SFT Clearing Overview

The SFT Clearing service introduces central clearing for equity securities financing transactions, including lending, borrowing and Repo to:

  • Support central clearing of institutional clients’ equity SFTs intermediated by sponsoring members.
  • Support central clearing of equity SFTs between full service NSCC members.
  • Maximize capital efficiency and mitigates systemic risks by introducing more membership and cleared transaction opportunities for market participants.

The key parameters of the SFT Clearing service include:

  • Requirement to submit SFTs to NSCC on a locked-in/matched basis by an approved submitter.
    • All SFT activity has a term with overnight being supported on day 1. Settlements are allowed to pair off daily against new activity  to minimize the operational burden of settling overnight obligations. NSCC calculates and processes price differences/mark-to-market that are created by the daily pair off.
  • 100% in cash collateral is required to settle each cleared SFT. However, a member would be permitted, but not required, to post additional haircut above 100% (for example, 102%) to such clients.
  • SFTs settle RVP/DVP at DTC.
  • Upon the initial settlement of the SFT, NSCC novates and guarantees its final settlement.
  • NSCC generally supports the activity in CNS eligible securities.
  • NSCC processes certain mandatory corporate actions and cash dividends for novated SFTs.

Given the cleared SFT environment creates some changes, vendors have been involved in the product development process. For more information about this service and sponsored membership, contact DTCC at This email address is being protected from spambots. You need JavaScript enabled to view it..

SFT Clearing Users

The SFT Clearing service, a National Securities Clearing Corporation (NSCC) product, is a central clearing and settlement service for overnight borrows and loans of equity securities (collectively SFTs). Log in, if necessary, to view information about how to access and use the Securities Financing Transaction (SFT) Clearing service. 

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SFT Clearing Technical Resources

Log in, if necessary, to view information about how to access and use the Securities Financing Transaction (SFT) Clearing service.

With the SFT Clearing service, there are eight message types that can be submitted for processing to the UTC system. For all message types, the counterparties on the message should always be populated in their role of how the on-leg was originally submitted to DTCC. For example, if Broker 0123 was the original borrower (buyer) on the new Loan Message and Broker 0122 was the lender (seller), for all other messages submitted to DTCC regarding that same DTCC Reference ID, such as Send-to-Settle, Broker 0123 should always be the borrower (buyer) and 0122 the lender (seller). The output from the UTC system is based upon how the input was submitted.

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UTC Release

UTC Transformation

DTCC is undertaking a multi-year effort to transform its systems into a more advanced, modular platform. Log in, if necessary, to access the resources and learn more.

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UTC 24x5 Trade Processing (2026)

As part of NSCC’s transformation efforts and commitment to support market structure evolution, UTC will begin offering an extended trade capture platform anticipated for release in Q2 2026. UTC is planning to offer extended trade capture processing to align with changes in trading hours. For upcoming release enhancements, see the UTC important notices.

Log in, if necessary, to learn about modernization efforts for the upcoming UTC release.

Note: To view current UTC resources, see UTC Technical Resources and UTC Users.

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Modernizing the CTS and UTC Web Systems (2025)

National Securities Clearing Corporation (NSCC) successfully launched into Production the merged Universal Trade Capture (UTC) and Consolidated Trade Summary (CTS) systems on November 20, 2025. Existing CTS users were systemically provisioned with the new UTC Consolidated Trade Summary Dashboard Inquiry to enable them to access the features from the UTC Web system. See also the latest UTC important notices.

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UTC Users

Log in, if necessary, to view information about how to access and use the Universal Trade Capture (UTC) service, which is the primary vehicle for markets and clearing firms to submit transactions to NSCC for clearance processing.

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