UNDERSTANDING,SETTLEMENT,PROCESS,CHART,OFFERS,HIGH LEVEL,OVERVIEW,THE SETTLEMENT,DEPOSITORY TRUST COMPANY,THE NATIONAL SECURITIES,CLEARING CORPORATION,THE GRAPHIC,ENABLING,USER,INFORMATION,THE VARIOUS,INPUT,SETTLED,PROCESSING,INVOLVED,THE ACTUAL,END OF DAY,THE FINANCIAL,INDUSTRY,GENERALLY,TERM,THE EXCHANGE,PAYMENT,THE SELLER,THE TRANSFER,SECURITIES,BUYER,TRADE,STEP IN,TRANSACTION,THE MONEY,MOVEMENTS,TRANSACTIONS,STOCK,EXCHANGE,THREE DAYS,PURCHASE,EXECUTED,CYCLE,THE CENTRAL,EQUITY SECURITIES,COMMON STOCK,MUNICIPAL,CORPORATE DEBT,MONEY MARKET,INSTRUMENTS,POSITIONS,THE U S,INSTITUTIONAL,LOANS,PLEDGING,THE FEDERAL RESERVE,COMMERCIAL BANKS,OPTIONS CLEARING CORPORATION,COLLECTIVELY,AT THE END OF THE DAY,CLIENT,OBLIGATION,STAGE,FOR ALL,EQUITY,VARIETY,ORGANIZATIONS,THE MOVEMENT,SECURITY,23 HOURS,DAY 5,DAYS,WEEK,WINDOW,THE KEY,PROVIDERS,SUBSIDIARY,VENDORS,THEMSELVES,AGENTS,STAGE 2,EXAMPLE,CERTAIN,DELIVERER,AUTHORIZE,THE DELIVERY,CONTINUOUS,NET SETTLEMENT,DELIVERY,NEEDS,SUBSET,COMPLETE,SPECIAL CASES,WANT,RULES,REQUIREMENTS,ENOUGH,SHARES,ACCOUNT,INVENTORY MANAGEMENT SYSTEM,PROCESSOR,PLEASE,NOTE,VERSUS,MONEY,MUST,PASS,RISK,CONTROLS,PRIOR,DESCRIPTION,BUSINESS DAY,EASTERN STANDARD TIME,CASH,THE FEDERAL RESERVE BANK OF,NEW YORK,BEHALF,THAT DAY,SETTLING,BANKS,ACT ON,BROKERS,SETTLE,THE FEDERAL,NATIONAL,SERVICE,BALANCE,ORDERS,COUNTERPARTY,CLEARING,VIRTUALLY,BROKER,CORPORATE,MUNICIPAL BOND,UNIT INVESTMENT TRUST,EQUITIES,MARKETS,MOVE,ACCORDANCE,THE CLEARING,THE BOOK,ENTRY,DETAILS,REFER TO,PRODUCT,PAGE,ISSUERS,FACILITATE,ENTITLEMENTS,SCHEDULED,DATE,RELATED,TRACKING,STOCK LOAN,REPO,FAIL,THE OPPORTUNITY,DIVIDEND REINVESTMENT,FOREIGN,CURRENCY,TAX,RELIEF,PAID,NON U,ELIGIBLE,IN CUSTODY,LOCAL,CUSTODIANS,ACTS,SERVICE PROVIDERS,RETURNS,BANK,CUSTOMER,COLLATERAL,DOS,INSTRUCTION,TRANSFER,FROM ONE,BEGINS,ON THE NIGHT,SETTLEMENT DATE,NIGHT,DAY NIGHT,NDOS,IN THE NIGHT,AFTER THE NIGHT,BE FREE,STOCK LENDING,ACTIVITY,CUSTOMER ACCOUNT,FUNDS,PAYMENTS,SPOS,PREMIUM,PPOS,MARK TO MARKET,PRIMARY,THE COLLECTION,OPTIONS,CALL,PLEDGE,THE PLEDGE,SYSTEM FLOW,COLLATERAL LOAN,SYSTEM,CUSTOMERS,LOAN,CORP,FREE,COMPONENT,OUTSIDE,DEBIT,CREDIT,POSITION,SECURITY INTEREST,ACCOUNTING ENTRY,GENERAL,WITH RESPECT TO,USED TO,LIKEWISE,RELEASE,CAUSE,WHERE IT,AVAILABLE,ISSUANCE,ISSUE,PROGRAM,UNDERWRITERS,REQUESTS,ONCE,BOOK ENTRY,QUICKLY,FULL RANGE,DEPOSITOR,LEAD,MANAGERS,PLACEMENT,MARKET PLAYERS,THE SERVICE,ADDITION,FIRMS,DIRECT,RELATIONSHIP,CORRESPONDENT,REMAINS,CAPITAL MARKET,COSTS,AUTOMATED,STRAIGHT THROUGH PROCESSING,AUTOMATION,STANDARDIZATION,MATURITIES,COMMERCIAL PAPER,MEDIUM TERM,NOTES,DEPOSITS,MATURITY,DATES,ACTIVE,MATURING,PERSPECTIVE,DETERMINE,CASH FLOW,DAILY,BASIS,NECESSARY,SPACE,DEBT,FINANCIAL INSTITUTIONS,STATE,LOCAL GOVERNMENTS,FINANCE,OPERATIONS,THEREFORE,THE SERVICES,AGENT,IPAS,ISSUER,PRINCIPLE,INCOME,INVESTORS,LEGAL OBLIGATION,HONOR,FUNDING,FINANCIAL INTERMEDIARIES,ACQUIRE,THE INVESTOR,THE PARTY,ATTRACTIVE,INVESTMENT,WIDE,RANGE,LIMITED,MONEY MARKET MUTUAL FUNDS,INSURANCE,COMPANIES,FEDERAL,PENSION FUNDS,BROKER DEALERS,THE CUSTODIAN,SUBJECT TO,THE NET,MONITOR,LARGEST,RISK CONTROL,MATCH,INVESTMENT MANAGER,THE BUYS,ARENT,STAGING AREA,FUTURE,CURRENT,ATTEMPTED,FOR SOME,AUTHORIZATION,RECEIPT,CRITICAL,TRANSACTION PROCESSING SYSTEMS,THE CORE,BOOKS,MISSION CRITICAL,APPLICATION,RISK MANAGEMENT,MARKETPLACE,SUFFICIENT,COVER,CAPS,ENSURE,LIQUIDITY,THE EVENT,HANDLES,TRILLION,AUDIT TRAIL,RECONCILIATION,REPORTING,REINTRODUCED,DROPS,ATTEMPT,CLEARANCE,MUNICIPAL BONDS,TRADING,THE UNITED STATES,THE MAJOR,SOURCES,NETS,GUARANTEE,ATTACH,REACH,POINT,VALIDATION,ACCOUNTING SYSTEM,ORDERLY,FLOW,SPPS,PROGRESS,INTRADAY,SENT,FUND,WIRE,REACHED,CONTINUE,SUBSEQUENTLY,RECYCLE,WIRING,THE WIRE,APPLY,PENDING,THE CLIENT,POST,DEBITS AND CREDITS,THE DAY,LONGER,NUMBERS,CHANGE,FIGURE,LEGAL ENTITY,SETTLEMENT SYSTEM,ROLLS UP,PRESENTED,THE SETTLING,REFUSES,RESPONSIBILITY FOR,SATISFY,FEDWIRE,CONFIRMED,FEDERAL RESERVE,CLOSE,