Equities Clearing

Welcome! In this section of the DTCC Learning Center you will find the resources that you need to maximize your use of DTCC’s Equities Clearing offerings. To find the content you need, either use the Search field or select a product below to access user guides, file specifications, video tutorials, FAQs, and more. Log in to learn more about all of the Equities Clearing products and services.

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 desciption, and then click an item to learn more about that Equities Clearing product or service.

After three years of planning and preparation, North American markets moved to T+1 settlement. The Securities Industry and Financial Markets Association (SIFMA), the Investment Company Institute (ICI), and The Depository Trust & Clearing Corporation (DTCC) collaborated to ensure the success of the U.S. securities settlement cycle accelaration from T+2 to T+1.

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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Corporate, Municipal, and UIT (CMU) is a secure, trade entry management tool that incorporated robust search capabilities, statistical reporting, and exception processing.
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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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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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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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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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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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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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DTCC Limit Monitoring is a risk mitigation tool that leverages, in near real-time, the largest aggregate equity trading information in the industry to bring unprecedented post-trade insights to our client.
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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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An Overview of the Obligation Warehouse Web

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Network Connectivity for ACATS Modernization

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ACATS Egress Schema

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CNS® Exemptions

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Network Connectivity for CMU RTTM Web Modernization

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Risk Client Portal Web Service User Guide

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SFT Clearing Frequently Asked Questions (FAQ)

View frequently asked questions about the SFT Clearing service, including how to access the service. Learn more about the participant roles, system and operational flow, and billing and tax reporting. DTCC is committed to provide informative and responsive information regarding the Securities Financing Transaction (SFT) Clearing service. 
Modified May 28, 2024

T+1: SFT Clearing Frequently Asked Questions (FAQ)

View frequently asked questions about the SFT Clearing service, including how to access the service. Learn more about the participant roles, system and operational flow, and billing and tax reporting. DTCC is committed to provide informative and responsive information regarding the Securities Financing Transaction (SFT) Clearing service. 
Modified May 28, 2024

CMU RTTM® Web User Guide

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FAQs for Real-Time Trade Matching (RTTM) Processing for CMU Trades

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Consolidated Trade Summary (CTS) File Layouts

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Consolidated Trade Summary (CTS) User Guide

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Consolidated Trade Summary (CTS) Web-Based Inquiry Tool User Guide

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Obligation Warehouse User Guide

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ETF Message Codes

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Universal Trade Capture (UTC) User Guide

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UTC Common Trade FIX Input Format

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UTC Common Trade FIX Output Format

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UTC Input Test Case Scenarios

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UTC Intraday MRO Trade Capture Data File: AutoRoute Prod 02081673 / PSE 02981673

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CNS® Allocation Priority Order

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CNS® Dashboard User Guide

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SFT Clearing: Outstanding Loan MRO AutoRoute ID: Production 02043624 / PSE 02983624

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SFT Clearing General User Guide

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