| New York Link enables CDS participants to clear and settle over-the-counter (OTC) trades with U.S. broker-dealers via The National Securities Clearing Corporation (NSCC). It also gives participants access to custodial and settlement services offered by The Depository Trust Company (DTC) and eliminates the need for CDS customers to maintain a U.S. presence.
While New York Link can handle trade-for-trade transactions, it conducts the majority of its trades on a continuous net settlement (CNS) basis.
Using New York Link
CDS sponsors customers of New York Link for membership in NSCC and DTC, entitling them to all the privileges of direct membership in both organizations.
Customers of New York Link contribute to funds administered by CDS, NSCC and DTC for the protection against defaults in settlement obligations. The minimum initial contribution is $10,000 with additional payment based on participants’ trading activities.
Both DTC and NSCC are subsidiaries of The Depository Trust & Clearing Corporation (DTCC), the U.S. holding company that provides clearance, settlement, depository and information services for a range of securities.
For more information on New York Link, refer to User Documentation. |