National Securities Clearing Corporation

Clearance Services

The following are service offerings of National Securities Clearing Corporation, the nation’s leading provider of centralized clearance, settlement and information services to more than 2,500 brokers, dealers, banks, mutual funds, insurance carriers and other organizations. NSCC develops standardized, automated solutions that promote connectivity, efficiency and lower risk in the financial services marketplace. NSCC is a subsidiary of The Depository Trust & Clearing Corporation (DTCC).

Please Note: The following links will route you to the pages on www.dtcc.com containing up-to-date descriptions of these NSCC Products and Services.

Automated Customer Account Transfer Service (ACATS) - The Automated Customer Account Transfer Service (ACATS) is a system that automates and standardizes procedures for the transfer of assets in a customer account from one brokerage firm and/or bank to another.
Cost Basis Reporting Service (CBRS) - The Cost Basis Reporting Service (CBRS) is an automated system that provides brokerage firms, banks and other financial organizations the ability to transfer customer cost basis information from one firm to another on any asset transferred through the Automated Customer Account Transfer Service (ACATS).
Continuous Net Settlement (CNS) System - The Continuous Net Settlement (CNS) System is an automated book-entry accounting system that centralizes the settlement of compared security transactions and maintains an orderly flow of security and money balances.
Correspondent Clearing Service - Correspondent Clearing Service is a trade-reporting service that processes equity and corporate bond transactions executed by NSCC members (special representatives) on behalf of other participants (correspondents). Correspondent Clearing transfers settlement obligations to correspondents, eliminating the need for redeliveries and decreasing the number of possible errors in accounting and settlement.
Custom Index Share Processing - Custom Index Shares are Exchange Traded Funds (ETFs) that are based on standard domestic index shares but exclude specified securities for various reasons.
Equity Commission Bill Service - The Equity Commission Bill service provides an automated facility for the debiting and crediting of commissions of listed equities for NSCC full service members (“NSCC Members”) and Floor Brokers (”non-clearing firms”). Non-clearing firms, often referred to as Commission Bill firms, are specialists and $2 brokers that trade on the New York and American Stock Exchanges, but are not NSCC Members.
The Fully-Paid-For Account - The Fully-Paid-For Account is a special sub-account within NSCC's Continuous Net Settlement (CNS) System that assists participants in maintaining compliance with possession and control requirements pursuant to Rule 15c3-3 of the Securities Exchange Act.
Index Share Processing - Domestic Index Share Processing facilitates the creation and redemption of Index Shares, also known as Exchange Traded Funds (ETFs), in an automated process.
Reconfirmation and Pricing Service (RECAPS) - The Reconfirmation and Pricing Service (RECAPS) is a mandated service for all participants that reconfirms and reprices participants' aged equity, municipal bond, corporate bond, UITs and zero coupon security transactions that have previously failed to settle in NSCC's clearance and settlement system or by other means. Unsettled fails previously compared in RECAPS are required to be submitted with a special indicator.
Stock Borrow Program - The Stock Borrow Program allows participants to lend NSCC available stocks and fixed income securities from their account at The Depository Trust Company (DTC), to cover temporary shortfalls in NSCC's Continuous Net Settlement (CNS) System. NSCC credits members' money settlement accounts with the full market value of securities borrowed, and members can earn overnight interest on that value by investing the funds. In addition, members can enhance securities inventory management in a safe, controlled environment through the program.
TradeSuite/CNS Interface for Prime Broker Business - The TradeSuite/CNS Interface for Prime Broker Business is a settlement option that streamlines the processing of Prime Broker trades. The interface, which operates between National Securities Clearing Corporation (NSCC) and Omgeo, L.L.C., connects NSCC's Continuous Net Settlement (CNS) System with Omgeo's TradeSuite System.
Trade Capture and Reporting - These services provide validation, comparison, and reporting for trades executed on major US exchanges, as well as regional and International trades.