DTC Shuts Down Dusty IPO Tracker, Eases Broker Burdens
Published Date: 9/29/2025
Notice
Summary
The Depository Trust Company (DTC) is shutting down its Initial Public Offering (IPO) Tracking System, a tool that helped track IPO shares after they launched. This change affects brokers and firms using this optional service and means they won’t pay the related tracking fee anymore. The update is effective immediately, making IPO tracking simpler and cutting unnecessary costs.
Analyzed Economic Effects
4 provisions identified: 3 benefits, 1 costs, 0 mixed.
Elimination of $5,000 IPO Tracking Fee
DTC will remove the 'IPO Tracked Issue' fee of $5,000 per issue from its Fee Guide. That fee will no longer apply as of the Decommission Date (no later than December 31, 2025), and will not apply to tracking instructions submitted on or before October 2, 2025 once the system is decommissioned.
DTC Shuts Down IPO Tracking System
DTC will decommission its optional Initial Public Offering (IPO) Tracking System, the tool used by lead underwriters and syndicate managers to monitor post-offering share movement. The final tracking instructions eligible for the system must be submitted on or before October 2, 2025, and the system will be fully decommissioned no later than December 31, 2025.
Transition Rules for Existing Tracking Requests
For IPO tracking instructions submitted to DTC on or before October 2, 2025, DTC will continue to track those issues for the period the Participant selected (30, 60, or 90 days). After those selected tracking windows end, the IPO Tracking System will be fully decommissioned no later than December 31, 2025.
Removal of UW SOURCE Timing Requirement
DTC will remove the OA requirement that a lead underwriter indicate inclusion in the IPO Tracking System via UW SOURCE no later than 3:00 p.m. ET two business days prior to the Closing Date. That eligibility requirement in Exhibit B will be eliminated as part of the decommissioning.
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