库存管理系统

The Depository Trust Company’s (直接转矩’s) 库存管理系统 (IMS) enables participants to centrally manage their settlement deliveries.

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  IMS provides a staging area for a participant’s transactions by offering various inquiry and prioritization options, 审计跟踪和事务更新功能. It warehouses most participant transactions and introduces them for settlement processing based on transaction type and user-defined profiles. 

• 谁可以使用该服务

  直接转矩参与者有资格使用IMS.

• 好处

  • 随着贸易周期的缩短, IMS offers participants cost-effective tools to control their inventory of trades moving to settlement. 
  • A central inventory system saves participants the cost of building and maintaining individual inventory systems. 
  • IMS increases participant control over the order of submission of their night-cycle deliveries.
  • IMS enhances participant control over the order and timing of deliveries.
  • IMS enables participants to reintroduce dropped transactions.
  • IMS enables participants to store future deliveries.

• 服务如何运作

  配置文件

  配置文件 allow a participant to set rules to instruct 直接转矩 when and in what order deliveries from its inventory should be introduced for settlement.  有四种主要的配置文件类型:

  1. 授权:  allows a participant to control which deliver orders are submitted for settlement on settlement date.  T在这里 are two authorization modes – passive and active.  A passive setting authorizes transactions automatically, with no Participant intervention required.  An active setting requires authorization from the Participant prior to settlement.
  2. 提交订单: allows a Participant to control the order in which 直接转矩 introduces transactions of the Participant for night-cycle processing.  如果未设置，则顺序为:
  1. 重新滴
  2. 连续净结算(CNS)
  3. Automated Customer Account Transfer Service (ACATS). A delivering participant can choose to have its non-CNS-eligible ACATS deliveries sent from NSCC to IMS rather than input them directly.
  4. 配对机构交易
  5. 平衡订单. A delivering participant can choose to have its non-CNS eligible Balance Order deliveries sent from NSCC to IMS rather than input them directly.
  6. 夜间送货单

  Participants preferring a different submission order may, 收费的, instruct 直接转矩 to customize this order to fit their needs. 例如, participants can instruct 直接转矩 to introduce their Auto DO ACATS from NSCC before their CNS deliveries.

  3. 回收秩序: allows a participant to instruct 直接转矩 in which order pending transactions are attempted throughout the day. T在这里 are 3 key delivery profiles: green, yellow and red. 
  1. A green profile attempts to process deliveries in the order directed per the profile created by the participant, processes transactions if position is available and risk management controls can be satisfied for both the receiver and deliverer.
  2. A yellow profile will only process deliveries in the order specified by the Participant, including reserving position for deliveries pending for a receiver’s controls.
  3. A red profile does not process deliveries unless instructed by the deliverer, although deliveries are queued based upon the profile created.
  4. 重新滴: allows a participant to instruct 直接转矩 to attempt automatically to redeliver a transaction that did not process (i.e., dropped transaction) due to insufficient position or risk management controls.

  交易

  IMS handles a variety of processing flows for the different transactions that enter 直接转矩’s settlement system.  Transaction types are high-level categories of different deliver order types – e.g., 机构交付, night-deliver orders – as well as transaction types that are not deliver orders, 比如种族隔离, 备忘录被分类, 等. All non-deliver-order transactions are designated as “OTHR” transaction type in IMS.  Below is a list of IMS transaction types, their IMS code and a brief description: 

  

  事务状态

  As transactions move through various stages of IMS -- profiles are applied, 输入命令, processing events take place – they are assigned to the appropriate IMS state.  每次事务的状态发生变化, 它被分配了一个新的状态, 允许用户跟踪事务状态.  While t在这里 are several states a transaction can move in and out of once in IMS, 大多数事务都遵循一个共同的流程.  交易 enter IMS in an “Unprocessed” state; most become “Authorized” and ultimately are sent to settlement w在这里 they are “Made” or “Dropped.”

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