Equity, Corporate and Muni Debt Transaction Processing

直接转矩’s 结算 Service for equity, 公司债务和市政债务证券交易整合并促进了参与者因各种日内活动而产生的净借方和贷方的日末净资金结算, including institutional trading activity, 股票贷款, 等.

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  The Depository Trust Company (直接转矩), the central securities depository subsidiary of 存, provides settlement services for virtually all equity, 公司债券和市政债券在纽约证券交易所进行交易, 纳斯达克, 美国的区域交换和电子通信网络(ecn).S. Approximately 1.4 million settlement-related transactions per day, with a value of approximately $600 billion, are completed at 直接转矩.

  该服务允许收集/支付参与者的净义务和信贷, 通过其结算银行通过美联储的NSS系统.

  使用抵押品和净借方上限风险管理控制, 直接转矩的结算系统保护其参与者免受直接转矩最大参与者或附属家族未能结算的信用和流动性风险.

  直接转矩的结算服务为参与者提供了多种结算能力, including but not limited to: settlement of securities transaction through Deliver Orders (DOs); collection of option contract premiums by processing Premium Payment Orders (PPOs); collection of stock loan mark-to-markets on open contracts by processing Securities Payment Orders (SPOs); pledging securities to pledgees as collateral through the collateral loan system; pledging securities to the Options 清算 Corporation (OCC) to meet OCC margin requirements.

• Who Can Use the Service

  All 直接转矩 participants eligible to settle can use the settlement service; please consult 直接转矩 membership guidelines 有关详细信息,.

• 好处

  • 结算 services are delivered through a single, 统一的净结算系统，通过结算银行和美联储的NSS系统连接.
  • 该系统是完全担保的，降低了直接转矩及其参与者的风险.
  • 该系统规定了借方净额上限，以便直接转矩有足够的流动性来完成整个系统的结算，尽管参与者家族中最大的参与者未能结算.
  • 该系统提供自动失败，股票贷款和回购跟踪.
  • The system is linked to international clearing agencies, which provide delivery-versus-payment in the case of CDS, 或者其他国际联系的免费结算.

• How the Service Works

  As a central securities depository (CSD), 直接转矩代表其参与者持有证券，并将这些证券的利息记入参与者账户. Through the settlement process, 直接转矩, on the instructions of its participants, 通过入账方式转移参与者的权益，并记录每个交易日这些头寸的变动. 直接转矩代表参与者从三个来源收到绝大多数这些指令:

  • National Securities 清算 Corporation (NSCC), 存子公司和美国外汇交易的中央对手方.S.通过其自动化连续净结算(CNS)系统. 在中枢神经系统, NSCC将每个参与者对每种证券的买入和卖出纳入每个结算日每种证券的净“多头配置”(接收)或“空头回补”(交付). NSCC指示直接转矩代表其成员处理从参与者账户到NSCC和从NSCC到参与者账户的证券交付, free of payment at 直接转矩, with funds settlement through NSCC. 收到的证券进入澳门赌场的CNS账户的账簿上的直接转矩被重新交付给预期的经纪人. 存的机构交易处理(ITP)业务提供投资经理之间的自动交易后处理, broker/dealers and custodian banks. ITP业务直接向直接转矩实时提交确认的机构交易ID (identification). 因为这些指示不是直接从参与者那里收到的, 交付参与者必须在直接转矩处理交易之前授权交付.
  • Participants directly – e.g., banks and brokers and their service providers. 参与者通过三种主要的交易类型向直接转矩提交交易:
    • Deliver Orders (DOs): an instruction for the book-entry transfer of a security from one Participant to another; a DO may be free of payment or versus payment (a “DVP”). 直接转矩 also processes several other types of DOs, e.g., 股票贷款, customer account transfers (ACATS).
    • 支付订单(POs):两个参与者之间仅限资金的支付. POs are of two types – Security Payment Orders (SPOs), 主要用于与股票贷款有关的按市值计价的活动, and Premium Payment Orders (PPOs), 用于促进与看跌期权和看涨期权相关的溢价的收集.
    • 抵押贷款(质押):抵押贷款服务为参与者(出质人)将证券质押给质权人提供便利, typically a bank. 质押的主要原因是确保融资安排[或减少清算基金的义务]。.

  Transaction processing for equities, 公司债和市政债从结算日的前一天下午开始，一直持续到下午三点半左右.m. Shortly after this cutoff, 直接转矩 issues end of day settlement totals to participants, 表示应付或来自全系统结算的资金净额. (见 End-of-Day 结算 for more information )

• For More Information

  To request additional information, please click 在这里.