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NSCC LAUNCHES 'NEW YORK WINDOW' FOR CLEARANCE OF PHYSICAL SECURITIES

 NEW YORK, May 11 /PRNewswire/ -- National Securities Clearing Corporation (NSCC) announced today the piloting of a new service to support the clearance of physical securities for brokerage and banking institutions.
 The new service, called New York Window, "centralizes a number of activities," explains Jim Ronayne, NSCC vice president and the person designated to run the new operation. "These include receives and delivers for over-the-window, envelope, funds-only, and dividend settlement; custodial services; physical transfers; messenger services; and DTC interface."
 Five major firms will be initial users of the Window and have been involved in its development. Start dates will vary based on the firms' needs and requirements. Bear, Stearns Securities Corp. was first on board, effective April 30. Morgan Stanley & Co. Incorporated has set a tentative start date of mid-May. PaineWebber Incorporated is expected to go live in the third quarter. Merrill Lynch, Pierce, Fenner & Smith Inc. and a fifth major firm are expected to follow later.
 "As a result of the industry trend toward book-entry eligibly, participants are experiencing a decline in the volume of securities that settle via physical delivery," says Steve Labriola, NSCC senior vice president.
 "Because physical operations incur high fixed costs, more of these firms are looking to achieve economies of scale. The Window will reduce back-office costs through shared, automated operations and act as a New York "downtown office" for these firms."
 Through New York Window, receives and delivers of physical securities will be processed and input directly into a proprietary system, and all clearance activity will be communicated electronically to users. Participants will be asked to issue specific instructions for each transaction, which, in effect, will allow them to tailor the services to fit their particular needs.
 To complement the processing of physical securities, custodial services will also be provided. All inventory positions will be reported to respective participants on a daily basis.
 In the future, NSCC may offer other centralized services to meet growing industry demand. Encouraged and guided by participants, these initiatives will expand the ways in which members can cut costs.
 "In today's environment, the industry is continuing to look for ways to streamline operations, and NSCC is being asked to play a key role in providing shared services," says Ronayne.
 National Securities Clearing Corporation, established in 1976, is the nation's leading provider of centralized clearance and settlement services for equities, bond and mutual funds transactions. International Securities Clearing Corporation (ISCC), a subsidiary of NSCC, provides clearance and settlement services to U.S. brokers trading in overseas markets, and Government Securities Clearing Corporation, an NSCC affiliate, provides clearance and settlement services to dealers and banks trading in government securities.
 -0- 5/11/93
 /CONTACT: Stuart Z. Goldstein of National Securities Clearing Corporation, 212-412-8472/


CO: National Securities Clearing Corporation ST: New York IN: FIN SU: PDT

SM-TS -- NY085 -- 7212 05/11/93 16:08 EDT
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Publication:PR Newswire
Date:May 11, 1993
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