The majority of Medium Term Notes are processed in the DTC MMI system because the MMI program provides customers and issuer paying agents (IPA) with a fully automated book-entry environment for the issuance and settlement of securities. With the Survivor Option, the position is segregated on the books at DTC, preventing the participant from selling, moving, or otherwise using the position designated for the put. DTC also facilitates an electronic payment process between the participant and the IPA through the MMI program.
Learning Resources
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Survivor Option PUTS User Guide
The Survivor Option PUT service is available in both the participant terminal system (PTS) and participant browser servcies (PBS) platforms. This guide explains how to access the main menu, enter PUT instructions, make a swing request, and view instructions.