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DTCC - The Outlook for 2007. Rich Lanning BDUG October 2006. Technology / Communication Plans for 2007. PBS 2.0 SMART Messages Multi Protocol Label Switching Upgrade (MPLS) Common Data Transfer Services Web Service Simplified Sign-on. PBS Version 2 Update. PBS 2.0 Launch

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dtcc the outlook for 2007

DTCC - The Outlook for 2007

Rich Lanning

BDUG

October 2006

technology communication plans for 2007
Technology / Communication Plans for 2007
  • PBS 2.0
  • SMART Messages
  • Multi Protocol Label Switching Upgrade (MPLS)
  • Common Data Transfer Services
  • Web Service Simplified Sign-on
pbs version 2 update
PBS Version 2 Update
  • PBS 2.0 Launch
    • Internal Pilot (8/7 – 9/30)
    • External Beta
      • 2 Firms (10/1 – 10/31)
      • 10 Firms (11/1+)
    • General Availability – Phased Rollout (2/15)
  • Benefits
    • Single sign-on between PBS and PBS 2.0 functions
    • Applications re-platform
      • Off the mainframe
      • Enhanced security framework (seamless to users)
urban legend
Urban Legend ?!
  • PBS Slowdown w/ Settlement between 1-3 PM
    • Contact CSC (1 888 382 2721 - Option 1 PBS related problem) as they occur
    • State that user is experiencing a "disruptively slow response time on PBS", the PBS function they are using, and the approximate time they first experienced the issue.
    • Will not be able to immediately remedy the situation but that we plan to use the collected information to analyze and determine the cause and solutions.
pts screenscraping
PTS Screenscraping
  • Uploads for DO, NDO, IPOS and PO to be handled as part of 2007 planning
  • Investigating alternate delivery of PBS data
    • CA Re-Engineering - Messages will be published and the on-line queries will be supported with the ability to export lists to Excel.
    • CCF Files –
      • Projection files (CSHPRJ),
      • intra-day allocation files (CSHSTA - CSHSTJ),
      • EOD allocation files (CSHSET)
      • EOD unallocated files (CSHUNL)
  • Please do not screenscrape PBS!!
smart messages
SMART Messages
  • Fact: 3270 printer support will be phased out over time
  • SMART Messages is now generally available – Please try it!
  • Deposit ticket options are still being reviewed and will be finalized shortly
smart messages7
SMART/Messages

Short Term deliverables

  • Home Page
      • Display more than 5 days worth of available tickets - Max is 7 days.
      • Update Replay button in order to be more intuitive
      • Enhanced sorting capabilities
smart messages8
SMART/Messages
  • Ticket Display Page
    • When viewing group of actual tickets be able to:
        • Provide better delineation between tickets
        • Allow users to search for ticket specific information
        • Allow users to print individual/specific tickets w/in all shown and not just the entire range
    • Enhanced search capabilities:
        • Account #
        • $ amount
        • Status
        • Other ticket specific information
smart messages9
SMART/Messages
  • Message List Page
    • Display more than 30 tickets at a time (however, we need to keep a limit on the total number displayed as that could increase response times)
    • Allow users to move between groups of 30 tickets instead of using the back and forth buttons (e.g. 1-30, 31-60, 61-90, etc.)
smart messages10
SMART/Messages

