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STP and Cancelled Certificates

Benefits to the broker dealer community

There are many benefits to the broker dealer community by adding all stops to the SIC® database. Although in the short term you will see an increase in your invoice as we add all stops to the database, you will be helping to create a long-term industry solution towards immobilization and STP as envisioned by SIFMA.

Lower operational costs: by reducing reject fees, mail costs, and unnecessary effort by your staff. All stop categories (cancelled, escheated, restricted, etc..) provides you with immediate cost savings. Identifying problem certificates on Trade Date provides better service to your clients and helps retain their business. This effort will greatly assist SIFMA and broker/dealers in their move towards immobilization.

Please see the document defining "Return to the System Prior to Entering a Sale", published by the Physical Securities Subcommittee, and the letter titled "SEC Letter Re: Physical" on the SIFMA website at: www.sifma.org