In the CASH SETTLEMENT area, using the NCC approach, money balances would be settled:

For OTC (broker - broker) with NCC, nationwide

In the CLEARING area, using the PCC approach:

All trades (listed and OTC; broker and institution) cleared through one organization.

In the CERTIFICATE HANDLING area, using the PCC approach:

All securities (listed and OTC; broker and institution) transferred by book-entry with PSD

No intra-regional physical movement

Including COD's to banks, who are members of PSD