of the effect on your required Participants Fund required deposit based on cash transactions.
  • Initiation and submission of online requests to change the clearing fund composition such as a cash withdrawal.

Log in to view the Clearing Fund Management - DTC online help and demo.

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Visit the Clearing Fund Management main page for FICC and NSCC resources. 

Trading Relationship Management

The Trading Relationship Management web-based system provides an online capability for eligible NSCC members to manage their Qualified Special Representative (QSR) and Correspondent Clearing relationships. You can also manage relationships for bond special representatives and ETF authorized participants (ETF agent and authorized participant relationship). The Trade Relationship Management system automates the method by which members can establish, monitor, and maintain these relationships. Log in to view all content within the Learning Center.

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Clearing Fund Management

The Clearing Fund Management system is used to manage your DTC Participants Fund and GSD, MBSD, and NSCC Clearing Funds deposit accounts in real-time. Through the Clearing Fund Management system, you can access your Participants or Clearing Fund requirements, collateral deposits, deficits or excesses, and submit deposit and withdrawal transactions. Using the Asset Substitution Calculator, you can calculate the effect that depositing or withdrawing different eligible collateral has on your required deposit.

The benefits of the Clearing Fund Management system include:

  • Real-time access to your Participants Fund and Clearing Fund requirements and deposits.
  • Calculate the effect of depositing or withdrawing eligible collateral on your required deposit.
  • Submit online requests to deposit, withdraw, or substitute eligible collateral, eliminating the need to submit manual transaction requests through an email.

Log in to view the Clearing Fund Management - DTC online help and demo.

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Log in to view the Clearing Fund Management - FICC online help and demo.

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View the help to learn how to use the Clearing Fund Management - NSCC system to manage the NSCC clearing fund in real-time. View the instructions for how to access your Account Overview, manage Asset Substitutions, and view the Clearing Fund Management reports.

Watch the demo to learn about the modernization plans, user interface, features, and enhancements for the application.

Log in to view the Clearing Fund Management - NSCC online help and demo.

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See Also: NSCC Risk Management.

ETF Release

Log in to learn about the ETF processing, including recent releases.

Create/Redeem Activity Reporting

NSCC plans to launch the ETF Create/Redeem Activity Reporting into Production Parallel on March 9, 2026 and Production on March 16, 2026. Create/Redeem Activity Reporting will be required by all ETF Agents who submit primary market Create/Redeem order instructions to NSCC.  ETF Create/Redeem Activity Reporting data enables NSCC to adequately and appropriately project its liquidity needs (for both the ETF Agent and the Authorized Participant on the orders).

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Options Clearing Connect

NSCC plans to launch the ETF Options Clearing Connect into PSE (Test) in November 2025 and Production in March 2026. The NSCC ETF Product Management team, in close collaboration with key industry stakeholders, is creating a dedicated link between NSCC and the OCC. With the Options Clearing Connect initiative, NSCC processes the intake of Create and Redeem orders for ETFs and any underlying securities that are cleared by NSCC and settled by DTC. For those underlying components that are ineligible for clearance through NSCC—such as FLEX options and covered call options—NSCC would seamlessly route these to OCC for clearance and settlement through the new dedicated link.

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Fund Sub Account/SSI

NSCC successfully launched the ETF Fund Sub Account/Standing Settlement Instruction (SSI) into Production on November 14, 2024. NSCC has taken action to receive the Fund Sub Account/SSI) from ETF Agents and distribute the details on the ETF Create and Redeem Instruction Data Output (MRO): Prod 02261254/PSE 02981254.

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ETF T0 Release

NSCC successfully launched Phase 1 (May 2024) and Phase 2 (July 2024) of the T0 Create/Redeem cycle with submission of a Cash Collateral Amount (buffer) and EOD Collateral Cash Adjustment (true-up). Review the following ETF T0 content that reflects the improvements for this release:

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T+1 Settlement Cycle Release

DTCC accelerated the settlement cycle to T+1 to implement key operational enhancements in May 2024.

