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DTC Settlement

DTC Settlement. New Features. New Features. Multicurrency Trade Linkage Bulk Pledge Partial deliveries ISO 15022 Real-time 24x6 Holiday Processing. Multicurrency. Real Time Gross New RTGS money account credited for deliveries, debited for receives Receives pend if RTGS insufficient

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DTC Settlement

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  1. DTC Settlement New Features DTC Settlement Renewal

  2. New Features • Multicurrency • Trade Linkage • Bulk Pledge • Partial deliveries • ISO 15022 • Real-time 24x6 • Holiday Processing DTC Settlement Renewal

  3. Multicurrency • Real Time Gross • New RTGS money account credited for deliveries, debited for receives • Receives pend if RTGS insufficient • Monies stay in account until requested, or end of day • Monies can be moved to EODN to alleviate collateral problems • Possible pre-funding RTGS account via RTGS valued pledge DTC Settlement Renewal

  4. Multicurrency • End of Day Net Settlement • Multiple “cycles” corresponding to settlement locations; e.g: Euros in Frankfurt vs. Paris • Each location supported by own collateral • Collateral released after each settlement cycle • Excess collateral supporting one location can be automatically moved to support collateral shortfall in another location • Debit caps: • Individual participant-set debit caps per location • DTC-defined cap per currency (our liquidity in that currency) • Combined cap across all locations (1.8 billion max) DTC Settlement Renewal

  5. Trade Linkage • Make these deliveries from these receives • Profile or instruction based • Uses sub-accounting to “corral” receives • Unused sub-account position released to free after designated event/cut-off DTC Settlement Renewal

  6. Bulk Pledge • Bilateral collateral selection profile • Both sides approve collateral • Either side can request substitution • Automatic substitution for pending deliveries • EOD valuation drives release of excess or request for additional collateral based on bilateral settings • Free or valued DTC Settlement Renewal

  7. Partial Deliveries • Receiver and Deliverer must agree • Profile or instruction based • Minimum receive amount • Prevent odd lots • Money prorated, no breakage • Partial receives non-reclaimable DTC Settlement Renewal

  8. ISO 15022 • All messages will be SWIFT-compliant • Connection must be proprietary MQ, (no SwiftNet) • Input: • DO & PO January 2007 • COL, MSEG, SEG, and all other settlement-related transactions by 4Q 2007 • IMS commands currently available; RAD approvals & cancels to be added in 2Q ‘07 • Output: • Output messages for Participant-submitted DOs and POs currently available • Receiver notifications for DOs and POs and by “topic” subscription 2Q 2007 • All other output messages available by 4Q 2007 DTC Settlement Renewal

  9. Real-time 24x6 • Currently • Night cycle output available at 1 a.m. • Real-time input available ~ 3 a.m. • In November 2006 • Night cycle output available ~ 9 p.m (PTS/PBS; MRO is ISO only) • In 3Q 2007 • DOs and POs can be submitted 24x6; either processed immediately or queued for future night cycle processing DTC Settlement Renewal

  10. Holiday Processing • Current: • Night cycle (CNS, ACATS, NDOs, ID & CNS Loans) processed on evening prior to holiday • Proposed: • Holiday is a business day • Abbreviated night cycle on evening prior to holiday • Full night cycle on evening of holiday for next regular business day DTC Settlement Renewal

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