|
A# |
5698 |
|
P&S #: |
5268 |
|
DATE: |
October 23, 2003 |
|
TO: |
ALL PARTICIPANTS |
|
ATTENTION: |
MANAGING PARTNER/OFFICER |
|
FROM: |
SETTLEMENT PRODUCT MANAGEMENT |
| SUBJECT: | REMINDER – CONSOLIDATED SETTLEMENT SYSTEM |
On June 2, 2003, The Depository Trust Company (DTC) and National Securities Clearing Corporation (NSCC) introduced, in parallel test mode, a new consolidated DTC/NSCC settlement system. The new consolidated settlement system, which is currently pending regulatory approval, was introduced with the legacy DTC and NSCC settlement systems (FFS and MSS respectively). Participants and settling banks were encouraged to begin familiarizing themselves with the new Participant Terminal System (PTS) and Participant Browser Service (PBS) functions (SETB and SETB).
In addition to new PTS inquiry screens, the introduction of the new consolidated settlement system also required modifications to several DTC and NSCC settlement related reports. (See important Notices A5611 P&S 5181 and A5612 P&S 5182 for more information on the consolidated settlement system and for a detailed listing of the modified settlement related reports.)
The purpose of this notice is to remind participants and settling banks to become familiar with the new SETB and SETP PTS and PBS screens, and to begin to make arrangements to receive any required consolidated settlement reports.
Participants and settling banks requiring access to the new PTS/PBS SET functions should contact their Relationship Manager. Participants and settling banks requiring receipt of the new DTC/NSCC Participant Settlement Super Statement (Autoroute 02131245), should contact the DTC/NSCC Enterprise Service Center’s Customer Advocate Service Team (CAST) at (212) 855-1144 Option 5/Option 3. Participants requiring receipt of the new NSCC Broker Balance File (FFSSETTN) and settling banks requiring receipt of the DTC/NSCC Consolidated Settling Bank file (FFSBST) should contact the DTC/NSCC Participant Interface Planning (PIP) group at (212) 855-2694.
Upon regulatory approval, DTC and NSCC will each issue another Important Notice announcing the full implementation date for the new consolidated settlement system. On that date, participants and settling banks will no longer be able to access the PTS/PBS FFSB and FFSP functions, or the settlement section of the NSCC function. In addition, upon the full implementation of the consolidated settlement system, the following settlement related reports will no longer be produced: