This website sets cookies on your device. By continuing to use our site, you consent to our use of cookies in accordance with our Privacy Policy.
Menu Learning Center
0.00 ( 0 votes )

The following table describes the DTC Settlement processing schedule. All times are eastern time (ET).


Cutoff Time EST 


This Occurs

1:15 p.m.


DTC's cutoff for syndicate closings.

1:30 p.m.


DTC releases all pending delivery account (PDA) positions and reverts to default recycle processing.

2:00 p.m.


Cutoff for:

  • Valued MMI issuances.

2:30 p.m.


Cutoff for:

  • An Issuing and Paying Agent (IPA) to replace the Unknown Rate with a final rate for distribution - the IPA must successfully transmit the final rate to DTC before 2:30 PM ET.

2:45 p.m.


Cutoff for:

  • RAD approval of MMI valued issuance deliver order transactions.

2:55 p.m.


Cutoff for:

  • Entering release requests designating position as eligible for CNS.
  • Processing Valued MMI transactions for issuances, MMI DOs and maturity presentments in the MMI Optimization process.

3:00 p.m.


Cutoff for:

  • DTC’s receipt of an IPA’s MMI Funding Acknowledgement or refusal to pay notification.
  • An IPA to notify DTC of a Temporary Acronym Payment Failure (as defined below).
  • Forced Receiver Authorized Delivery (RAD) period begins.

Note: A Participant can continue to enter valued and free transactions. However, all valued transactions are forced into RAD and require the receiving Participant's approval.

3:10 p.m.


Cutoff for:

  • Pledgees to approve pledge release requests designating position as CNS-eligible.
  • Valued recycle cutoff. All non-MMI valued, CNS transactions and fully paid for and secondary MMI deliveries or maturity presentments that cannot be completed because of insufficient position, collateral, or net debit cap are dropped from the system.

Note: All valued transactions input or approved by Participants after this time will not recycle; they will either complete or drop.

3:15 p.m.


Optional "Push" profile that allows Participants to establish a standing withdrawal request for SPP returns and P&I withdrawals. Cutoff for government deposits and withdrawals.

3:20 p.m.


Cutoff for Settlement payment withdrawals and principal and income withdrawals.

Note: These are manual withdrawals as opposed to the “Push” profile described above.

3:20 p.m.


Forced RAD Delivery Period ends. Cutoff for entering:

  • Valued original DOs including unmatched reclaims
  • Original POs
  • Valued pledges
  • Valued pledge release requests.

Note: If a Participant has made prior arrangements with DTC and its Settling Bank, the Participant can continue to submit valued transactions to its Settling Bank.

3:30 p.m.


Cutoff for:

  • Pledgees to approve valued pledge release requests and enter valued release returns
  • RAD approval or cancellation for valued transactions (except MMI valued issuance DOs).

3:45 p.m.


DTC calculates DTC and NSCC cross-endorsement balances.

3:45 p.m.


DTC finalizes settlement balances for Participants and Settling Banks.

5:00 p.m.


Cutoff for:

  • Entering free Fed pledges to the Fed with extensions upon request to the Fed.
  • Pledgors' requests for release of positions pledged to the Fed.
  • Fed to input pledge release returns.
  • Entering valued DOs and pledges to a Settling Bank.
  • Settling Banks to authorize valued DO and pledge transactions.
  • MMI issuing agents to enter free original issuances (new CUSIP).
  • DTC to lift Risk Management Controls.
  • Free non-MMI DOs input after 5:00 p.m. to RAD if that option is activated by the receiving Participant.

6:15 p.m.


Cutoff for:

  • Entering free additional MMI issuances (existing CUSIP) and free deliveries
  • Pledgors to enter free pledges and free release requests
  • MMI issuing and paying agents to withdraw MMI securities.
  • IPA deadline to set the MMI MP Pend or Issuer Priority Control (IPC) profile that will be effective for next processing day.
  • OCC member’s release of deposit request and authorization to release positions pledged to the OCC.

6:30 p.m.


Cutoff for:

  • Approving or cancelling free MMI issuances through RAD.
  • Inputting day and night position transfer instructions (MA-to-NA transfers).
  • Pledgees to enter free pledge release returns.
  • Pledgees to approve free pledge release requests.

6:30 p.m.


Cutoff for the Authorization and Exemption function.

6:35 p.m.


Recycle cutoff for all free transactions.

6:45 p.m.


Cutoff for inputting segregation instructions.

7:30 p.m.


Cutoff for ANE.

8:00 p.m.


NDO cutoff.



Recommended for You