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DTCC, through its depository, The Depository Trust Company (DTC), plans to enhance its current settlement model to eliminate risks associated with intraday reversals of transactions in DTC’s MMI system that are the result of issuer failure. The proposed MMI settlement model will require changes to DTC’s “refusal to pay” procedures and to current market practices by investors, issuers, custodians, placement agents dealers and Issuing Paying Agents (IPAs). These changes will allow MMI transactions to be processed intraday without the risk of transaction reversal prior to end-of-day settlement.

Phased-in implementation is planned for Q4 2016/Q1 2017.

For more information see MMI Finalitiy Through Optimiztion which includes links at the bottom to this MMI Service description as well as batch and ISO message format documentation.

 

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