When an institution looks to attract funds through the DTC market, it is the responsibility of ICD to make the process as seamless as possible. ICD will provide the necessary documents and will handle all communications with its selling agents. The following is a brief outline of each step that is built into our fee.
Survey the market and provide insight as to the rate needed to be successful in satisfying your liquidity needs.
A brokerage agreement and terms agreement will be sent to you to be signed. We will obtain a CUSIP number to begin the selling process.
ICD will make the CD DTC eligible.
Offering Period – ICD will market the CD through its selling network. ICD’s trading desk will be executing orders through the use of various marketing tools.
Two days prior to settlement, ICD’s trading desk will close out the issue(s) and confirm all final purchases.
ICD will prepare a Negotiable Master Certificate for each issue and forward it to you via email. The original master CD must be sent overnight to DTC 2 days prior to settlement date. ICD will track the package through the tracking number you provide.
Settlement Day – our clearing firm will communicate with DTC to ensure that all as funds are collected, and CDs are delivered. Our clearing firm will wire the net proceeds by netting out the selling concession to pay for the CD.
Interest payments – All interest payments can be made through ACH. You will only release one payment per issue. DTC will disburse those payments to the appropriate parties.
Maturity – At maturity, the funds will be wired back as per the instructions that are provided to you. You will release one wire for each maturity. DTC will forward the maturities to the appropriate parties.