Central Securities Depositories
Depository Trust Company (DTC)
Federal Reserve Bank
National Securities Clearing Corporation (NSCC)
Fixed Income Clearing Corporation (FICC)
The Options Clearing Corporation
Minneapolis Grain Exchange Inc.
T+3 for Equities, Corporate bonds and Municipals
T+0 or T+1 for Money market instruments and Government securities
NSCC acts as CCP for Equities, Corporate and municipal debt, American depository receipts, Exchange-traded funds; Unit investment trusts.
FICC includes Fixed Income Clearing Corporation Government Securities Division (US Treasury and agency securities) and Fixed Income Clearing Corporation Mortgage-Backed Securities Division (mortgage-backed securities).
On October 16, 2014, DTCC announced the formation of an industry steering committee and an industry working group to facilitate the move from a settlement cycle of T+3 to T+2, for trades in equities, corporate and municipal bonds, and unit investment trusts (UITs).
On June 18, 2015, the Committee released a white paper detailing a plan to move to T+2 in the US by the end of Q3 2017.
Key terms defined in our glossary:
Central Securities Depository
The above information is written as a general guide only and is subject to change. Please refer to our 'Terms' page for more details.