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Further Resources 

ETF Timeline and Submission Processing

ETF Timelines

ETF Agents, also known as Index Receipt Agent, have actions to take and reports to monitor during each phase of the ETF process. Review the ETF timeline from T-1 through T+1 (Settlement Day), including responsibility for each role and the reports that you should monitor. Log in to view all the content available in the Learning Center. 

Trade Date Minus One Day (T-1)

Sequence Role Responsibility on T-1
1 Fund Manager /Issuer/Sponsor Fund Manager or Issuer sends a Portfolio Composition File (PCF) to the ETF Agents, also known as an Index Receipt Agent.
2

ETF Agent

(Index Receipt Agent)

On the evening of T-1, the ETF Agent, sometimes referred to as an ETF Agent, sends NSCC a portfolio composition file (PCF) for each ETF for the following trade day using one of these protocols:

  • File Transfer Protocol (FTP) through SMART dial-up or Internet
  • TCP2
  • NDM (Network Data Mover)

The PCF displays the individual securities and the weightings that make up one ETF basket for the following trade day. For most ETFs, one basket equals 50,000 shares. The PCF also includes cash amounts in the fund for each basket unit, such as accrued and balancing amount. For example, 50,000 ETF shares =

  • 10 IBM shares
  • 40 MRK shares
  • 30 CSCO shares
  • . . .
  • Cash amount

The ETF Agent sends the portfolio composition file listing the securities in each ETF to the Authorized Participants. The PCF file also contains the estimated cash amount in each portfolio. Transactions eligible for cash creates and redeems show a cash creation amount on the portfolio composition file.
3 NSCC Distributes the portfolio composition files on T-1 to members, nonmembers, and the listing exchanges.

Reports to Monitor

  • Enhanced Consolidated Portfolio Composition Output Data File: AutoRoute Production 02261256/PSE 02981256
  • Enhanced ETF Create and Redeem Instruction Data Output (MRO): AutoRoute Production 02261254/PSE 02981254

T0 Same Day Settlement (SDS) Cycle

The T0 Same Day Settlement Create/Redeem cycle includes the submission of a Cash Collateral Amount (buffer) and EOD Collateral Cash Adjustment (true-up).

  • NSCC developed a same day settling T0 Create/Redeem cycle.
  • T0 cycle includes a true-up to end of day net asset value (NAV) as the T0 Create/Redeem cycle is processed for NSCC eligible funds using the prior day NAV.
  • T0 cycle opens at 12:30 AM ET with a hard cutoff at 1:30 PM ET.
    • NSCC distributes the IDB for all T0 orders received before 12:15 PM on the 12:30 PM Instruction Detail Blotter (IDB) distribution.
    • NSCC distributes all T0 orders received in the T0 cycle (12:30 AM – 1:30 PM) on the 9:00 PM IDB distribution, including all T0 orders processed between 12:15 PM and 1:30 PM ET.
  • NSCC streams trades resulting from T0 orders to Universal Trade Capture (UTC) in near real-time, beginning when the UTC start of day opens.

Trade Date (T)

  • On Trade Date, NSCC reports the details of Create/Redeem that were received.
  • After the Create/Redeem for an eligible security is reported to NSCC, the transaction is eligible for processing through CNS.
  • Status and movements of these securities are reported through various reports.
  • Transaction fees are sent directly to money settlement and are collected through a unique money settlement code.

The following table shows the Trade Date timeline with all times reported in Eastern Time.

