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Previously, procedures in the Collateral Loan Program did not permit Participants to differentiate between a pledge of securities, which involves the transfer of a security interest or other limited interest in the securities, and a sale, which involves the transfer of the entire interest in the securities.

Effective September 2, 1997, DTC implemented procedures to specifically provide Participants with the capability to process repurchase transactions or other types of financing transactions through the mechanism of DTC’s Collateral Loan Program.

Repo accounts and pledge accounts are individually identified in DTC’s Reference Directory. Organizations interested in establishing a repo account should contact their Relationship Manager.

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