This learning content will familiarize NSCC participants with the benefits and functionality of the Obligation Warehouse and DTCC's Obligation Warehouse (OW) Web application.

Getting Started

The Obligation Warehouse webcasts provide background information about OW and a high-level overview of the OW Web application. For a comprehensive (200+ page) reference to the OW, download the Obligation Warehouse (OW) User Guide. The OW Web Interactive Learning Tool simulates the OW Web application to familiarize you with its interface. Log in to view OW content in this Learning Center.

Obligation Warehouse

About The Obligation Warehouse

The Obligation Warehouse (OW) is a product of the National Securities Clearing Corporation (NSCC) which is a Member owned subsidiary of the Depository Trust and Clearing Corporation (DTCC). The services provided for trade capture and clearing create a common repository for the transactions from the marketplaces, including the listed exchanges and alternative trading platforms collectively, and consolidates those transactions to reduce the burden of trade for trade settlement for each transaction. Additionally, NSCC provides a guarantee for specific transactions that are netted through Balance Orders or the Continuous Net Settlement (CNS) accounting service and settled either at NSCC, DTC, or at another depository.

The National Securities Clearing Corporation (NSCC) has upgraded and expanded the technology for the Reconfirmation and Pricing Service (RECAPS) and introduced the Obligation Warehouse (OW). The Securities and Exchange Commission (SEC) approved the NSCC Rule filing and Financial Regulatory Authority (FINRA) provided the interpretative guidance to state that the OW is a mandated service for NSCC broker dealer full service members.

 

Obligation Warehouse Benefits

The Obligation Warehouse (OW) provides the following industry benefits:

  • A central repository of open broker to broker obligations.
  • Automate real-time matching / confirmations of ex-clearing, non-CNS obligations.
  • Ability to manage and resolve exceptions, DK’s, in a more timely manner.
  • Servicing of open obligations. Adjusting for corporate actions and scanning for CNS eligibility daily.
  • Risk mitigation and net capital relief through mark to market of open obligations.

The OW provides an automated service for the matching of open obligations in the same securities currently supported by RECAPS. The centralized service supports bilateral matching of fails and other ex-clearing obligations in real time, rather than quarterly and it will communicate a successful match to both parties of the obligation. The database will store non-CNS matched open obligations from trade date through actual settlement date. RECAPS does not store open obligations once they are matched, netted, and re-priced.

The OW checks for CNS eligibility, daily, and net, re-price, and re-date non-CNS eligible securities on more frequent basis than the current RECAPS. The OW will also adjust matched fails for mandatory corporate actions. In addition to securities covered under the current RECAPS system, (equities, municipal bonds, corporate bonds, and UIT’s), the Obligation Warehouse will also include receive and deliver instructions issued by the Automated Customer Account Transfer Service (ACATS).

 

Obligation Warehouse (OW) Web

DTCC's Obligation Warehouse (OW) Web is a secure, browser-based obligation entry/ management tool that incorporates robust search capabilities, statistical reporting, and exception processing. The OW Web gives every OW eligible Member access to real-time information, in addition to input and response capability. Additionally, all output files are parsed into sections and defined as reports readily available in the OW Web Report Center for up to two years and thereafter upon request for another five years.

Using OW Web, participants can enter ex-clearing broker to broker obligations, obtain real-time matching, clean up exceptions, store open obligations, check for CNS eligibility daily, and run RECAPS frequently. The OW Web functionality allows participants to:

  • Perform obligation entry, modification, delivery notification, and cancellation;
  • View, Affirm, or DK advisories;
  • Immediately identify and resolve exceptions;
  • Research obligation exceptions using a search engine;
  • View all matched and uncompared obligation entries by currency, security, status, contra, or a combination of criteria;
  • Export obligation details or query results to Excel spreadsheets;
  • Access end of day OW reports both today and historically.

The OW Web is simple to use and efficient for obligation entry and reporting. The commands and data are validated in real-time, input errors are reported immediately and invalid data elements are returned directly on the entry screen. Delays associated with batch processing and manual comparison should be significantly reduced.

Every obligation submitted, as well as the subsequent related events, are also sent to the Contra to provide both parties with the most updated status. Every obligation is available for viewing on screen regardless of status. Aged obligations are recognizable quickly to assist operational areas in the confirmation and resolution processes.

