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DTCCs National Securities Clearing Corp. is proposing a new service that will link broker/dealers and investment managers, who currently rely on a highly manual, decentralized system. Initially, the new service will include account opening data and account maintenance data, including deposits, withdrawals and account terminations.
"Universal adoption of a DTCC communications hub can be a huge win for both sponsors and investment managers by eliminating manual steps, improving operational efficiencies and ultimately providing improved client service," said Rick Austin, co-chairman of the