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Equities Clearing

November 15, 2024

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.

Managing Risk at NSCC

National Securities Clearing Corporation (NSCC) is registered with and regulated by the U.S. Securities and Exchange Commission.

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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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CMU Division

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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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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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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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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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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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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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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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

Welcome to the Trading Relationship Management section of the Learning Center! Learn more about the Trading Relationship Management system.

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