Americas Central Securities Depositories Annual General Assembly John Abel March 21, 2019

Equity Securities Financing Transactions Clearing Develop a model to centrally clear equity financing transactions Includes securities lending, borrowing and repo transactions Supports central clearing of institutional clients through Sponsoring Members Supports broker-to-broker clearing Maximize member capital efficiency and mitigates systemic risk Allows members to net financing transactions against the CCP thereby reducing capital requirements SFT Transactions settle versus NSCC SFT transactions mature next day SFT transactions settle DVP at DTC

Accelerated Settlement / Settlement Optimization DTCC published Modernizing the U.S. Equity Markets Post-Trade Infrastructure in January 2018 Optional T+1 settlement Settlement Optimization Night cycle reengineering Intraday settlement slice Enhanced asset lending CCP pledge facility Alternative CNS settlement