  • Participant Services Environment (PSE) Web Portals for Equities Clearing Change URL (02/12/2016)

    The Depository Trust and Clearing Corporation (DTCC) will be updating the Participant Services Envir ...
    In OW Important Notices Downloads: 196

  • Rule Filing - SR-NSCC-2015-009 - Obligation Warehouse Fees (12/29/2015)

    Modify Addendum A (Fee Schedule) to adjust fees related to NSCCs ACATS, OW, FundSERV, Insurance and ...
    In OW Important Notices Downloads: 175

  • Testing Available for Obligation Warehouse Web (08/17/2015)

    The National Securities Clearing Corporation (NSCC) is migrating to Microsoft Internet Explorer vers ...
    In OW Important Notices Downloads: 152

  • Year 2016 Obligation Warehouse RECAPS Schedule (08/11/2015)

    The dates for NSCC’s monthly Reconfirmation and Re-pricing Service (RECAPS) have been schedule ...
    In OW Important Notices Downloads: 213

  • Obligation Warehouse Enhancement to Communication with DTC's IMS Processing (06/04/2014)

    National Securities Clearing Corporation (NSCC)’s Obligation Warehouse (OW) will enhance its c ...
    In OW Important Notices Downloads: 158

  • Obligation Warehouse's Pair Off Function Production Launch on March 7, 2014 (02/13/2014)

    As previously announced in Important Notice A# 7684, P&S# 7302, dated August 15, 2013, Natio ...
    In OW Important Notices Downloads: 149

  • NSCC Rule Filing (SR-NSCC-2014-01) - Fee Changes for OW Pair Off Function (02/12/2014)

    On November 14, 2013, National Securities Clearing Corporation (“NSCC”) filed a proposed ...
    In OW Important Notices Downloads: 158

  • Testing Obligation Warehouse's Pair Off Function (01/27/2014)

    The 2014 dates for National Securities Clearing Corporation (NSCC)’s monthly Reconfirmation an ...
    In OW Important Notices Downloads: 155

  • Approval of Rule Filing (SR-NSCC-2014-01) - OW Pair Off Function (01/09/2014)

    Subject to required regulatory approval, the National Securities Clearing Corporation (NSCC) is prop ...
    In OW Important Notices Downloads: 167

  • Reminder: Testing Obligation Warehouse's Proposed Pair Off Function (01/07/2014)

    As previously announced in Important Notice A# 7665, dated January 9, 2014, the National Securities ...
    In OW Important Notices Downloads: 193

  • Timeline for Testing Obligation Warehouse's Proposed Pair Off Function (11/22/2013)

    On February 12, 2014, National Securities Clearing Corporation (“NSCC”) filed a proposed ...
    In OW Important Notices Downloads: 147

  • Rule Filing (SR-NSCC-2013-11) - OW Pair Off Function (11/14/2013)

    As previously announced in Important Notice, A#7739, P&S# 7309, dated November 22, 2013, tes ...
    In OW Important Notices Downloads: 215

  • Year 2014 Obligation Warehouse RECAPS Schedule (10/01/2013)

    On January 7, 2014, the Securities and Exchange Commission (“SEC”) approved the rule fil ...
    In OW Important Notices Downloads: 182

  • Obligation Warehouse Proposes to Enhance Service With Pair Off Function (08/15/2013)

    As previously announced in Important Notice, #7739, P&S# 7309, dated November 22, 2013, test ...
    In OW Important Notices Downloads: 141

  • Obligation Warehouse Phase II Enhancements Release Reminder (04/04/2013)

    Please be reminded that, as announced in Important Notice A# 7600, P&S# 7170, dated March 8, ...
    In OW Important Notices Downloads: 148

  • Obligation Warehouse Phase II Enhancements Release Date Changed to May 2, 2013 (03/08/2013)

    The National Securities Clearing Corporation (NSCC) will implement into production the Phase II Enha ...
    In OW Important Notices Downloads: 164

  • Obligation Warehouse Phase II Enhancements Testing and Production Implementation Timeline (01/08/2013)

    National Securities Clearing Corporation (NSCC) will be adding Phase II Enhancements to its Obligati ...
    In OW Important Notices Downloads: 161

  • Obligation Warehouse RECAPS Schedule for 2013 (12/18/2012)

    The 2013 dates for National Securities Clearing Corporation (NSCC)’s monthly Reconfirmation an ...
    In OW Important Notices Downloads: 155

