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Welcome to Account Administration

Anthony Pietanza, Director – Customer Service Group October 9, 2007. Welcome to Account Administration. Account Administration “On-Boarding”. DTCC “ On-boarding” is defined as the time from application to activation. DTCC subsidiaries. DTC. NSCC. FICC. GSD. MBSD.

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Welcome to Account Administration

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  1. Anthony Pietanza, Director – Customer Service Group October 9, 2007 Welcome toAccount Administration

  2. Account Administration“On-Boarding” DTCC “On-boarding” is defined as the time from application to activation. DTCC subsidiaries DTC NSCC FICC GSD MBSD

  3. Membership Requirements • Applicants receive similar membership package requirements • Membership Requirements Sheet (“MRS”) • Questionnaire • Legal Agreements • AML Requirements • Foreign Entities require enhance due diligence • Various factors affecting type of applicant requirements: • DTCC subsidiary applying for (DTC, NSCC, FICC) • Type of Legal Entity • Services requested

  4. Membership Requirements - Foreign • DTCC’s Office of Corporate & Regulatory Compliance (“OCRC”) performs due diligence to ensure compliance with Anti-Money Laundering requirements • Financials must be in US GAAP • Documentation submitted must be in English • Applicant must obtain written approval from regulator • Must make Tax Withholding Arrangements

  5. Preliminary ApplicationReceipt • Account Administration reviews package • It is assigned to an Account Administration Representative who will work with the applicant regarding the completion of the application, legal documents and forms

  6. Preliminary ApplicationRegulatory Requirements • Is the applicant a duly organized entity? • Is the applicant approved to do the business it is applying for? • Does the applicant have any restrictions? • Does the applicant meet the minimum regulatory requirements (e.g. excess net capital)

  7. Preliminary ApplicationFinancial Requirements Each applicant must meet the requirements for the type of service they are applying for. Examples include: • FOCUS Reports • Annual Audited Financials • CALL Reports • Blue Books (Financial Statements)

  8. Legal Documentation and Forms • Applicants are required to execute a number of agreements and forms • Member’s Agreement • Legal Opinion • Special Undertakings Agreement (foreign) • Corporate Resolution and Certificate of Incumbency • Settling Bank Tri-Party Agreement • Tax Forms

  9. Risk DepartmentReview and Approval • An in-depth review is conducted by Credit & Market Risk • Once approved Credit Risk notifies the applicant, the Relationship Manager and Account Administration in writing • Approval letter states: • Fund deposit requirement • Services approved for • Any restrictions

  10. Activation • Prior to activation the following steps must be complete • Approval • Properly executed legal documents and forms • Clearing Fund • Connectivity • Training • MARS

  11. On-BoardingSummary • Preliminary Application Review • Legal Agreements and Forms • Risk/Credit Review • Approval • Activation

  12. Existing Members • Reconsideration of Membership (expansion of business) • Mergers, Acquisitions and Organizational Changes (MAOCs) • If an existing member is changing their form of organization, ownership structure or proposes changes to their business, the member may be required to complete an application for membership • Notification Of Material Changes Is Required

  13. Account Administration – “Day to Day” • Account Administration generates reports and provides daily administrative support to internal departments on existing services. • Important Notices • Internal Notices • Allocation Report/Account Listing • On-Boarding Reports/Monthly New Business Meeting

  14. Members Activating Additional Services“Service Add” Full Service • Members can utilize all services Limited Members Limited to those services as specified by • Rules • Approval • Agreement • Fund Requirement

  15. Additional Number Requests • Additional Number Request Form “Info Sheet” • Limited to those services the parent account is approved for • Settlement

  16. Member On-line Tracking System MOTS is a fully automated Web application for tracking and reporting • On-Boarding All new members across all subsidiaries of DTCC • “Events” Member related activity such as: New Application Settling Bank Changes Additional Accounts Retirement

  17. MOTS MOTS facilitates the coordination of the on-boarding process by providing tools to improve communication • Notifications - email • Milestones – from receipt to approval MOTS provides the ability to cross reference multiple membership events • Linking • MAOC Processing • Report Filter

  18. Account Administration – Q & A ???

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