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A# |
5668 |
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P&S #: |
5238 |
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DATE: |
August 27, 2003 |
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TO: |
ALL PARTICIPANTS |
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ATTENTION: |
MANAGING PARTNER/OFFICER; OPERATIONS PARTNER/OFFICER; CASHIER; MANAGER P & S DEPARTMENT; MANAGER DATA PROCESSING DEPARTMENT |
|
FROM: |
VINCENT MC DEVITT |
| SUBJECT: | CNS REWRITE PHASE 2 JUNE 2004 SPECIFICATIONS FOR INTRA-DAY MESSAGES USING AN ISO 15022 FORMAT - NSCC ENHANCEMENTS TO THE CONTINUOUS NET SETTLEMENT (CNS) SYSTEM |
This notice outlines the CNS enhancements for intra-day messages that are, subject to SEC approval, as appropriate, anticipated to be implemented in June 2004 as part of Phase 2 of NSCC’s CNS rewrite initiative.
On March 31, 2003 NSCC issued Important Notice A 5582 P&S 5152 which described the enhancements to the Continuous Net Settlement (CNS) System that are to take effect in June 2004. In section K of that notice it was stated that NSCC would introduce intra-day messages when a participant’s CNS position changes during the day cycle due to a same day settling trade received before noon or miscellaneous activity (miscellaneous activity could include money only or share only entries) processed throughout the day cycle. This message will be sent to participants using an ISO 15022 format throughout the day cycle. The settling trade information will also appear on the Cycle 2 Consolidated Trade Summary AutoRoute nos. 02040954 (MRO) and 02040953 (Print Image) produced at 1 PM ET and miscellaneous activity will appear on the Daytime Miscellaneous Activity Report AutoRoute nos. 02041236 (MRO) and 02041235 (Print Image) produced at 4 PM ET.
I. Contents of the ISO 15022 Message
The following are the contents of what will be included in this message:
Ø Participant Number
Ø CNS Sub Account
Ø CUSIP
Ø Opening Position Before Day Cycle
Ø Net Allocations During Day Cycle
Ø Net Settling Trades in the Day Cycle
Ø Net Miscellaneous Activity in the Day Cycle
Ø Current CNS Position
Ø Currency Code
Ø Depository
- TRADE ACTIVITY
Ø Exchange
Ø Buy/Sell
Ø Shares
Ø Contra Party
Ø Contract Value
Ø Trade Date
Ø Exchange/VMU Control Number
- MISCELLANEOUS ACTIVITY
Ø Shares
Ø Value
Ø Miscellaneous Activity Code
Ø Time Stamp
Please refer to attachments 1&2 for the ISO 15022 format of this message.
II. Delivery of Message
The delivery method of this ISO 15022 will be published in a subsequent notice issued by NSCC.
III. Participant Testing
NSCC will issue subsequent notices regarding testing of this ISO 15022 message and testing of phase 2 of the CNS Redesign.
IV. Additional Information
All of the CNS file formats can be obtained from NSCC’s file format Web site http://formats.nscc.com under the CNS section. A copy of this Important Notice or any other NSCC Important Notice can be found at NSCC’s Web site http://www.nscc.com in the Important Notice section. If you have any questions regarding these modifications, please contact DTCC Relationship Management at (212) 855-4155, or the undersigned at (212) 855-5694.
Vincent Mc Devitt
Manager, Product Management