中枢神经系统®

The 中枢神经系统® System is NSCC’s core netting, allotting and fail-control engine. 在中枢神经系统, each security is netted to one position per Member, with NSCC as its central counterparty (novation).

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  在中枢神经系统, NSCC acts as the central counterparty for clearance and settlement for virtually all broker-to-broker equity, corporate and municipal bond and unit investment trust trading in the 美国. 中枢神经系统 settles trades from the nation's major exchanges, markets and other sources and nets these transactions to one security position per Member per day. Typically, NSCC’s trade guarantee will attach to 中枢神经系统 transactions that reach point of validation.

  中枢神经系统 processes include an automated book-entry accounting system that centralizes settlement and maintains an orderly flow of security and money balances.

  Throughout the 中枢神经系统 processing cycle the system generates reports that provide Members with a complete record of security and money positions and related information.

  While NSCC provides final settlement instructions to its Members each day, the payment and movement of securities ownership occurs at 存's subsidiary, 存托信托公司(直接转矩). 作为存的保管人, 直接转矩 also eliminates the movement of securities by providing book-entry deliveries, which transfer the ownership of securities electronically.

• 谁可以使用该服务

  所有澳门赌场全方位服务会员

• 好处

  中枢神经系统 offers users the following efficiencies and risk protections:

  • 不管体积大小, 中枢神经系统 nets Members’ security obligations on a daily basis to one net long and short position in each issue, minimizing security movements and associated costs.
  • 通过中枢神经系统, NSCC becomes the contra-party to each trade and guarantees each transaction under NSCC’s 规则.
  • Closing fail positions are marked-to-market daily and re-netted with new transactions, 降低了风险.
  • While 中枢神经系统 deliveries are made automatically using Members’ depository positions, Members can exempt certain short positions to avoid segregation violations and effectively meet other delivery needs.
  • 中枢神经系统 minimizes the need to deliver securities on a trade-by-trade basis to Members’ contra parties.
  • 现金股利, 股票派息, 债券利息, and mandatory corporate actions are automatically debited or credited to Members' 中枢神经系统 accounts with open fail positions.

• 服务如何运作

  结算日, all trades due to settle are netted by issue to a net long (buy) or a net short (sell) position, and then are further netted with any new miscellaneous activities, 包括身份证网上交易, 和前一天的平仓.

  The 中枢神经系统 automatic delivery process occurs in two cycles: the “night cycle,从定居的前一天晚上开始, 以及结算日的“日循环”.  

  中枢神经系统空头头寸, which represent securities owed by Members to NSCC, are compared against their 直接转矩 accounts to determine availability. 如果有股份的话, they are delivered from the Member's account at 直接转矩 to NSCC's account at 直接转矩 to cover Members' short obligations to 中枢神经系统. Members can use 中枢神经系统 exemptions to control the automatic delivery of securities from their 直接转矩 accounts (partial settlements are permissible).  

  中枢神经系统多头头寸, 哪些代表澳门赌场欠会员的证券, are processed in an order determined by an algorithm. Securities are automatically allocated to users' long positions as they are received by NSCC. Members can request priority for some or all issues on a standing or override basis. Buy-in submission notices also will affect the priority of a Member's long position.

  Daily money settlement is based on the value of all settled trades plus or minus mark-to-the-market calculations for all open 中枢神经系统 positions.

  中枢神经系统 System provides the following three ancillary services:

  1. The Fully-Paid-for-Account provides Members with a "good control location", as required by the Customer Protection Rule (Section 15c3-3 of the Exchange Act) for Members' fully-paid-for customer securities in the event of a deficit that results from deliveries made outside 中枢神经系统 in anticipation of 中枢神经系统 receives.
  2. Reorganization sub-accounts allow Members to take part in voluntary tender and exchange offers in an automated environment.
  3. Members may issue buy-in intents to 中枢神经系统 once a security has failed. 在中枢神经系统获得收购后, the issuing Member will be placed on high priority to receive the securities. Members who owe shares to 中枢神经系统 will be passed liability for the shares of the buy-in.

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