This website sets cookies on your device. By continuing to use our site, you consent to our use of cookies in accordance with our Privacy Policy.

ETF Important Notices

Click Download to access a specific ETF important notice.

ETF Near Real-Time Create & Redeem Enhancements and Controls Client Testing & Output File Configuration (January 22, 2018 A#8507)  Published Popular #

This Notice contains several critical announcements for the ETF Near Real-Time Create/Redeem Enhancements and Controls initiative. Enhancements are confirmed for launch, effective Friday, January 26, 2018.

View this important notice to read more about

  • Completion of Mandatory Testing
  • ETF Enhanced Files and Configurations
  • Regulatory Approval and Deployment

See Also: ETF Documentation


Approval of NSCC Proposed Rule Change - Enhance the Process for Submitting and Accepting ETF Creations and Redemptions (SR-NSCC-2017-019) (January 19, 2018 #A8506)  Published Popular #

On January 19, 2018, the Securities and Exchange Commission (“SEC”) approved the rule filing SR-NSCC-2017-019 (“Rule Filing”), which was filed with the SEC pursuant to Section 19(b)(2) of the Securities Exchange Act of 1934, as amended.

See Also: ETF Documentation


ETF Near Real-Time Create & Redeem Enhancements and Controls Client Testing & Output File Configuration (December 11, 2017 #A8490)  Published Popular #

As previously announced in Important Notice A8346 dated March 9, 2017 and subsequently amended in Important Notice A8413 dated June 13, 2017, subject to regulatory approval, NSCC plans to deploy a suite of enhancements to its automated ETF primary market clearing process (formally referred to as “Index Receipts”) effective January 26, 2018.

See Also: ETF Documentation


NSCC Submission of Rule Filing (SR-NSCC-2017-019) – Enhancements to the Process for Submitting and Accepting ETF Creations and Redemptions (November 21, 2017 A-8480)  Published Popular #

On November 20, 2017, National Securities Clearing Corporation (NSCC) filed a proposed rule change (SR-NSCC-2017-019) (Rule Filing) with the Securities and Exchange Commission (SEC) pursuant to Section 19(b)(2) of the Securities Exchange Act of 1934, as amended. The purpose of the Rule Filing is to enhance the process for submitting and accepting ETF creations and redemptions.


ETF Near Real-Time Create & Redeem Enhancements & Controls Client Testing Schedule (October 24, 2017 - #A-8467)  Published Popular #

On Friday, October 20, 2017, a detailed test plan document was published to the ETF section of the DTCC Equity Clearing Learning Center under the title, “Test Plan Guidelines for Agents & Authorized Participants.” ETF Agent and AP testing will be available in the Participant Service Environment (PSE) otherwise known as the PSE/U region beginning Monday, November 6, 2017 and continue through January 18, 2018.


ETF Near Real-Time Create & Redeem Enhancements and Controls (June 13, 2017 - #A-8413)  Published Popular #

NSCC is amending the language in the Important Notice A-8346, dated March 9, 2017 specific to changes applicable to ETF Create/Redeem processing. In that notice, it was stated that, “Client testing is scheduled in the ETF PSE region in August of 2017 with implementation, subject to regulatory approval, in the 4th quarter of 2017.” Based upon client feedback and taking into consideration holiday development schedules, NSCC will now extend the scheduled implementation date for these enhancements.


NSCC Accelerated Trade Guarantee Changes for ETF Create/Redeem Processing (May 1, 2017 - #A-8382)  Published Popular #

NSCC is amending the language included in the Important Notice A-8346, dated March 31, 2017 specific to changes applicable to ETF Create/Redeem processing. In that notice, it was stated that post-activation of the NSCC Accelerated Trade Guarantee (ATG), “Next day settling ETF Create/Redeem activity will be processed upon receipt and reported on CTS Cycle 1 on the date of receipt. These transactions may be settled in the CNS Night Cycle.”


ETF Near Real-Time Create & Redeem Enhancements and Controls (03/09/2017 - #A8346)  Published Popular #

Since 2014, NSCC has engaged with business and technology representatives from ETF Index Receipt Agents (Agents) and Authorized Participants (AP’s) in several forums, including DTCC’s trade capture working groups, to solicit feedback and develop requirements to mitigate existing operational, technology, and financial risks associated with ETF clearing. As published in the December 2015 edition of the DTCC Development Agenda and subject to regulatory approval, NSCC now intends to introduce expanded functionality and automated controls to support its existing ETF primary market clearing process.


ETF Near Real-Time Supplemental File and Enhancements Deployment (02/10/2016 #A8162)  Published Popular #

As per the NSCC Important Notice A#8129−P&S#7704, issued December 7, 2015, “…effective Friday, February 12, 2016, NSCC will introduce a suite of industry-requested enhancements, including expanded capacity to deliver updated ETF PCF’s during its current Supplemental processing period through the introduction of the ETF Near-Real-time Supplemental Portfolio Composition Output MRO.”


