[11507]
December 31, 1999
TO: BANK AND TRUST ADVISORY COMMITTEE No. 35-99
OPERATIONS COMMITTEE No. 50-99
RE: TRUST PROCESSING SURVEY
______________________________________________________________________________
The National Securities Clearing Corporation (NSCC) implemented several
enhancements to Fund/SERV and Networking in 1996 to enable trust companies to better
participate in these services. These modifications were designed to facilitate the exchange of
information between bank trust departments and mutual funds. The Institute’s Bank and Trust
Advisory Committee was instrumental in providing assistance to NSCC in the development of
enhancements to Fund/SERV and Networking. As part of that effort, the committee developed
"Trust Processing Guidelines" as a means to standardize participant processing. The guidelines
are available on the ICI’s members-only website: http://www.members.ici.org.
In recognition of the fact that bank trust participation in Fund/SERV and Networking
has steadily increased, the Bank and Trust Advisory Committee recently formed an advisory
group composed of bank trust companies and mutual funds to offer guidance to NSCC in
evaluating requests for additional modifications to these services. The Bank and Trust
Enhancements Task Force, with assistance from Tom Cosgrove and Brian Scribner of the NSCC,
developed a survey to assess current usage of the service. This survey will assist NSCC and the
task force to gain a better understanding of how trust processing is supported throughout the
industry and determine the feasibility of enhancement requests that are submitted.
If your firm participates in Trust Processing via NSCC’s Fund/SERV and Networking
we ask that you complete the attached survey. You may fax completed surveys to Agnes
Thomas at the ICI fax number 202/326-8314. Alternatively, you may mail the surveys to
Agnes Thomas at the Investment Company Institute, 1401 H Street, NW, Washington, DC
20005. If you have any questions regarding the survey you may contact the undersigned at
202/326-5850, Tom Cosgrove at 212/412-8675 or Brian Scribner at 212/412-8859.
Please return survey completed questionnaires by January 14. Thank you for your
participation.
Justine Phoenix
Director Operations/
Distribution and Service
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