DTCC has launched a service to speed up the issuance of structured notes processed through its central securities depository, The Depository Trust Company (DTC), according to a company release.
The service, Rapid Issuance, is available via the Underwriting Central platform and is designed to automate the creation of new issues, particularly for equity-linked structured notes. It supports bulk eligibility and is intended to reduce processing time and operational complexity.
Under the new setup, issuers can complete closings within an hour of submitting a security, according to DTCC.
Focus on automation and data
The service also introduces changes to data handling, with an expanded data model aimed at improving the accuracy of corporate actions information, including payments and tax reporting.
Patrick Barthel, executive director at DTCC Asset Services, said clients are already using the service and pointed to “efficiency and increased automation” in the process.
Industry response
Market participants cited in the release link the development to increasing scale and complexity in issuance.
Karen Montbach, executive platform owner at BNY, said the service “delivers operational efficiencies by streamlining eligibility processes and enhancing data quality”, while UBS’s Brian Miller highlighted the ability to establish DTC eligibility in advance and carry out bulk issuance on settlement day, giving “greater flexibility, efficiency, and operational certainty.”
The service is positioned within DTCC’s broader effort to automate issuance workflows.
