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PTA transactions input into DTC's system are subject to DTC's normal editing and processing requirements (including DTC's Risk Management Controls) . PTA transactions that meet all of DTC's editing and processing requirements complete in DTC's system and no position is reserved in the PTA account. Likewise, transactions that recycle for an insufficient position will not affect your PTA account. Only PTA transactions that recycle as a result of risk management controls (which means that the delivering or pledging Participant has sufficient position to complete the transaction) will cause position to be reserved in the PTA account. Non-PTA transactions that recycle as a result of risk management controls do not affect your PTA account. After position is reserved in your PTA account, it is no longer available for any other transactions you may initiate. The transactions associated with positions in the PTA account recycle normally (the PTA indicator does not affect recycle algorithms), and the position remains in the PTA account until any of the following occurs:

  • Your Risk Management Controls change to allow completion of the transaction. The position is automatically released from your PTA account at the PDA cutoff (approximately 1:30 p.m. eastern time).

Note- This condition applies to valued PTA transactions only; positions reserved for free PTA transactions are not automatically released at the PDA cutoff, and positions for valued PTA transactions entered after the PDA cutoff will not be reserved in the PTA

  • The intended receiver cancels the PTA transaction.
  • DTC releases its risk management controls at approximately 5:00 p.m. eastern time. 

Note- Initial Public Offering (IPO) transactions are not subject to PTA procedures. A PTA indicator entered during an IPO transaction will be ignored by DTC's system.

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