At the end of the processing day, if you have delivered pledged securities (which DTC will operate, acting exclusively as agent for the pledgee delivery securities to the account) to the DTC HB Account, you will receive from DTC your pro rata share of
- Proceeds received by DTC for redeliveries made in such issue and
- Securities that had not been redelivered.
Your pro rata share of settlement proceeds will be credited to your Participant settlement account.
Note- For pledgees with multiple Participant accounts, this credit will be applied to the account previously designated.
The crediting of these proceeds, which will be applied as code 78 adjustments, will occur just before DTC's final settlement figures are produced.
Transactions in Honest Broker processing will be included on the regular daily activity and settlement reports. The Settlement Department can also provide individual reports upon request.