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大宗经纪商的CNS接口是一种简化大宗经纪商事务处理的结算选项. 该接口允许执行经纪人将代表对冲基金执行的交易移交给其主经纪人进行清算和结算. CNS接口使合格的清算机构能够向NSCC提供贸易抵消记录, which nets out the executing broker’s position, leaving the prime broker with the remaining settlement obligation. 抵销和净额结算流程简化了贸易流程,降低了双方的风险.

Additionally, CNS接口还可用于两个主要经纪商账户之间对冲基金资产头寸的转移处理. 该接口利用现有的自动化和标准化匹配过程来减少失败和回收的可能性, 从而实现更直接、更少vns6060威尼斯城官网密集型的资产转移处理,降低操作风险.1

CNS接口利用现有的DTCC服务,经纪商在其清算和结算过程中使用这些服务来实现主要经纪商交易处理的匹配和结算, primarily including:

  • Institutional Trade Processing (ITP)’s TradeSuite ID® system – For trade matching and comparison of prime broker transactions
  • NSCC’s Universal Trade Capture (UTC) system – For trade capture of all street-side trades including ITP prime broker trades
  • NSCC’s Continuous Net Settlement (CNS®) system -结算义务的净额为每个证券每个经纪人的净头寸,其中澳门赌场成为中央对手方
  • DTC’s Settlement system -适应入账交付订单的移动,以解决他们的CNS长期和短期义务

1 主要经纪人资产转移的另一种结算方式是交易对手直接在DTC双边结算. For more about this, please the section below on “Alternate Processing”.

  • Who Can Use the CNS Interface

    Firms that are NSCC full-service Members that utilize CNS®

  • Benefits

    CNS接口简化了主代理交易处理,降低了交易双方的风险.

    • The CNS Interface allows prime broker transactions to settle in the CNS System.
    • CNS通过将所有证券交易净额计入每个问题的一个头寸以进行结算,从而简化了交易处理. This eliminates the need to settle prime broker transactions on a trade-for-trade basis.
    • CNS接口通过为合格证券提供NSCC担保来降低交易对手风险.

  • How the CNS Interface Works

    参与主要经纪人交易的两个经纪人将利用TradeSuite ID来匹配要结算的交易. For a trade, 执行经纪人(街头交易)总是会提交确认书,主经纪人会确认该交易.

    For a transfer, 交付资产的主经纪人将始终以执行经纪人的角色提交确认. (Note: If a prime broker is receiving an asset with a short position, 然后他们将扮演执行经纪人的角色,为持有空头头寸的资产生成确认书。2. The contra prime broker, acting in the role of the agent, will affirm that asset position(s) that is to be transferred for the Hedge Fund.

    Whether a trade or a transfer, ITP将确认的交易转发到北卡罗来纳大学的UTC系统,在那里它以市场代码90 (DTC ID -Prime Broker)进行处理。. Additionally, once received NSCC will apply its trade guaranty to that transaction. For settlement, UTC将把交易转发给CNS,在那里它将与主经纪商的其他CNS结算活动进行净额计算,以获得相同的清算参与者编号.3

    1. Executing broker submits confirmation in ITP. Confirmation is sent to Institution, Agent (always a Prime Broker) and Interested Party (if applicable)
    2. Institution/Agent affirms confirmation. Affirmation is sent to Executing Broker and Interested Party (if applicable)
    3. ITP发送确认(转让资产)到澳门赌场的通用交易捕获(UTC)系统



    4. UTC sends transaction to CNS for settlement. (注:此交易将与经纪商在结算日在CNS结算的所有其他街头活动净值)
    5. CNS与DTC的簿记结算系统接口,以处理清算成员的多头和空头头寸的DO运动

    2 提交确认的主经纪商必须使用有资格结算CNS的执行经纪商ID
    3 If the security is eligible for CNS at the time of affirmation, then ITP will forward the affirmed transaction to UTC. If the security subsequently becomes ineligible for CNS before UTC sends to CNS, 那么UTC将在其多边净额保证余额订单流程中包含该交易. In this process, 结算会员将获分配一份余额订单,与另一名澳门赌场结算会员(不一定是交易的原始对手方)结算。. 这些余额订单以统一的结算价格(或按市价结算)结算,并由澳门金沙赌场担保直至结算日.

  • Bilateral Settlement Interface

    Certain transactions will not be eligible to settle through the CNS interface. As a result, these transactions must settle bilaterally between the two contra-parties. Some of the reasons for are as follows:

    • The security does not meet CNS eligibility requirements
    • The affirmation occurs past cutoff time
    • 执行代理正在使用没有资格在CNS中结算的执行代理ID提交确认
    • 确认上的主经纪人(始终是代理)的代理ID没有资格在CNS中结算

    When this occurs, ITP will forward the affirmed transaction to DTC’s Inventory Management System (IMS). 交付资产的一方必须向DTC提供指令,以处理有价值的交付订单(DO),向接收方提供资产份额数量和净结算金额. 这一双边交易将不被澳门赌场担保,因为它将结算交易对手方两家经纪人之间的贸易对贸易. Below is an illustration of this settlement model:

    1. Executing broker submits confirmation in ITP. Confirmation is sent to Institution, 代理人(总是主要经纪人)和利害关系人(如适用)与结算会员的多头和空头头寸
    2. Institution/Agent affirms confirmation. Affirmation is sent to Executing Broker and Interested Party (if applicable)








    3. ITP sends affirmation (of transferred asset) to DTC’s Inventory Management System (IMS)
    1. Executing Broker and Agent bilaterally settle asset directly with each other at DTC

  • Agent ID and Executing Broker ID That Should Be Used In The Tradesuite ID Matching Process

    经纪人可以使用相同的代理ID或执行经纪人ID来匹配他们的PB交易和转账,或者他们可以为每个过程打开单独的ID.

    In order to open a new Agent ID or Executing Broker ID, the broker would need to request the new ID using the following link

  • For More Information

    To request additional information, please contact Client Support at 1-888-382-2721.

Additional Resources

  • News

    See news and press releases covering DTCC CNS Interface for prime broker. Learn how it mitigates risk for both the prime broker and the executing broker.

    Read More
  • Legal

    Download important notices about CNS Prime Broker Interface, which eliminates the need to settle prime broker transactions on a trade-for-trade basis.

    Read More

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