| A# |
5705 |
| P&S #: |
5275 |
| DATE: |
November 5, 2003 |
| TO: |
ALL NSCC PARTICIPANTS |
| ATTENTION: |
MANAGING PARTNER/OFFICER; OPERATIONS PARTNER/OFFICER; CASHIER; MANAGER DATA PROCESSING DEPARTMENT |
| FROM: |
SETTLEMENT PRODUCT MANAGEMENT |
| SUBJECT: | IMPLEMENTATION OF CONSOLIDATED SETTLEMENT SYSTEM |
On November 4, 2003, The Depository Trust Company (DTC) and the National Securities Clearing Corporation (NSCC) received regulatory approval to implement the DTC/NSCC Consolidated Settlement System. (See NSCC Important Notice A #5704 (P&S #5274) for further information.) Effective December 5, 2003, the Consolidated Settlement System will become the single source of DTC/NSCC settlement data. Participants will no longer be able to access the PTS/PBS FFSP function, or the settlement section of the NSCC function. Participants wishing to view DTC and/or NSCC settlement data on and after December 5, must access the new SETP functions. (See Important Notice A #5611(P&S #5181) dated May 12, 2003, for more information.)
Beginning December 5, the print image NSCC Preliminary Settlement Statement (AutoRoute #02130061), NSCC Final Settlement Statement (AutoRoute #02130058), and the FFS Participant Settlement Super Statement (AutoRoute #05130660) will no longer be produced. Instead, a new print image DTC/NSCC Participant Settlement Super Statement (AutoRoute 02131245) as been developed and will replace the reports being eliminated. Participants currently receiving the three eliminated reports via the PC Web Direct facility or NSCC Artmail (e-mail) will automatically be given access to the new DTC/NSCC Participant Settlement Super Statement. Participants not currently able to access this report, should contact the Enterprise Service Center’s Participant Test Group (PTG) at (212) 855-5630. Participants currently receiving the three eliminated reports via direct transmission, must contact their Relationship Manager no later than November 21, to begin receiving the new DTC/NSCC Participant Settlement Super Statement by December 5.
The new machine-readable NSCC Broker Balance File (FFSSETTN), as outlined in NSCC Important Notice A #5611(P&S #5181), dated May 12, 2003, will be made available on December 5, 2003. Any Participant interested in receiving this file, or a copy of the file specifications should contact the Participant Interface Planning (PIP) group at (212) 855-2694.
There will be no changes to the DTC/NSCC settlement cutoff times.
Additional information regarding the Consolidated Settlement System can be found in NSCC Important Notices A #5611 (P&S #5181) dated May 12, 2003, A #5622 (P&S #5192), dated May 29, 2003, and A #5698 (P&S #5268), dated October 23, 2003. Copies of these notices, as well as this Important Notice can be found at NSCC’s website http://www.nscc.com in the Important Notice section or DTC’s Web site http://www.dtc.org.
If you have any questions regarding the new Consolidated Settlement System, please contact your Relationship Manager at (212) 855-4155, Patricia Ryan at (212) 855-8427, Vincent Mc Devitt at (212) 855-5694 or the undersigned at (212) 855-8434.
John Abel
Director
Product Marketing and Development