MMI

The Money Market Instrument (MMI) Program allows Issuing and Paying Agents (IPAs) to submit requests to make new Money Market Instrument issues eligible for settlement at DTC. IPAs have an obligation under the DTC MMI Program to fully self-service securities from issuance through maturity.

MMI Funding Acknowledgment by the IPA

Subject to DTC risk controls, DTC processes maturing Presentments for delivery versus payment to the applicable IPA with respect to an Acronym only after an MMI Funding Acknowledgment using the Decision Making Application (DMA) via the Settlement Web or message transmissions. When an MMI Funding Acknowledgement has occurred, it constitutes the IPA’s instruction to DTC to attempt to process transactions in the Acronym.

After an IPA has acknowledged that it will fully fund the Acronym, then the transactions are sent to the processing system and attempted against position and Risk Management Controls.

Example:

An IPA acknowledges funding for an MMI acronym thus funding the settlement of an income presentment for that CUSIP issue.

For more information:

• Money Market Instrument (MMI) Issuances and Maturities video
• DTC Security Eligibility – MMI vs. Underwriting: A Quick Reference for IPAs