As announced in Important Notice A 5313, P&S 4883, dated August 22, 2001, the National Securities Clearing Corporation (NSCC), a subsidiary of The Depository Trust & Clearing Corporation (DTCC), is in the process of providing intra-day reporting of trade output for all marketplace activity. Implementation and usage will aid in paving the way for Straight-Through-Processing (STP).

In addition to the current end-of-day trade reporting of Correspondent Clearing related activity, NSCC has implemented an enhancement that makes output available intra-day for all such activity, in the approximate sequence in which it is received. Please note that the product will only be available in machine-readable (MRO) form.

There will not be any changes to the existing methods of trade reporting. End-of-day print and data files will continue to be provided; however, participants are advised that all end-of-day reporting of trade activity will be phased out at some point in the future. As a result, participants are encouraged to utilize this new service as soon as practical.

SCHEDULE OF AVAILABILITY
MRO intra-day multi-cycle output for Correspondent Clearing will be available according to the following schedule:

1:30 p.m.
3:30 p.m.
6:30 p.m.
9:30 p.m.
12:30 a.m.

The current standard AutoRoute header record should be used to identify the multi-cycle transmission counter and the final output cycle indicator. For detailed information regarding AutoRoute header record information, please refer to the NSCC Website http://formats.nscc.com under the Master Files category in the View by Product Group section.

PROCESSING OF INTRA-DAY REJECTS
Participants should be aware that the final validation of intra-day rejects will occur after the security and participant master files have been updated for the day. Consequently, any intra-day rejects involving a potentially valid CUSIP number, or a potentially valid participant number, will not be displayed on the intra-day output. Such rejects, if still erroneous at the end-of-day, will be displayed on the final intra-day output file. All other intra-day rejects will be displayed on the appropriate intra-day output file.

MAPPING OF CURRENT TO NEW FORMATS
For your convenience, NSCC has mapped the two current Correspondent Clearing machine-readable output formats (AutoRoute numbers: 02062127 & 02062527) to the new unified intra-day output format (AutoRoute number: 02063127). Mapping details are available and may be accessed at NSCC's Website http://formats.nscc.com under the Correspondent Clearing category in the View by Product Group section.

Compatibility
Testing for this product may be accomplished by contacting Victor Skolnik of the DTCC Participant Test Group at (212) 855-5620, or (212) 855-5630.

Questions regarding this notice may be e-mailed to the undersigned at jmanti@dtcc.com or directed to DTCC Participant Services at (212) 855-4155.

James Manti
Product Manager, Product Marketing and Development