Form 17AD-27 Files Dataset

The Form 17AD-27 Files Dataset is a structured collection of every EDGAR submission of Form 17AD-27 and its amendment variant Form 17AD-27/A — the annual straight-through processing (STP) report mandated by Rule 17Ad-27 under the Securities Exchange Act of 1934 for clearing agencies that operate a central matching service provider (CMSP). Each record packages one full annual-report filing, pairing a metadata.json descriptor with the primary Inline XBRL (iXBRL) HTML document that carries the filer's policies, progress narrative, planned initiatives, certification, and the monthly matrix of trade, allocation, confirmation, affirmation, and cancellation metrics.

Form 17AD-27 is the only public, periodic disclosure produced by the 2023 SEC rulemaking package that moved U.S. securities settlement from T+2 to T+1 (Release No. 34-96930). The filer universe is effectively a two-entity population — DTCC ITP Matching (US) LLC, operator of the Central Trade Manager (CTM) platform, and Bloomberg STP LLC — because no other registered clearing agency currently meets the rule's definition of a central matching service provider. The dataset begins with filings submitted in February 2025, the first reporting cycle after the T+1 compliance date, and grows by a small number of records each year as each filer submits one annual report (plus any Form 17AD-27/A amendments) per fiscal year.

Because every filing is Inline XBRL, the rendered HTML and the machine-readable numeric and narrative facts are a single artefact, extractable through the sro, sro17ad27, dei, us-gaap, srt, and filer-extension taxonomies. The dataset is distributed as monthly ZIP archives partitioned under year-level directories, with each accession folder holding one filing's metadata descriptor and its primary iXBRL HTML document.

Dataset APIs

Dataset Files

What This Dataset Contains

One record in the Form 17AD-27 Files Dataset is a single EDGAR filing — either a Form 17AD-27 (original annual report) or a Form 17AD-27/A (amendment to a previously filed annual report) — submitted by a clearing agency that operates a central matching service provider. The record is keyed on an EDGAR accession number and corresponds to one full annual-report package covering one reporting-period end date (typically a December 31 fiscal year-end). Each record bundles a machine-readable metadata descriptor with every non-image document from the original EDGAR submission, so a consumer receives both the structured filing identifiers and the complete narrative-plus-numeric content of the report itself.

Form 17AD-27 is the annual report mandated by Rule 17Ad-27 under the Securities Exchange Act of 1934. The SEC adopted the rule in 2023 as part of the regulatory package that moved U.S. securities settlement to T+1, and it took effect for annual reporting beginning with the first full calendar year after the T+1 compliance date. The form is filed by central matching service providers — clearing agencies registered under Section 17A whose business includes comparing and matching trade details between broker-dealers and institutional investors — and its purpose is to describe and measure each CMSP's efforts to facilitate straight-through processing of securities transactions. Every filing is constructed as an Inline XBRL document so that narrative disclosures and operational metrics are simultaneously human-readable and machine-extractable through the sro, sro17ad27, dei, us-gaap, srt, and filer-extension taxonomies.

The dataset is distributed as ZIP archives partitioned by calendar month of filing, arranged under a year-level directory (for example 2025/2025-02.zip). Each archive's root is a month-named folder whose children are accession-number folders — the accession number appears in undashed form (e.g. 000203495825000036) — and each accession folder holds exactly one Form 17AD-27 filing. Inside the accession folder are a metadata.json descriptor and the primary Inline XBRL HTML document. The ancillary XBRL artefacts that exist on EDGAR (the filer-extension taxonomy .xsd, its label linkbase, and the extracted XBRL instance .xml) are not shipped inside the ZIP; they are referenced by absolute EDGAR URLs in the metadata so that consumers can retrieve them on demand. Image files from the original submission are excluded by design. The file types found in the dataset are JSON (the metadata descriptor) and HTML (the primary iXBRL report document).

