Equities Clearing Services

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DTCC's National Securities Clearing Corporation (NSCC) clears and settles virtually all broker-to-broker equity, corporate and municipal bond and unit investment trust (UIT) transactions in the U.S. markets, advancing new initiatives and driving development of products and services that mitigate risk, reduce costs and enhance processing efficiencies for market participants.

Products and Services



The Automated Customer Account Transfer Service (ACATS) is NSCC’s central processing system for the transfer of customer account assets.

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The Continuous Net Settlement (CNS) System is NSCC’s core netting, allotting and fail-control engine.

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The Cost Basis Reporting Service (CBRS) helps financial firms and other market participants report cost basis information to investors and the federal government.

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Envelope Settlement Service (ESS/IESS) standardizes and controls physical delivery of securities.

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The Fully-Paid-for-Account


The Fully-Paid-for-Account is a special sub-account within NSCC’s CNS System that permits Members to use customer fully-paid-for positions to satisfy institutional deliveries in DTC.

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Obligation Warehouse


Obligation Warehouse (OW) is a non-guaranteed, automated service that facilitates matching broker-to-broker ex-clearing trades and provides the ability to track, manage and resolve failed obligations in real-time.

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