Sequence Role Responsibility on Trade Date
1 Authorized Participant
  • Places a Create/Redeem order through the distributor.
  • On the trade (T) date, the agent bank’s Authorized Participant instructs the distributor, agent bank, or both that they want to create or redeem an ETF basket.
2 Distributor
  • Send NSCC the ETF Create/Redeem order on behalf of the Authorized Participant to the ETF Agent.
  • Sends a confirmation to the Fund Manager or Issuer.
3

ETF Agent

(Index Receipt Agent)

After receiving the order from the distributor, the ETF Agent sends NSCC ETF creation instructions on behalf of its Authorized Participant using one of the following protocols:

  • File Transfer Protocol (FTP) through SMART dial-up or Internet
  • TCP2
  • NDM (Network Data Mover)

ETF Agents can also download print image reports through the ETF Dashboard through the MyDTCC portal.
4 NSCC
  • On the night of T, NSCC sends an instruction detail file showing the details of the creates and redeems to participants with activity. The report serves as the contract for the create/redeem activity.
  • NSCC assigns the closing price on T to each of the components to determine their contract value.
  • NSCC then totals the contract values of all the components along with the cash amount provided by the ETF Agent and assigns that amount as the contract value.
  • If all securities settle on settlement date the only money that settles through CNS (code 82) is the cash amount. The cash amount that pertains to accumulated dividends, fund fees, and any balancing amount that is applied to the value of the ETF's contractual value. The cash amount is reflected in the consolidated settlement system. The cash amount also contains a transaction fee that is collected on behalf of the agent, but is not guaranteed by NSCC.
  • The transaction fee is sent directly to money settlement and collected through a unique money settlement code on T+1. For standard portfolio’s it is a code 54; for custom standard portfolio’s it is a code 55.

Using the example of the 50,000 ETF shares:

  • ETF Agent Bank: - 50,000 ETF shares (deliver - short) + Components (receive - long).
  • Authorized Participant: + 50,000 ETF shares (receive - long) - Components (deliver - short).

Reports to Monitor

  • CNS Night Settlement Activity: AutoRoute 02042023 (Night)
  • CNS Projection Report
  • Consolidated Trade Summary Report
  • Non-CNS Consolidated Trade Summary Report

Trade Date Plus One Day (T+1)

  • On T+1, NSCC reports the details of Create/Redeem that were received.
  • Authorized Participant delivers the underlying components to CNS who, in turn, delivers them to the ETF Agent.
  • ETF Agent delivers the ETF shares, for example 50,000 ETF shares, to CNS who, in turn, delivers them to the Authorized Participants. These deliveries are made through DTC book entry with CNS.
  • When all securities settle there is no CNS mark-to-market payment. The only money changing hands is the cash payment for the transaction fee and the difference between the value of the components and the cash amount and the ETF that is sent directly to money settlement. If not all securities settle, CNS marks to the market the securities that are failing based upon the primary markets closing price for the components and the ETF.
  • CNS automatic delivery process occurs in two cycles: night and day cycle.
  • Daily money settlement is based on the value of all settled trades plus or minus mark-to-market calculations for all open CNS positions and relevant cash amounts.
  • For any trades that are not completed on settlement day, CNS marks the open position to the market and the open position becomes part of the next business days netting/settling process.
  • After the Create/Redeem for an eligible security is reported to NSCC, the transaction is eligible for processing through CNS.
  • Status and movements of these securities are reported through various reports
  • Cash amounts for dividends and fees are sent directly to money settlement and are collected through a unique money settlement code on T+1.

The following table shows the T+1 timeline:

Sequence Role Responsibility on T+1
1 Authorized Participant Delivers the underlying components to CNS.
2 NSCC CNS delivers underlying components to the ETF Agent.
3

ETF Agent

(Index Receipt Agent)

Delivers the ETF shares to CNS.
4 NSCC CNS delivers the ETF to the Authorized Participants. Deliveries are made through DTC book entry with CNS.

Reports to Monitor

During T+1, NSCC distributes the following reports that you should monitor:

  • CNS Daytime Settlement Activity Statement
  • Miscellaneous Activity Report
  • CNS Accounting Summary
  • Cash Reconciliation Statement
  • NSCC Final Settlement Statement
  • CNS Nighttime Settlement Activity Statement.
  • Consolidated Trade Summary reports.
  • CNS Projection report.
  • Non-CNS Consolidated Trade Summary Report for ineligible securities.

