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DTCC Joins Nation in Mourning President Ford; January 2 Processing to Continue as Normal.

NEW YORK -- The Depository Trust & Clearing Corporation (DTCC) announced today, while certain securities markets in the United States may close or conduct limited activity on Tuesday, January 2, 2007 in observance of the National Day of Mourning in honor of former President Gerald R. Ford, DTCC's subsidiaries will remain open in order to clear and settle securities trades from earlier market activity.

The company said it will also process maturing money market instruments and follow normal allocation procedures for any periodic principal, dividend and interest payments due that day. DTCC's fixed income businesses, as well as those involved in global corporate action services and over-the-counter (OTC) derivatives.

"We are deeply saddened and join with all Americans in mourning the death of our thirty-eighth president, Gerald R. Ford," said Jill M. Considine, DTCC chairman. "Our heartfelt sympathy goes out to Mrs. Ford and her family. Gerald Ford served this country with honor and distinction, first in the military, then in the House of Representatives and later as our President during a difficult and trying period in our history," Considine added.

"While the nation stops to acknowledge this loss," Considine said, "DTCC has a special responsibility to continue operating to ensure the certainty and continuity of our financial markets."

DTCC subsidiaries will conduct "business as usual" in providing Clearance and Settlement and Asset Servicing services on January 2 and on subsequent days. More detailed information is provided below for customers and member financial firms, with regard to each subsidiary.

National Securities Clearing Corporation (NSCC):

* Regular and Retransmittal CNS Buy-Ins for execution on January 2 will be null and void. For Regular CNS Buy-Ins, Participants are requested to reinitiate the Buy-In Procedure for executions due on January 3. Retransmittal Buy-Ins should be submitted on January 2 for execution on January 3.

* Regular Way trades of December 27, 28 and 29 will settle on January 2, 3 and 4 respectively. If any transactions are submitted as regular way trade date of January 2, they will settle on January 5. NSCC will accept input from participants, markets and exchanges on January 2. Input may be for transactions for trade date January 2 and for any prior day activity.

* NSCC will distribute all intra-day and end-of-day output as scheduled on January 2, regardless of input. This will facilitate automated scheduling events in participant processes.

* NSCC will process data to its next stage in the product life cycle (for example, "T" trades of December 29 will be netted and reported on the evening of January 2, on the Consolidated Trade Summary, for settlement date January 4).

* The CNS night cycle for January 2 settlement will occur as normal on the evening of December 29, and the day cycle will conclude on January 2.

* The night cycle for January 3 will begin as scheduled on the evening of January 2 and conclude normally prior to the day cycle of January 3.

* Standing default instructions for segregation exemptions and priorities will be used in the absence of participant input.

* NSCC participants should:

* Review their systems so as to accommodate the receipt of empty files or files without the usual mix of date.

* Be prepared to submit and receive data related to prior day activity as it ages through the settlement cycle.

* ACATS and ACATS-Fund/SERV processing will remain unchanged.

* All timeframes for Fund/SERV, Networking and Mutual Fund Profile remain unchanged.

* Insurance processing will occur as normal.

The Depository Trust Company (DTC):

* All scheduled principal, interest and dividend payments will be allocated in accordance with normal procedures. While DTC will follow normal allocation procedures for any cash entitlements due that day (the first business day of the month and thus very heavy volumes), it is expected that some issuers may not make their scheduled payments to DTC or their bank paying agent on January 2. Accordingly, DTC may not be in a position to allocate all payments that day. To the extent that DTC receives payments, allocations will become part of DTC's end of day settlement with settling banks, which will proceed as normal. Participants should factor this into their plans for the day's processing.

* All settlement activities, including processing of money market instruments, will occur as normal.

* All payments will occur as per normal procedures and will become part of DTC's end of day settlement with settling banks, which will proceed as normal.

* Deposits, Withdrawals by Transfer, Rush Withdrawals by Transfers and other physical securities processing functions will continue to operate normally.

In addition, the following DTCC subsidiaries will also be operating as normal:

-Fixed Income Clearing Corporation - both the Government Securities Division and the Mortgage-Backed Securities Division of FICC will remain open and conduct business and settlement processing on a normal basis.

-DTCC Deriv/SERV LLC - which serves the OTC derivatives market, will provide services as normal.

-DTCC Solutions LLC - will operate the Global Corporate Action Validation service as normal.

Additional information and details of available services are listed on the corporation's Web sites at,,,,, and

About DTCC

The Depository Trust & Clearing Corporation (DTCC), through its subsidiaries, provides clearance, settlement and information services for equities, corporate and municipal bonds, government and mortgage-backed securities, money market instruments and over-the-counter derivatives. In addition, DTCC is a leading processor of mutual funds and insurance transactions, linking funds and carriers with their distribution networks. DTCC's depository provides custody and asset servicing for more than 2.5 million securities issues from the United States and 100 other countries and territories, valued at $31.2 trillion. Last year, DTCC settled more than $1.4 quadrillion in securities transactions. DTCC has operating facilities in multiple locations in the United States and overseas. DTCC's derivatives services are offered through DTCC Deriv/SERV LLC, a wholly owned subsidiary of DTCC. For more information on DTCC, visit
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Publication:Business Wire
Date:Dec 29, 2006
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