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Under this program, a Participant may use securities pledged at The Depository Trust Company (DTC) to meet the Options Clearing Corporation (OCC) margin requirement on these positions as collateral for a loan from an approved lender. The cash proceeds of this loan will then be credited to the Participant’s settlement account at the National Securities Clearing Corporation (NSCC).

OCC, DTC, and NSCC have jointly created the loan program to minimize the collateral and financing requirements of common OCC and NSCC member firms by synchronizing the release of OCC’s guarantee obligation with satisfaction of the member’s obligation to NSCC.

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