Related Content

Create/Redeem Submission

The following guidelines apply to the create/redeem input cycles for ETF Agents only:

  • All times are reported in Eastern Time.
  • NSCC deadline for submitting ETF Create/Redeem instructions in the Primary cycle is 8:45 PM and the cutoff for the T0 Same Day Settling (SDS) cycle is 1:30 PM.
  • T0 SDS cycle opens at 12:30 AM and close at 1:30 PM on trade date.
  • All 11300 files received from ETF Agents after this deadline, but prior to the start of the ETF Supplemental cycle, are not recognized by NSCC until 9:00 PM, which is the beginning of the Supplemental cycle.

The following table shows the Create/Redeem input cycles for ETF Agents only.

DATATRAK ID

Description

Intraday Cycle
(As/Of)

SDS T0

Primary
Cycle (T)

Supplemental
Cycle (T)

Closed

Production 11300/PSE 41300

Enhanced ETF Create and Redeem Instruction Data Input MRO file.

12:30 AM – 1:30 PM (T)

2:30 PM – 8:45 PM (T)

9:00 PM – 11:29:59 PM (T)

11:30 PM–12:29:59 AM (T+1)

The following table shows the Create/Redeem output cycles for ETF Agents and Authorized Participants with all times reported in Eastern Time:

AutoRoute ID

Description

Intraday Cycle Activity

Primary Cycle Activity

Supplemental Cycle Activity

02260291

Enhanced Create/Redeem Instruction Print Image Report

(ETF Agents and Authorized Participants)

12:30 PM on T

9:00 PM on T

(Cycle 1)

11:30 PM on T+1

(Cycle 2)

02120098

End-of-Day Instruction Create/Redeem Receipt/Reject Report

(ETF Agents only)

12:30 PM on T

9:00 PM on T

(Cycle 1)

11:30 PM on T+1

(Cycle 2)
02261254

 

Enhanced ETF Create and Redeem Instruction Output Data file

(Agents and Authorized Participants)

12:30 PM on T

9:00 PM on T

(Cycle 1)

11:30 PM on T+1

(Cycle 2)

02261954

Enhanced Intra-Day Create/Redeem Receipt/Reject Print Image Report

(ETF Agents only)

Immediately After Validation

Immediately After Validation

Immediately After Validation

02081673

UTC Contract Data File

(Agents and Authorized Participants - Results of Create/Redeem)

Immediately After Validation

Near Real-Time starting at 6:30 PM

Near Real-Time

Click to expand and view information about the ETF Regular Way and Shortened Settlement Instructions, including logic.

Important:

Create or Redeem instructions are accepted by NSCC for same day settlement (SDS) where the trade date equals the date of receipt of the instruction. NSCC accepts and processes orders for "As Of" and SDS in the Intraday cycle. Status is immediately reported on the Enhanced Intraday Receipt/Reject report (AutoRoute 02261954) and is also included on the End of Day Instruction Create/Redeem Receipt/Reject report (AutoRoute 02120098) Cycle 1 at the end of the Primary cycle on the date of receipt.

Note: All times are reported in Eastern Time.

Description

Status

Report

Intraday Create/Redeem Cycle (12:30 AM – 1:30 PM)

Instructions received are immediately subject to existing edits.

PROVISIONALLY ACCEPTED (PRV)

Immediately reported in the Enhanced Intraday Receipt/Reject report (AR 02261954)

Primary Create/Redeem Cycle (2:00 PM – 8:45 PM)

Pricing is available at approximately 6:30 PM. Any instructions where the trade date equals the date of receipt and pass the following reasonability check edits, are streamed in near real-time to Universal Trade Capture (UTC):

  • Negative Settlement Value
  • Threshold Value

PROVISIONALLY ACCEPTED (PRV)
  • Enhanced Intraday Receipt/Reject (AR 02261954)
  • End of Day Instruction Create/Redeem Receipt/Reject (AR 02120098)
  • UTC Common Trade FIX Output Format
    (near real-time)
  • UTC Intraday MRO (02081673) Trade Capture Data

Instructions received, where pricing is available upon receipt, are subject to all reasonability check edits, including:

  • Negative Settlement Value
  • Threshold Value

ACCEPTED (ACP)
  • Enhanced Intraday Receipt/Reject (AR 02261954)
  • End of Day Instruction Create/Redeem Receipt/Reject (AR 02120098)

Instructions fail the Negative Settlement Value reasonability check edit.

