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Wednesday, December 03, 2008

DTCC Can Rest After Finishing Creation Service

by: Sean Hanna, Editor in Chief

The Depository Trust & Clearing Corporation (DTCC) has expanded its create and redeem service for exchange traded funds to include using cash as the sole underlying component.

Those creating and redeeming shares in ETFs will have an easier time of it, promises the DTCC's National Securities Clearing Corp (NSCC).

The NSCC will now be able to clear ETF shares made up of commodities, foreign stocks, ETNs and even more exotic securities such as credit default swaps, reports International Securities Finance Magazine.

Previously, the NSCC's ETF creation and redemption process could not handle these illiquid securities.

Susan Cosgrove, DTCC managing director, Clearance and Settlement Group to investors and agent banks to take advantage of the NSCC's central counterparty guarantee and netting. She added that they will also be able to take advantage of T+1 settlement in place of T+3 for ETF trades. Those changes should increase liquidity, she said. 

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