Content Structure of a Single Record

The metadata.json descriptor

metadata.json is a JSON object carrying the structural and provenance information needed to locate, cite, and interpret the filing. Its fields include:

• formType — either "17AD-27" or "17AD-27/A".
• accessionNo — the canonical dashed accession number (e.g. "0002034958-25-000036").
• filedAt — ISO 8601 acceptance timestamp with timezone offset.
• periodOfReport — the calendar reporting-period end date the report covers.
• description — a human-readable label such as "Form 17AD-27 - Annual report pursuant to rule 17Ad-27".
• linkToFilingDetails, linkToTxt, linkToHtml, linkToXbrl — URLs to the primary document, the full SGML submission text file, the EDGAR filing-index page, and the XBRL instance where applicable. For iXBRL-only filings linkToXbrl is empty because the facts live inside the HTML.
• documentFormatFiles[] — one entry per primary document, each carrying sequence, size, documentUrl, description, and type. The 17AD-27 row's documentUrl typically uses the EDGAR ix?doc= viewer prefix, signalling that the document is Inline XBRL.
• dataFiles[] — the XBRL data artefacts on EDGAR: the filer-extension schema (type EX-101.SCH), the label linkbase (type EX-101.LAB), and the extracted instance document (type XML). These entries are present even though the underlying files are not shipped inside the ZIP.
• entities[] — one entry per filing role, each describing companyName (with the role suffix appended, e.g. "... (Filer)"), cik, fileNo, irsNo, stateOfIncorporation, fiscalYearEnd (MMDD), act ("34" for Exchange Act filings), type, and filmNo.
• seriesAndClassesContractsInformation — a structural array that is always empty for this form (it belongs to investment-company filings).
• id — a 32-character hexadecimal record identifier assigned by the dataset.

The primary Inline XBRL HTML document

The primary document is a valid XHTML file whose <html> element declares the full set of XBRL namespaces used by the filing — ix, xbrli, xbrldi, link, xlink, dei/2024, sro/2024, sro17ad27/2024, us-gaap/2024, srt/2024, country/2024, dtr-types/2022-03-31, utr, ixt, ixt-sec — plus a filer-local taxonomy namespace (e.g. dtcc:http://dtcc/20241231). A hidden <div> at the top of the body encloses the <ix:header>, which contains <ix:references> pointing to the applicable schema refs (sro-17ad27-2024.xsd, sro-2024.xsd, dei-2024.xsd, and the filer-extension .xsd) and an <ix:resources> block enumerating every <xbrli:context> and <xbrli:unit> used in the filing. The rendered body then presents the filing as a sequence of titled sections in a conventional order.

Rendered section layout

1. Annual Report for Central Matching Service Provider (CMSP) — the document title block.
2. Document and Entity Information — a cover-page equivalent tagged with dei:DocumentType, dei:AmendmentFlag, dei:EntityRegistrantName, dei:EntityCentralIndexKey, and dei:DocumentPeriodEndDate.
3. Executive Summary — a prose introduction summarising the filer's matching service, client population, and high-level STP posture.
4. Summary of Policies and Procedures — the core policy disclosure, captured as a single large <ix:nonNumeric> fact under sro:CmspStpPlcyPrcdrSmryTextBlock. This narrative block describes the written policies and procedures the CMSP has established, implemented, maintained, and enforced to facilitate STP.
5. Qualitative Description of STP Progress — tagged via sro:CmspStpPrgrsTextBlock, a narrative assessment of progress during the reporting year in advancing automated transaction processing (new capabilities launched, industry participation, system enhancements, trend observations).
6. Qualitative Description of STP Facilitation — tagged via sro:CmspActnIntdsToTakeForStpTextBlock, a forward-looking narrative describing planned initiatives the CMSP intends to take to further automate the processing of securities transactions.
7. Quantitative Data — the numeric core of the report (see below).
8. Certificate of Central Matching Service Provider — the certification statement required by Rule 17Ad-27, attesting to the accuracy and completeness of the report.
9. Signature — the officer signature block, carrying name, title, and date.
10. Appendix — a glossary of defined terms such as PSET, RAC, STP, TradeSuite, Triple Witching, and UTI, embedded inside the same HTML rather than carried as a separate exhibit.