  • Obligation Warehouse December 7, 2012 RECAPS Test CANCELLED (11/27/2012)

    National Securities Clearing Corporation (NSCC) has cancelled the test for the enhancements to Oblig ...
    In OW Important Notices Downloads: 140

  • Year 2012 Obligation Warehouse RECAPS Schedule (11/19/2012)

    The National Securities Clearing Corporation (NSCC) is adding an additional Reconfirmation and Repri ...
    In OW Important Notices Downloads: 139

  • CANCELLED: Obligation Warehouse Industry-wide RECAPS Test (11/06/2012)

    Due to the effects of Superstorm Sandy, National Securities Clearing Corporation has cancelled the f ...
    In OW Important Notices Downloads: 139

  • Year 2012 Obligation Warehouse Participant Training and Testing (09/17/2012)

    The National Securities Clearing Corporation (NSCC) introduced the Obligation Warehouse (the “ ...
    In OW Important Notices Downloads: 150

  • Year 2012 Obligation Warehouse 2012 Plans for Enhancements (05/21/2012)

    The National Securities Clearing Corporation (NSCC) introduced the Obligation Warehouse (OW) in earl ...
    In OW Important Notices Downloads: 141

  • Year 2012 Obligation Warehouse Planned Industry Test for RECAPS on June 8, 2012 (05/15/2012)

    The Obligation Warehouse (OW) service will be conducting an industry-wide test for the Repricing and ...
    In OW Important Notices Downloads: 125

  • Year 2012 Obligation Warehouse RECAPS Schedule (04/20/2012)

    As previously announced, the first run of National Securities Clearing Corporation (NSCC)’s Re ...
    In OW Important Notices Downloads: 138

  • Year 2012 Obligation Warehouse RECAPS Scheduled (03/26/2012)

    As previously announced, the first run of National Securities Clearing Corporation (NSCC)’s Re ...
    In OW Important Notices Downloads: 143

  • Year 2012 Obligation Warehouse RECAPS Schedule Revised (01/27/2012)

    As previously announced, the first run of NSCC’s Reconfirmation and Re-pricing Service (RECAPS ...
    In OW Important Notices Downloads: 149

  • Year 2012 Obligation Warehouse RECAPS Schedule (11/29/2011)

    National Securities Clearing Corporation (NSCC)’s Reconfirmation and Re-pricing Service (RECAP ...
    In OW Important Notices Downloads: 131

  • Obligation Warehouse - Testing and Introduction of CNS Eligibility Check Planned for August 15, 2011 (06/28/2011)

    Obligation Warehouse (OW) was launched in production on March 4, 2011 for all full service Members o ...
    In OW Important Notices Downloads: 131

  • Obligation Warehouse - Fees Effective July 1, 2011 (06/28/2011)

    Obligation Warehouse (OW) was launched in production on March 4, 2011 for all full service Members o ...
    In OW Important Notices Downloads: 134

  • Rule Filing SR-NSCC-2011-05 - Obligation Warehouse Fees (06/23/2011)

    On Monday, June 20, 2011, National Securities Clearing Corporation (NSCC) submitted rule filing SR-N ...
    In OW Important Notices Downloads: 137

  • Year 2011 Obligation Warehouse RECAPS Schedule (06/23/2011)

    As previously announced, the first run of National Securities Clearing Corporation (NSCC)’s Re ...
    In OW Important Notices Downloads: 126

  • Obligation Warehouse Launches (03/03/2011)

    As previously announced in NSCC Important Notice A# 7135, P&S # 6705, dated January 7, 2011, ...
    In OW Important Notices Downloads: 143

The Obligation Warehouse (OW) Overview webcast is intended for NSCC Members and Obligation Warehouse users who wish to...

Category: Obilgation Warehouse (OW)
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Welcome to the OW Web: Interactive Learning Tool! This simulation provides information about existing OW Web...

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This 5-minute webcast explains the OW Pair Off process and includes a sample tutorial demonstrating "A One-To-Many...

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This 15-minute webcast is the third in a series of presentations designed to help you better understand the Obligation...

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What is the Obligation Warehouse? The Obligation Warehouse, or OW, is an electronic matching engine for transactions...

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What is the Obligation Warehouse? What problems was it created to solve? How does the Obligation Warehouse service...

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