REJECTED (REJ) and cannot be reinstated.
  • Enhanced Intraday Receipt/Reject (AR 02261954)
  • End of Day Instruction Create/Redeem Receipt/Reject (AR 02120098)

Instructions fail the Threshold Value reasonability check edit, but successfully pass all other edits.

PENDED (PND)

Note: ETF Agents can reconcile any PENDED (PND) status instruction with NSCC Support and request reinstatement of the instruction. This request must be received prior to the end of the Supplemental cycle.
  • Enhanced Intraday Receipt/Reject (AR 02261954)
  • End of Day Instruction Create/Redeem Receipt/Reject (AR 02120098)

Supplemental Create/Redeem Cycle (9:00 PM – 11:29:59 PM)

Instructions pass the reasonability check edits, including:

  • Negative Settlement Value
  • Threshold Value

ACCEPTED (ACP)
  • Enhanced Intraday Receipt/Reject (AR 02261954)
  • End of Day Instruction Create/Redeem Receipt/Reject (AR 02120098) Cycle 2 at the end of the Supplemental cycle on the date of receipt

Instructions fail the Negative Settlement Value reasonability check edit

REJECTED (REJ) and cannot be reinstated
  • Enhanced Intraday Receipt/Reject (AR 02261954)
  • End of Day Instruction Create/Redeem Receipt/Reject (AR 02120098) Cycle 2 at the end of the Supplemental cycle on the date of receipt

Any newly received instructions that fail the Threshold Value reasonability check edit, but successfully pass all other edits.

PENDED (PND)

Note: ETF Agents can reconcile any PENDED (PND) status instruction with NSCC Support and request reinstatement of the instruction. This request must be received before the end of the Supplemental cycle.

Enhanced Intraday Receipt/Reject Report (AR 02261954)

PENDED (PND) status instructions that were not reinstated by the end of the Supplemental cycle.

REJECTED (REJ) and cannot be reinstated
  • Enhanced Intraday Receipt/Reject Report (AR 02261954)
  • End of Day Instruction Create/Redeem Receipt/Reject Report (AR 02120098) Cycle 2 at the end of Supplemental Cycle on the date of receipt.

Closed to All Submissions (11:30 PM – 12:29:59 AM)

During this cycle:

  • ETF DATATRAK file submissions are not accepted.
  • Edits are not processed for any transactions.
  • Accept or reject notifications are not returned.

REJECTED (REJ)

No UTC contract output is produced for any submitted instructions.

Click to expand and view the business rules and logic explaining the As/Of Create/Redeem instructions.

The business logic for handling as/of create/redeem instructions is different from the logic applied to other create/redeem instruction. Here are some guidelines for the instructions:

  • All times are reported in Eastern Time.
  • As/Of Create/Redeem instructions are accepted during all three input cycles.
  • During the Intraday cycle, instructions submitted for the Same Day Settlement (SDS) must be received, pass all edits, including the Negative Settlement Value and Threshold Value reasonability check edits, and reported as ACCEPTED (ACP) prior to 1:30 PM on the settlement date.
  • Instruction in any status other than ACCEPTED (ACP) at 1:30 PM are immediately assigned the REJECTED (REJ) status and cannot be reinstated.
  • Instructions received after 1:30 PM on Settlement Date in any cycle are immediately assigned the REJECTED (REJ) status and cannot be reinstated.
  • ETF Agents have the option to reconcile any PENDED (PND) status instructions with NSCC Support and request reinstatement of the instruction. This request must be received prior to the end of the Supplemental cycle.
  • All as/of instructions submitted during the Primary cycle that pass all edits produce UTC contracts.

