IPAs seeking DTC eligibility for MMI issues must complete and submit to DTC via its MMI-WUN web-based application the following documentation:
- Program-level details including the IPA’s DTC account number, issuer name, SEC registration or exemption information, issuer contact information, state/country of domicile and program features (e.g., indexed to principal, variable rate, reedeemable prior to maturity).
- MMI product-specific Letter of Representations (LOR).
- MMI Certificate Master Note /Global Certificate Agreement (executed by IPA upon becoming an IPA)
- Exhibit A (amendment to MMI certificate agreement listing the issuer name and CUSIP base).
- CUSIP base numbers issued by the CUSIP Service Bureau representing the issuer’s program (e.g., discount CP, MTN).
DTC may also require additional documentation as deemed necessary.
After reviewing and approving a submission, the Underwriting group produces the MMI issuer control table (ICT). The MMI ICT allows the IPA to create an issuance instruction. The MMI issuance instruction adds the CUSIP and security-level details (e.g., interest rate, maturity date, payment frequency) to DTC’s masterfile. Additionally, it creates an MMI deposit in the IPA’s DTC account, a maturity obligation (MO), and a delivery (free or valued) of the deposited MMI from the IPA’s account to the specified account of one or more other DTC participants (e.g., the receiving participants) on settlement date.