The Depository Trust & Clearing Corporation (DTCC) is planning to introduce Obligation Warehouse (OW). The service, which is expected to be fully functional by June 2011, will automate the matching and confirmation of broker-to-broker trades that are currently confirmed and settled directly between the trading parties rather than through DTCC and will give member firms real-time access to track, manage and resolve their failed obligations. OW, which is an offering of DTCC’s clearing agency subsidiary, National Securities Clearing Corporation (NSCC), will enhance NSCC’s current fail clearance system, called the Reconfirmation and Pricing Service, to automate the matching and confirmation of broker-to-broker ex-clearing trades. The service will track, store and maintain certain unsettled obligations in a central location.
Click here for the release from Depository Trust & Clearing Corporation.