Note: To receive the contract output on an intraday basis requires a subscription to receive market code 920 UTC contracts in the Financial Information eXchange (FIX) message output format. The FIX message output is available through either FIX Engine or MQ. To enable this subscription, contact your DTCC relationship manager.

  • Immediately reported in the Enhanced Intraday Receipt/Reject report (AR 02261954)
  • Included in the End of Day Instruction Create/Redeem Receipt/Reject report (AR 02120098) Cycle 2 at the end of the Supplemental cycle on the date of receipt

Description

Status

Report

Intraday Create/Redeem Cycle (12:30 AM – 1:30 PM)

Instructions pass the reasonability check edits, including:

  • Negative Settlement Value
  • Threshold Value

ACCEPTED (ACP)

Note: If instructions are marked as ACP and received:

  • Between 12:30 AM and 4:00 AM, they await the availability of UTC, which begins at 4:00 AM.
  • Between 4:00 AM and 2:00 PM, the UTC contract output is produced shortly after being marked ACCEPTED (ACP).
  • Immediately reported in the Enhanced Intraday Receipt/Reject report (AR 02261954)
  • Included in the End of Day Instruction Create/Redeem Receipt/Reject report (AR 02120098) Cycle 1 at the end of the Primary cycle on the date of receipt.

Instructions fail the Negative Settlement Value reasonability check edit.

REJECTED (REJ) and cannot be reinstated
  • Immediately reported in the Enhanced Intraday Receipt/Reject report (AR 02261954)
  • Included in the End of Day Instruction Create/Redeem Receipt/Reject report (AR 02120098) Cycle 1 at the end of the Primary cycle on the date of receipt

Instructions fail the Threshold Value reasonability check edit, but successfully pass all other edits.

PENDED (PND)

Note: ETF agents can reconcile any PENDED (PND) status instruction with NSCC Support and request reinstatement of the instruction. This request must be received before the end of the Supplemental cycle.
  • Immediately reported in the Enhanced Intraday Receipt/Reject report (AR 02261954).
  • Included in the End of Day Instruction Create/Redeem Receipt/Reject report (AR 02120098) Cycle 1 at the end of the Primary cycle on the date of receipt.

Primary Create/Redeem Cycle (2:00 PM – 8:45 PM)

Instructions pass the reasonability check edits, including:

  • Negative Settlement Value
  • Threshold Value

ACCEPTED (ACP)
  • Immediately reported in the Enhanced Intraday Receipt/Reject report (AR 02261954)
  • Included in the End of Day Instruction Create/Redeem Receipt/Reject report Cycle 1 at the end of the Primary cycle on the date of receipt.

Instructions fail the Negative Settlement Value reasonability check edit.

REJECTED (REJ)

Cannot be reinstated.
  • Immediately reported in the Enhanced Intraday Receipt/Reject report (AR 02261954).
  • Included in the End of Day Instruction Create/Redeem Receipt/Reject report (AR 02120098) Cycle 1 at the end of the Primary cycle on the date of receipt.

Instructions fail the Threshold Value reasonability check edit, but successfully pass all other edits.

PENDED (PND)

Note: ETF Agents can reconcile any PENDED (PND) status instruction with NSCC Support and request reinstatement of the instruction. Ensure this request is received before the end of the Supplemental cycle.
  • Immediately reported in the Enhanced Intraday Receipt/Reject report (AR 02261954).
  • Included in the End of Day Instruction Create/Redeem Receipt/Reject report (AR 02120098) Cycle 1 at the end of the Primary cycle on the date of receipt.

Note: The final status of an instruction is reported on the End of Day Instruction Create/Redeem Receipt/Reject report (AR 02120098) report.

