Emerging Markets Clearing Corporation

Welcome to the Emerging Markets Clearing Corporation

Emerging Markets Clearing Corporation (EMCC), a wholly owned subsidiary of The Depository Trust & Clearing Corporation (DTCC), provides trade matching, clearance, settlement and risk management services to global dealers, interdealer brokers and correspondent clearing firms involved in emerging market debt instruments.

Established in 1998, EMCC is registered with and regulated by the U.S. Securities and Exchange Commission, and is a clearing house recognized for the purposes of the U.K. Financial Services Authority's Interim Prudential Sourcebook: Investment Business.

EMCC currently provides trade services for U.S. dollar-denominated Brady Bonds and associated Value Recovery Rights (warrants), emerging markets global sovereign bonds, quasi-sovereign bonds, and selected corporate bonds. A number of additional instruments are under consideration for eligibility.

Our Services
Service	Benefit
Trade Matching	Member firms match trades in real time electronically on trade date.
Counterparty Risk	EMCC normally eliminates counterparty risk by becoming the buyer to every seller and seller to every buyer when all requirements in its Rules have been satisfied.
Straight Through Processing (STP)	Once matched at EMCC, trades flow automatically to settlement, eliminating intermediate operations processes.
Reduces Operational Cost	EMCC increases efficiency through STP, standardization and centralization.
Warrant Fail Pairoff	EMCC conducts an automated periodic warrant fail pairoff, reducing the number of outstanding fails.
Bond Fail Pairoff	On an as-needed basis, EMCC completes bond fail pairoffs to reduce the number of outstanding aged fails.
SEC Capital Relief	Outstanding aged fails with EMCC as counterparty are afforded haircut relief.

What's New

List of Eligible Securities
(updated 8/29/03)

Important Notices

September 29, 2003

Important Notice #365
RULE CHANGE - Clearing Fund

September 23, 2003

Important Notice #364
New EMCC Eligible Instrument

September 17, 2003

Important Notice #363
RULE CHANGE - Membership Continuance Standards

Legal Filings

EMCC Rules
(updated 9/9/03)

File No. SR-EMCC-2003-05
The text of the proposed rule change consists of revisions to Emerging Markets Clearing Corporation's ("EMCC" or the "Corporation") Rules relating to return of clearing fund deposits.