Securities Firm Tweaks Fees for Faster Issuance Process
Published Date: 1/8/2026
Notice
Summary
The Depository Trust Company (DTC) is updating its fee guide to add charges for a new Rapid Issuance process and expanding some existing fees to cover it too. They’re also changing how certain securities confirmations happen—from a portal to email—and setting a fresh start date for this Rapid Issuance. These changes affect anyone using DTC’s services and could impact costs starting soon.
Analyzed Economic Effects
5 provisions identified: 1 benefits, 3 costs, 1 mixed.
New $180 Rapid Issuance Fee
If you use DTC's Rapid Issuance process to issue a security, DTC will charge $180 for each CUSIP when the security is issued. The fee is a per-issuance charge and will be listed in the Underwriting section of the DTC Fee Guide under a new "Rapid Issuance" heading.
$250 Eligibility Fee Now for Rapid Issuance
DTC will apply a $250 eligibility fee when a block of CUSIPs is made eligible under Rapid Issuance, separate from when the CUSIPs are issued. This fee was previously charged only for Money Market Instruments (MMI) and will now apply to Rapid Issuance as well.
$300 Late Surcharge Applies to Rapid Issuance
DTC will assess a $300 late surcharge for Rapid Issuance eligibility requests submitted on the same day as the issue's effective date if DTC eligibility is approved on that effective date. The Fee Guide language is updated to state it applies when the eligibility request is received on the same day as the issue's effective date and DTC eligibility was approved on that date.
Confirmations Via Email, Not Portal
DTC removed the requirement that agents confirm securities issued through UWC in the Asset Services Central portal because the portal is not yet live. Instead, agents must supply confirmations by email to DTC's Underwriting Department, the same method used today for UW SOURCE issuances.
Rapid Issuance Implementation by March 31, 2026
DTC suspended the prior November 3, 2025 implementation and set a new implementation timeframe: all changes related to Rapid Issuance will be implemented by March 31, 2026. DTC will announce the exact implementation date by Important Notice at least 30 days before it becomes effective.
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