Long Term Enhancements

  • Home Page
    • Enhanced sorting capabilities
      • Ticket type
      • Use of filters/ticket specific information
    • Alerts
      • Notify users when something new has come.
      • Allow users to define alert parameters.
      • Parameters to include: Time, Ticket Type, Other Ticket Specific Information.
smart messages11
SMART/Messages
  • Home Page (cont.)
      • Allow users to create a profile (i.e. define which ticket types should go to which destination – 00, 01, 02, xx)
      • Indicate which tickets in a range of tickets have already been printed
  • Message List Page
      • Display ticket specific information in the message text field.
smart messages12
SMART/Messages
  • Ticket Display Page
      • Identify when a ticket has already been printed, especially when a range of tickets has been printed.
      • Allow tickets to be downloaded either individually or in groups so users can archive
mpls network upgrade
MPLS Network Upgrade
  • A technology “refresh” which requires swapping out the “old” frame relay circuits & routers
  • The new MPLS routers & circuits will offer optional features such as encryption
  • It is not a small effort & we hope to have it significantly completed in 2007
  • We ask for your assistance with the coordination with this task
common data transfer service
Common Data Transfer Service
  • An effort to re-engineer our message & file systems onto a single enterprise-wide architecture
  • Meeting with participants between now & the end of 2006 to examine message & file interfaces
  • Results will be published in Q2 2007
web service simplified sign on
Web Service Simplified Sign On
  • Will be swapping out existing PC Web Direct digital certificates with new DTCC Web Direct certs
  • Piloted in October with 10 firms. November general migration of ACATS & MF services
  • Will work with each firm’s Access Coordinator to review & authenticate each user’s existing access
direct registration system drs
Direct Registration System (DRS)
  • July 2006:
    • SEC rule approved - all exchange listed issues must be DRS eligible
      • 1/1/2007: new issues coming to market must be DRS eligible
      • 1/1/2008: all listed issues must migrate to DRS
    • SIA approaches regional exchanges
drs jan 2007 new issues
DRS – Jan 2007 – New Issues
  • Underwriter awareness
    • Information flow to Syndicate Operations Division
    • Letters to all underwriters
    • @ DTCC article
  • US Facilities shut down
  • Eliminate Hold and Bust function
    • Minimal transaction volumes
      • 2 “Bust” per day.
    • Certificate transactions continue to decline
slide19
DRS
  • Mid 2007:
    • Begin analysis of eliminating cert. for DRS eligible issues
    • Info exchange with DTCC Board, SIA, and industry
  • 3Q 07: Implement DRS processing enhancements
    • Move “all” shares
    • Move “all”, sell fractions
    • Move “all”, terminate account, sell fractions
slide20
DRS
  • Jan 2008:
    • All NYSE, NYSE Arca, Nasdaq, and Amex issues must be DRS eligible
    • Expand DRS to other exchanges
  • 2Q 08:
    • Default to “statement only” for DRS eligible issues
    • Currently: 80% of WTs are for DRS eligible issues
slide21
WTs
  • 2007:
    • Avg. daily WT cert. volumes decline by 22%
    • WT DRS statement volumes increase by 50%
  • 2Q 07:
    • Explore limited processing days each week for WTs
slide22
WTs
  • Mid 2008:
    • WT processing truncates to 2X a week
    • Prepare to eliminate DMD processing
  • 4Q 08:
    • Sunset DMD functionality
deposits
Deposits
  • 2Q 06: Efforts continue to expand Paperless Legal program
    • Letters and flyers to agents
    • @DTCC articles
    • One-on-one contact with agents and participants
  • Jan 2007:
    • “No paper” processed for legals
    • Six month break-in period / paper stripped & returned for PLAs
    • Presentments outside of DTC for non-participating agents in July 2007
deposits24
Deposits
  • July 2007:
    • No paper legal transactions accepted by DTC
  • Sept 2007:
    • DTC begins to charge for paper legal transaction rejects
  • 4Q 2007:
    • Explorelimited processing days each week for deposits
deposits25
Deposits
  • 2Q 08:
    • Truncate deposit processing to 2X each week
    • Consider sun-setting BDS
    • Exceptions:
      • Reorg deposits
      • Custody deposits
      • Restricted deposits
non transferables
Non-Transferables
  • 2007:
    • Over 1 million cert. in vault
    • PREM and Destruction process continues
    • As cert. decline, economies of scale diminish
  • Jan 2007:
    • Fees increase
  • 3Q 2007:
    • Explore eliminating new deposits
    • Fee increases considered
custody
Custody
  • 2007:
    • Growth continues as less fungible cert. in circulation
    • Vault houses over half million cert. and growing
    • All manual processes, with no economies of scale
  • 1Q 08:
    • Recommend “right sizing” fees
  • 3Q 08:
    • Plan for sun-setting of ESS service
custody28
Custody
  • 1Q 09:
    • Evaluate options for processing efficiencies and cost cutting
other news you can use
Other News You Can Use!
  • Settlement Hotline Established – 212 855 5800
  • 2007 Fee Impact Analysis will be available in late November
  • Real time link between Omgeo’s Tradesuite & DTC in November – Late Affirm Processing
  • DTCC Learning – Review certification opportunities & new e-learning offerings
  • 2007 BCP Testing & Out of Region Recovery Planning
atp re design
ATP Re-Design
  • Feedback on handout describing the holiday processing proposal
  • ISO 15022 Message Formats Feasibility
  • Real-time 24x6
dtc operational metrics
DTC Operational Metrics
  • Like you, we have hundreds of internal operational performance metrics.
  • We always tell you how we are doing... after we do it.
  • This year we selected 17 metrics from our catalog that we thought clients would be most interested in. We vetted those with the OAC and ASAB in 2005.
  • We set targets and are monitoring performance with the OAC and ASAB. We are planning to distribute more broadly in 2007.
  • We hope this adds additional transparency and accountability.
  • Are there other metrics you would be interested in for next year?
structured securities
Structured Securities
  • Be mad as hell and pledge not to take it anymore.
  • White papers are nice but it\'s time for action.
  • Paying agents are not the problem - the structure of many deals is.
  • The community is together trying to separate the bad from the good deals and make recommendations for each.
  • We do not want to harm to the investor with our actions.
  • BDUG is welcome to the table!
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