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.
Criteria (Market or Settlement Value)
|1||MMI Interest / Principal Presentments||Settlement Value|
|2||MMI Maturity and Reorganization Presentments||Settlement Value|
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.
|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|