Supplemental Create/Redeem Cycle (9:00 PM – 11:29:59 PM)

Instructions pass the reasonability check edits, including:

  • Negative Settlement Value
  • Threshold Value

ACCEPTED (ACP)

  

Instructions fail the Negative Settlement Value reasonability check edit.

REJECTED (REJ)

Cannot be reinstated.
  • Immediately reported in the Enhanced Intraday Receipt/Reject report (AR 02261954)
  • Included in the End of Day Instruction Create/Redeem Receipt/Reject report (AR 02120098) Cycle 1 at the end of the Primary cycle on the date of receipt

Closed to All Submissions Cycle (11:30 PM – 12:29:59 AM)

During this cycle:

  • ETF DATATRAK file submissions are not accepted.
  • Edits are not processed for any transactions.
  • Accept or reject notifications are not returned.

REJECTED (REJ)

No UTC contract output is produced for any submitted instructions.

PCF Submission

The following table shows the PCF submission and PCF output on T-1 with all times reported in Eastern Time:

Role

Responsibility on T-1

Report/Output

Fund Manager/ Issuer/Sponsor

Fund manager or issuer sends the Portfolio Composition File (PCF) to the ETF Agent.

 -

Index Receipt Agent (ETF Agent)

Cutoff times for ETF Agent to submit the PCF is 8:00 PM ET.

  • Agent can submit multiple files through the consolidated file layout 11301 input format.
  • Last accepted version published on the PCF output report and viewable from the ETF Dashboard accessible through the MyDTCC portal. Prior versions are retained by NSCC for audit purposes, but they are not reported to participants.

Enhanced Consolidated Portfolio Composition Input MRO

(DATATRAK 11301)

NSCC

NSCC edits each PCF submission in near real-time and sends the Enhanced Consolidated Portfolio Composition Receipt Reject report to the ETF Agent in the existing print format, machine readable output (MRO), or both formats.

Enhanced Consolidated Portfolio Receipt Reject MRO

(AR 02261255)

NSCC

T-1 Consolidated Output cutoff times:

  • 10:00 PM.
  • System generates the PCF output in the consolidated format. The enhanced consolidated MRO output (AR 02261256) contains all the individual portfolios for each subscriber.
  • Consolidated PCF layout is produced for all portfolios.
  • All accepted and warned portfolios are distributed. Portfolios that are rejected or are not received in the current submission are carried forward from previous day.

Enhanced Consolidated Portfolio Composition Output MRO

(AR 02261256).

ETF Agent

Supplemental process is open.

12:30 AM to 12:00 PM on T.

  • Use the supplemental process to modify existing Standard and Custom portfolios.
  • Submit new portfolios through the Consolidated Portfolio Composition Input MRO. Multiple submissions are permitted.

Note: If an ETF Agent submits an Enhanced Consolidated Portfolio Composition Input MRO file during the supplemental T process, the DATATRAK header sequence number should be set to 1. Subsequently, if the ETF Agent submits other supplemental files or primary / (T-1) files on the evening of the same processing day, increment the DATATRAK header sequence number accordingly.

Enhanced Consolidated Portfolio Composition Input MRO

(DATATRAK 11301).

NSCC
  • As each file transmission is processed by the ETF application, a Portfolio Receipt Report and MRO is produced and sent to the ETF Agent.
  • Accepted portfolios overlay the prior submission and are immediately available for viewing within the ETF Dashboard through the MyDTCC portal.

Enhanced consolidated portfolio composition receipt reject report.

(AR 02260421)

The following table shows the PCF submission and PCF output on T with all times reported in Eastern Time.

Role

Responsibility on T

Report/Output

NSCC

12:00 PM

  • Final cutoff time for the supplemental submissions.

1:00 PM

  • Supplemental portfolio distribution process begins.
  • After the noon cutoff, the system generates a consolidated PCF output file containing the supplemental portfolios for each subscriber. The same AutoRoute file is used for T and T-1 output.

Enhanced consolidated Portfolio Composition Output MRO

(AR 02261256)

Related Content

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