SFT Clearing Overview

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DTCC is leading a multi-year transformation initiative to deliver innovative, modernized, modular systems. As part of the CNS Transformation, Security Financing Transitions (SFT) Clearing information will be removed from the CNS Miscellaneous Activity for both the Night (AutoRoute ID 02040343) and Day (02040331) files.

A new SFT Clearing Miscellaneous Activity MRO: AutoRoute ID Production 02041067 / PSE 02981067 will replace this data. It will be delivered twice daily with updated routing and processing. 


NoteStarting November 16, 2026, the legacy CNS Night and Day Miscellaneous Activity outputs will no longer include SFT Clearing information.


Key Release Dates

  • PSE (Client Testing): July 13, 2026
  • Production: September 2026
  • Production Parallel: September 2026 - November 13, 2026

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Upcoming Release: Miscellaneous Activity MRO: AutoRoute ID Production 02041067 / PSE 02981067

June 11, 2026

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Upcoming Release: Miscellaneous Activity MRO: AutoRoute ID Production 02041067 / PSE 02981067

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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. 
May 15, 2026

SFT Clearing Testing Guide

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SFT Clearing General User Help

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NSCC SFT Clearing Sponsored Program - Default Scenarios

View what could happen, pursuant to the Rules and Procedures (the “Rules”) of the National Securities Clearing Corporation (“NSCC”), to a Sponsored Member’s Securities Financing Transaction (“SFT”) positions arising from Sponsored Member Transactions upon a default of NSCC, a Sponsoring Member, or a Sponsored Member.
October 02, 2025

Current Release: Miscellaneous Activity (Extended) MRO: AutoRoute ID 02040343 (Night) and 02040331 (Day)

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

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SFT Clearing Input and Output Message Layouts

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Dividend Activity MRO Output: AutoRoute ID Production 02043700 / PSE 02983700

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Dividend with Due Bill Activity MRO Output: AutoRoute ID 02043701 / PSE 02983701

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SFT Clearing Dashboard Guide

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SFT Clearing: EOD Mark-to-Market MRO AutoRoute ID: Production 02043623 / PSE 02983623

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SFT Clearing: Eligible Security File MRO: AutoRoute ID Production 02043626 / PSE 02983626

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