ID净

ID净, 直接转矩和NSCC的联合服务, extends the benefits of netting to institutional trade settlement, allowing broker/dealer users to combine their affirmed institutional equity trades with other trades that they may have in NSCC’s Continuous Net 结算 (CNS) system.

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  ID净 was developed by 存 in collaboration with 机构贸易处理 (ITP), 应…的要求, 在与, 业内人士, 包括一个由经纪人/交易商和银行客户组成的工作组.

• 谁可以使用该服务

  ID网是一项志愿服务. 订阅, 经纪人/交易商必须是NSCC和直接转矩的参与者, 银行必须是直接转矩的参与者.

  All ID净 customers are required to enter into separate "ID净 Subscriber" agreements with NSCC and/or 直接转矩, 是适用的, 管理他们对服务的使用.

• 好处

  不像交易所交易和大多数主经纪商交易, institutional delivery transactions do not typically flow through NSCC’s CNS automated book-entry accounting system. Instead, they generally settle on a trade-for-trade basis at 直接转矩. The ID净 service essentially separates an affirmed/matched institutional trade into two parts, allowing the broker to combine its institutional trades with its other trades in CNS, 当银行, 担任投资经理客户的托管人, 继续以贸易对贸易的方式解决问题.

  结果是, ID网简化了清算和结算, cuts customer costs and reduces fails associated with affirmed institutional equity trades, 使参与机构交易的各方受益. 其他福利包括:

  • 鼓励早期交易肯定
  • 为ID网交易的优先结算提供便利
  • Reducing the aggregate value of settlements industry-wide through netting efficiencies.

  虽然不被认为是服务的参与者, investment managers and their clients ultimately benefit from ID净 when participants – the settling broker/dealers and banks – subscribe to the service.

• 服务如何运作

  Each transaction is confirmed and affirmed/matched through ITP’s TradeSuite system, which distributes the affirmed confirmation to appropriate parties of the trade. 然后ITP将符合条件的交易发送到ID净服务, 将他们与订阅代理的其他CNS活动联系起来, 减少了公司的结算总价值. Simultaneously, the custodian bank either receives from or delivers to the broker shares vs. payment on a trade-for-trade basis via two omnibus accounts created by NSCC.

  Upon receipt of the affirmation of an eligible trade from ITP, ID净 automates the following steps:

  • 银行交付, ID净 moves the "original clearing broker" from the receiver's field to the Third Party field of the ID delivery instruction and replaces it with a new NSCC omnibus account (# 719).
  • 银行收款, ID净 moves the "original clearing broker" from the deliverer's field to the Third Party field of the ID delivery instruction and replaces it with a new NSCC omnibus account (# 919).

  The ID净 process flow has been designed to minimize IT development. Banks are provided with Machine Readable Output (MRO) containing the original receiving or delivering broker in the same fields that they read today. (可选), banks may program to read the Third Party field to determine if the trade was processed through ID净.

  NSCC reports ID净 trades to broker/dealers at the end of the night cycle on the CNS Miscellaneous Activity Report.

• 身份证网处理资格

  Only equity or Unit Investment Trust (UIT) CUSIPs eligible for CNS – which have also been affirmed before 11:30 a.m. 在S-1上-正在通过ID净服务处理. 公司债券和市政债券目前不包括在内. Also excluded are transactions settling on the distribution day of a new issue; in issues undergoing a mandatory or voluntary reorganization; in CUSIPs with a CNS buy-in.

• 托管银行的其他信息

  • Custodian banks can continue to exempt or authorize ID deliveries before the night cycle as they do today. 但是对于白天的周期, custodian banks need to authorize their ID deliveries and discontinue the process of sending Deliver Orders (DO) for these trades. Authorization (versus submission of a DO) also reflects more cost effective processing for banks.
  • Trades that are eligible for ID净 which are still in a pending state by 11:30 a.m. on settlement date revert to trade-for-trade settlement versus the original clearing broker and do not settle as part of ID净. 相应的, 如果银行随后批准交付, it is sent to the original clearing broker instead of the NSCC omnibus clearing account.

• 经纪商的附加信息

  • Broker/dealers are still able to exempt or cancel an ID netted delivery as they do today.
  • 经纪人/交易商可以查看他们已完成的交易, pending or dropped receives and deliveries in the omnibus accounts via automated output option or PTS functionality.
  • 网上交易未于上午11:30前完成.m. on settlement date are exited from the ID净 service and instead become eligible to settle trade-for-trade versus the custodian bank.
  • Deliveries that do not complete for position or controls are available for immediate reintroduction from the original clearing broker's account at 11:30 a.m. Brokers can update an IMS profile to have these ID净 reintroduced drop deliveries automatically authorized.

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