不像交易所交易和大多数主经纪商交易, institutional delivery transactions do not typically flow through NSCC’s CNS automated book-entry accounting system. Instead, they generally settle on a trade-for-trade basis at DTC. The ID Net service essentially separates an affirmed/matched institutional trade into two parts, allowing the broker to combine its institutional trades with its other trades in CNS, 当银行, acting as custodian for the investment manager’s client, 继续以贸易对贸易的方式解决问题.
结果是, ID网简化了清算和结算, cuts customer costs and reduces fails associated with affirmed institutional equity trades, benefiting all parties involved in institutional trading. 其他福利包括:
- 鼓励早期交易肯定
- Facilitates prioritization of settlement for ID Net trades
- Reducing the aggregate value of settlements industry-wide through netting efficiencies.
虽然不被认为是服务的参与者, investment managers and their clients ultimately benefit from ID Net when participants – the settling broker/dealers and banks – subscribe to the service.