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The following table shows the order in which DTC places transactions for Risk Management Controls and option 1 recycling.

Note- These criteria do not apply to CNS deliveries, which recycle for position only.

Order

Transaction

Criteria (Market or Settlement Value)

1 MMI Interest / Principal Presentments Settlement Value
2 MMI Maturity and Reorganization Presentments Settlement Value
3

Voluntary Reorganization Instructions (RRG account)

Note- Instructions processed with contra-CUSIPs, such as tender offers and put bonds, are included with Free Deliver Order/Free Pledge Releases below.

Market Value
4 Valued Pledges and Releases Settlement Value
5 Free Pledges Market Value
6 Valued Deliver Orders Settlement Value
7 Free Deliver Orders / Free Pledge Releases Market Value
8 Payment Orders Settlement Value
9 SPP Return / P &I Withdrawal Requests Settlement Value
10 Rush Withdrawals / CODs Market Value
11 Withdrawals By Transfer Market Value
12 Position Transfers Between MA and NA Market Value

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