Obligation Warehouse

Welcome to the Obligation Warehouse section of the Learning Center! 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). Locate the content that you need by using Search to filter or access Resources to navigate to all of the Obligation Warehouse content.

The Obligation Warehouse service is a product of the National Securities Clearing Corporation (NSCC). The Obligation Warehouse service creates a common repository for for trade capture and clearing transactions from the marketplaces, including the listed exchanges and alternative trading platforms collectively. It consolidates those transactions to reduce the burden of trade-for-trade settlement for each transaction. Additionally, NSCC provides a guarantee for specific transactions that are netted through balance orders or the CNS accounting service and settled either at NSCC, DTC, or another depository.

Benefits

The Obligation Warehouse service provides the following industry benefits:

  • Central repository of open broker to broker obligations.
  • Automate real-time matching / confirmations of ex-clearing, non-CNS obligations.
  • Ability to manage and resolve exceptions, don't knows (DKs), in a more timely manner.
  • Servicing of open obligations. Adjusting for corporate actions and scanning for CNS® eligibility daily.
  • Risk mitigation and net capital relief through mark to market of open obligations.

Obligation Warehouse provides an automated service for the matching of open obligations in the same securities currently supported by RECAPS. The centralized service supports bilateral matching of fails and other ex-clearing obligations in real-time and communicates a successful match to both parties of the obligation. The database stores non-CNS matched open obligations from trade date through actual settlement date. RECAPS does not store open obligations after they are matched, netted, and re-priced.

Obligation Warehouse checks for CNS® eligibility, daily, and net, re-price, and re-date non-CNS eligible securities on more frequent basis than the current RECAPS. Obligation Warehouse also adjusts matched fails for mandatory corporate actions. In addition to securities covered under the current RECAPS system (equities, municipal bonds, corporate bonds, and UITs), the Obligation Warehouse tool includes receive and deliver instructions issued by the Automated Customer Account Transfer Service (ACATS).

Obligation Warehouse Web

The Obligation Warehouse Web system is a secure, browser-based, and efficient tool that you can use for obligation entry and reporting. The commands and data are validated in real-time, input errors are reported immediately and invalid data elements are returned directly on the entry screen. Delays associated with batch processing and manual comparison should be significantly reduced.

Each obligation submitted, along with the subsequent related events, are sent to the Contra to provide both parties with the most updated status. Every obligation is accessible for viewing, regardless of status. Aged obligations are recognizable quickly to assist operational areas in the confirmation and resolution processes. To learn more, see Obligation Warehouse Users.

Overview Series

To help gain an understanding of the Obligation Warehouse tool, login to view the high-level overview of the Obligation Warehouse Web application and its features.

Welcome to the Obligation Warehouse Overview series intended for NSCC Members and Obligation Warehouse users. View this overview to learn:

  • How the Obligation Warehouse service works.
  • Benefits of using the tool.
  • Best approaches to manage your interactions and advisories.

Video length: 20 minutes

Obligation Warehouse Overview

Learn more about the Obligation Warehouse tool and the role it plays throughout the lifecycle of an obligation, including:

  • Accessing the Obligation Warehouse tool through the DTCC Web Portal.
  • Navigating to frequently used content.
  • Leveraging enhancements, including the Status tab.
  • Performing advanced queries using options available in the Obligation Search Engine.
  • Referencing exclusion indicators.
  • Viewing reports available in the Report Center.

Video length: 15 minutes

Obligation Warehouse Web Features

Welcome to the Obligation Warehouse RECAPS and Pair Off Features webcast that includes:

  • Overview of the RECAPS process, including how it functions and the rules that govern it.
  • Using RECAPS reporting.
  • Understanding the Pair Off process, including its purpose, benefits, and features.

Video length: 20 minutes

Obligation Warehouse RECAPS and Pair Off

View the Obligation Warehouse REORG and Web Navigation webcast that includes:

  • Overview of the REORG process, including how it functions and the rules that govern it.
  • Using REORG reporting.
  • Navigating the Obligation Warehouse Web tool, including how to:
    • Enter obligations.
    • Act on outstanding obligations.
    • Search and locate advisories and rejects.
    • Access reports.

Video length: 18 minutes

Obligation Warehouse Overview

Learn about the Obligation Warehouse pair off process, including a demonstration of the one-to-many obligation pair offs.

Video length: 5 minutes

Obligation Warehouse One-to-Many Pair Off

Remember to download a transcript of the webcast through the Resources link in the upper right corner of the player.

MT515 Analysis

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MT509 Analysis

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MT518 Analysis

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MT598 General Format

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MT598 Specifications

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MT599 General Format

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NY Input Layouts

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ISO DO Output Message Layouts

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ISO DO Input Message Layouts

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Obligation Warehouse End of Day Report - Sample

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Obligation Warehouse Appendix B: Headers for Messages

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Obligation Warehouse Appendix A: Code Tables

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