Correspondent 清算

Correspondent 清算 is a service that allows NSCC Members to move a position from an executing broker (or special representative) account to a different clearing broker (correspondent) account.

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  Correspondent 清算 allows an NSCC Member broker-dealer to use one broker-dealer for an execution and another for clearance and settlement.  Transactions in all NSCC-eligible equities and corporate bonds can be transferred using this service.

• Who Can Use the Service

  The service is available to all full service NSCC Members that have completed the required 9A/9B authorizations, which are available through web-interface.

• 好处

  The service provides a number of operational advantages:

  • Allows NSCC Members to move a position from an executing broker's account to a different account for clearance and settlement. This service allows a broker-dealer to execute a trade through another broker-dealer and settle the trade in its own account.
  • Makes output available in real-time through Universal Trade Capture (UTC) FIX messages or on an intra-day basis in the UTC machine readable output (MRO).

• How the Service Works

  Correspondents and the designated special representative must first establish a trading relationship through NSCC’s Trading Relationship Management system, to ensure that the correspondent broker has permitted the special representative to submit locked-in data on its behalf.

  Correspondents can then route trade orders to the designated special representatives to execute trades on their behalf. After the trades are executed, the special representatives submit offsetting trade information via Correspondent 清算 to NSCC, thus moving the position to the clearing broker's account.

  Both Special representatives and correspondents receive Correspondent 清算 transactions details through UTC output, which itemize the positions submitted into the correspondent clearing service.

• For More Information

  To request additional information, please click 在这里.