A 4820 - August 20, 1998

Important Notice

A 4820 - August 20, 1998
P&S 4384

TO: ALL PARTICIPANTS

ATTENTION: MANAGING PARTNER/ OFFICER, DIRECTOR OF OPERATIONS, OPERATIONS PARTNER/ OFFICER, MANAGER DATA PROCESSING DEPARTMENT

SUBJECT: IMPLEMENTATION OF PC WEB DIRECT

On July 29th, NSCC began a pilot implementation of PC Web Direct. This Internet based application, which provides data entry over the Internet, is replacing the current PC Platform communications option. As with PC Platform, participants are able to submit transaction information for the Fixed Income Transaction Service (FITS), Correspondent Clearing, Commission Billing and Continuous Net Settlement (CNS). The Reconfirmation and Pricing Service (RECAPS) will be available on PC Web Direct in the 4th Qtr. and the new Automated Customer Account Transfer Service (ACATS) is expected to be available in November.

In addition, NSCC has been coordinating efforts with the NASD in response to the elimination of the MBARS service scheduled for the third quarter of 1998.

As an alternative input mechanism for Fixed Income trade submissions, NSCC is providing participants with PC Web Direct and will work in conjunction with the NASD to support participants in a smooth and timely transition.

To provide an appropriate level of security for PC Web Direct, NSCC is requiring that users at participant firms access the system through digital certificates. These digital certificates will be used as "electronic identification cards".

NSCC is coordinating the issuance of these certificates, as well as training sessions that are required before a user can access PC Web Direct. Participants must provide NSCC with Coordinators at their firms for the proper roll-out of this new product. All hardware and software requirements for PC Web Direct were outlined in an earlier NSCC Important Notice (A4748 P & S 4313) dated April 15, 1998.

The replacement of PC Platform by PC Web Direct is expected to be completed by the end of the year.

Any questions regarding this Notice may be directed to your Account Manager, NSCC Participant Services at (212) 412-8432 or the undersigned at (212) 412-8705.

Anthony Pietanza
Director, Marketing