ETF Near Real-Time Supplement File and Enhancements (12/07/2015 - #A8129)  Published Popular #

In response to feedback provided by ETF industry participants, NSCC is pleased to announce its intent to introduce expanded near real-time processing to support the ETF primary marketplace. Building upon the existing Enhanced Consolidated Portfolio Composition File (PCF) product, effective Friday, February 12, 2016, NSCC will introduce a suite of industry-requested enhancements, including expanded capacity to deliver updated ETF PCF’s during its current Supplemental processing period through the introduction of the ETF Near-Real-time Supplemental Portfolio Composition Output MRO.


ETF Browser Compatibility Enhancements (11/12/2015 #A8083)  Published Popular #

As per the NSCC Important Notice A#8086−P&S#7661 issued September 18, 2015, “Effective Friday, November 13, 2015, National Securities Clearing Corporation (NSCC) will implement enhancements to the ETF Browser into production. The ETF Browser will provide native support for Internet Explorer (11.0.96). Migration of enhancements into production will take place after 5:00 PM Eastern on Thursday, November 12, 2015.”


ETF Browser Compatibility Enhancements and Testing (09/18/2015 #A8086)  Published Popular #

Effective Friday, November 13, 2015, National Securities Clearing Corporation (NSCC) will implement enhancements to the ETF Browser into production. The ETF Browser will provide native support for Internet Explorer (11.0.96). Migration of enhancements into production will take place after 5:00 PM Eastern on Thursday, November 12, 2015.


Exchange Traded Fund Input and Output Time Frames (1/3/2015 #A7962)  Published Popular #

NSCC would like to clarify the ETF time frames for submitting Portfolio Composition Files (PCFs), Creation and Redemption Instructions and their expected output times. The following table identifies the input cut-off time, which applies to ETF Agents only, and the expected output timeframe, which applies to Authorized Participants and ETF Agents.


Sales Tax Collected for Purchase of ETF Portfolio Composition Data File Output (10/23/2014 #A7195)  Published Popular #

NSCC Members located in New York and New Jersey that subscribe for the ETF Portfolio Composition Data file service (identified on NSCC monthly invoice under Fee ID 2564), will be charged sales tax for this service effective on the November 2014 NSCC Invoice for October 2014 subscriptions. Sales tax amount will be reflected on the Tax Section of your NSCC invoice.


ETF Rewrite Implementation Deadline - Extended to October 31, 2014 (9/17/2014 #A7901)  Published Popular #

The deadline for members converting to the new ETF output is extended to Friday, October 31, 2014 after considerable discussion with ETF agents, sponsors and data vendors.


Reminder: ETF Rewrite Implementation Deadline (8/05/2014 #A7881)  Published Popular #

As previously announced in Important Notice A7808 dated March 25, 2014, NSCC plans to require full utilization of the enhanced Exchange Traded Funds (ETF) system on the evening of processing date September 30, 2014. I


ETF Rewrite Implementation Deadline (3/24/2014 #A7808)  Published Popular #

As previously announced, NSCC plans to require full utilization of the enhanced Exchange Traded Funds (ETF) system on the evening of processing date September 30, 2014. On this date, the legacy input and output formats shown in this important notice will no longer be available.


Exchange Traded Funds Impact on May 9, 2013 (4/2/2013 #A7609)  Published Popular #

As announced in Important Notice #A7429-P&S6999, dated May 24, 2012 and Important Notice #A7573-P&S7143 dated January 25, 2013, NSCC plans to implement a new Exchange Traded Funds (ETF) system on the evening of processing date May 9, 2013 along with below listed enhancements to legacy functionality and print image output from NSCC. Legacy MachineReadable input and output formats will not be impacted. These enhancements apply to all ETF participants, including those that have not converted to the new ETF input and output format by May 9th .


Exchange Traded Funds Participant Testing - March 2013 (1/25/2013 #A7573)  Published Popular #

As announced in Important Notice #A7429-P&S6999, dated May 24, 2012, NSCC plans to implement a new Exchange Traded Funds (ETF) system on the evening of processing date May 9, 2013. This enhancement was originally scheduled for implementation in Q1 2013, but was delayed due to Hurricane Sandy. The new system will enhance NSCC’s Portfolio Composition File (PCF) reporting and the ETF Create / Redeem processes. NSCC will continue to support the legacy input and output file formats until the end of Q3 2014 after which, with prior notice, NSCC will retire the legacy application and support enhanced ETF formats and functionality only.


Rule Filing SR-NSCC-2012-07 - Elimination of the Exchange Traded Funds Creation and Redemption Unit Pre-Net and Technical Changes to the Rules (05/09/2012 #A7482)  Published Popular #

On September 4, 2012, National Securities Clearing Corporation (“NSCC”), submitted a proposed rule filing, SR-NSCC-2012-07, to the U.S. Securities and Exchange Commission pursuant to Rule 19(b)(3)(A) of the Securities Exchange Act of 1934. The proposed rule change amends NSCC’s Rules and Procedures (the “Rules”) to: (a) eliminate the pre-netting by NSCC of Exchange-Traded Fund (“ETF”) creation and redemption instructions (a.k.a. creation unit netting) prior to the multi-lateral netting process used for Continuous Net Settlement (“CNS”) and non-CNS (balance order) processing, and (b) effect certain technical changes. The proposed rule change will become effective with processing date September 20, 2012.