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DTCC clears and settles virtually all broker-to-broker equity, listed corporate and municipal bond, and unit investment trust (UIT) transactions in the U.S. equities markets. DTCC advances new initiatives, drives development of products and services that mitigate risk, reduces costs, and enhances processing efficiencies for market participants.
The Equities Clearing products and services assist you from pre-trade to trade capture, National Securities Clearing Corporation (NSCC) trade processing, and settlement, either through DTC or other settlement locations. NSCC provides clearing, settlement, risk management, central counterparty services, and guarantees completion for certain transactions for virtually all broker-to-broker trades involving equities, corporate and municipal debt, American depository receipts, exchange traded fund (ETF), and unit investment trust (UIT) transactions in the U.S. equities markets.
In the following NSCC trade flow, hover over the product name in orange for a brief description, and then click an item to learn more about that Equities Clearing product or service.
Equities Clearing Transformation
DTCC is transforming our systems into a modern, modular platform that drives industry innovation, enhances settlement efficiency, and adapts to evolving market demands. Access the DTCC Learning Center for key transformation resources to support your Clearing and Settlement journey.
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Managing Risk - NSCC
National Securities Clearing Corporation (NSCC) is registered with and regulated by the U.S. Securities and Exchange Commission.
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Automated Customer Account Transfer Service (ACATS)
The Automated Customer Account Transfer Service (ACATS) system automates and standardizes procedures for transferring assets in a customer account from one brokerage firm or bank to another.
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CMU RTTM®
Corporate, Municipal, and UIT (CMU) RTTM is a secure, trade entry management tool that incorporated robust search capabilities, statistical reporting, and exception processing.
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CNS®
CNS is the core netting, allotting, and fail-control engine operated by NSCC. It is the standard for clearing and settling equities, fixed income, and other eligible securities at DTC.
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Consolidated Trade Summary (CTS)
The Consolidated Trade Summary (CTS) system defines the expected settlement path for each transaction received by the Universal Trade Capture (UTC) system as eligible for CNS® or non-CNS. CTS provides a breakdown, by security, market, and settlement date for the net of all trade positions received by UTC prior to the settlement date.
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Cost Basis Reporting Service (CBRS)
The CBRS application is an automated system that supports the transfer of cost basis information from one firm to another for any asset transfer.
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ETF Processing
Our Exchange Traded Fund (ETF) process is designed to safely and securely move ETFs and their underlying securities through the settlement process for clearing through NSCC. This automated process generates clearance instructions that are validated through Universal Trade Capture (UTC).
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Obligation Warehouse
Obligation Warehouse provides an automated service for matching obligations submitted by members for U.S. securities classified as equities, corporates, or unit investment trusts (UITs). In addition, Obligation Warehouse receives matched trades through Consolidated Trade Summary (CTS).
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Securities Financing Transaction (SFT) Clearing
The Securities Financing Transaction (SFT) Clearing service provides central clearing for equity lending and borrowing transactions, leveraging the clearing capabilities, risk management, and efficient infrastructure of the DTCC equities clearing subsidiary, National Securities Clearing Corporation (NSCC).
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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.
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Universal Trade Capture (UTC)
The Universal Trade Capture (UTC) system validates and reports equity transactions that are submitted to NSCC throughout the trading day by exchange or qualified special representatives (QSRs) that are NSCC members.
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Clearing & Settlement Transformation: Client Test Plan
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ACATS Mutual Fund Registration Input JSON Format (Legacy FR)
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ACATS Message Queue (MQ) Guide
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CNS Release
View the CNS resources that provide insight into the NSCC’s transformation efforts and commitment to support market structure evolution.
Universal Trade Capture (UTC) Web User Help
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UTC Web User Help (Including CTS Web)
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UTC 24x5 Trade Processing FAQ
Prepare youself for the updates due to the Universal Trade Capture (UTC) 24x5 trading initiative by reviewing the frequently asked questions.
UTC Input Test Case Scenarios – Release Version
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UTC 24x5 Trade Processing Test Implementation Guidelines
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UTC Common Trade FIX Input Format – Release Version
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ACATS User Help
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ACATS Position MQ Output Format
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ACATS Settlement MQ Output Format
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UTC Release
View the UTC resources that provide insight into the NSCC’s transformation efforts and commitment to support market structure evolution. UTC is planning to offer 24x5 trade processing , anticipated for release in Q2 2026.
ACATS Multicycle/End-of-Day MQ Output Format
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ACATS Sample JSONs
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ACATS Sample JSONs - Zip
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NSCC Risk Margin Component Guide
Learn more about the NSCC Risk Margin Component and formulas, including information about charges, such as volatility, mark-to-market charges, and other charges.
Securities Data Experiences
Access the new Securities Data Experiences system within the MyDTCC portal. The Securities Data Experiences system aggregates and amalgamates data across DTCC’s equities systems into a single self-service data hub.
ETF Release
Explore the ETF resources that provide insight into the NSCC’s transformation efforts and commitment to support market structure evolution.
ACATS Transfer Input JSON Format (Legacy TI)
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Universal Trade Capture (UTC) User Guide
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UTC Contract MRO: AutoRoute Prod 02081673 / PSE 02981673
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