The Quantitative Data section and its XBRL facts

The Quantitative Data section is a matrix of monthly operational metrics presented as rendered tables with each cell tagged by an <ix:nonFraction> element. Six sro: concepts carry the quantitative payload:

• sro:CmspTrdsSubmittdAmt — trades submitted, reported in unit Trades.
• sro:CmspAllcnsSubmittdAmt — allocations submitted, reported in unit Allocations.
• sro:CmspConfsSubmittdAmt — confirmations submitted, reported in unit Confirmations.
• sro:CmspConfsCancAmt — confirmations cancelled, reported in unit ConfirmationsCancelled.
• sro:CmspConfsAffrmdTradDtPct — percentage of confirmations affirmed on trade date, reported in the dimensionless unit Pure.
• sro:CmspPctAllcnsAndConfsMtchdAndConfdPct — percentage of allocations and confirmations matched and confirmed, reported in unit Pure.

Every fact uses format="ixt:numdotdecimal", decimals="INF", and a contextRef pointing into the resource block. The contexts themselves encode the slicing of the data along three explicit XBRL dimensions, each a standard sro axis populated with a mix of taxonomy-defined and filer-extension members:

• sro:CmspSvcTypAxis — service type, with members such as sro:CentralMatchingMember and sro:ElectronicTradeConfirmationMember.
• sro:CmspUsrTypAxis — user category, typically populated with filer-extension members such as InstitutionMember, BrokerDealerMember, and PrimeBrokerMember.
• sro:CmspAsstClsAxis — asset class, with members drawn from us-gaap (for example us-gaap:EquitySecuritiesMember and us-gaap:FixedIncomeInvestmentsMember).

Each context also binds the filer's CIK and a one-month period within the reporting year, so that the Cartesian product of service type, user type, asset class, and month yields the per-cell granularity of the filing. A single annual context (conventionally c1) anchors the non-numeric DEI and text-block facts. Typical filings carry on the order of a hundred segmented monthly contexts plus the annual context, and well over a hundred individual numeric facts.

The sro taxonomy and external references

The quantitative and narrative concepts used by the filing are defined in the SEC-published sro and sro17ad27 taxonomies (2024 vintages, sro-2024.xsd and sro-17ad27-2024.xsd), joined by dei-2024.xsd for document/entity tags and a filer-extension .xsd plus label linkbase that declare filer-specific dimension members and labels. These taxonomy files are not shipped inside the ZIP; they are referenced by absolute URL in the iXBRL schemaRef elements and, for the filer-extension pieces, listed under dataFiles[] in metadata.json with documentUrl pointers back to EDGAR. Any consumer that needs to validate the instance or resolve concept labels must dereference those URLs separately.

Included content

Each record bundles the metadata.json descriptor and the primary Inline XBRL HTML report document — which itself contains the cover-page DEI tags, the full narrative body (executive summary, policies-and-procedures summary, STP progress, STP facilitation), the quantitative data tables, the certification statement, the officer signature block, and the glossary appendix, with all numeric <ix:nonFraction> and narrative <ix:nonNumeric> XBRL facts embedded inline with the rendered text. The metadata also enumerates all ancillary XBRL artefacts that exist on EDGAR and provides direct URLs for retrieval.

Excluded or separately referenced content

Image files from the original submission are excluded. The filer-extension taxonomy schema (.xsd), the label linkbase (_lab.xml), and the extracted XBRL instance document (_htm.xml) are not physically present inside the ZIP even though they are listed in metadata.json; they are addressable only via the EDGAR URLs recorded in dataFiles[]. The standard taxonomy schemas published by the SEC (sro-2024.xsd, sro-17ad27-2024.xsd, dei-2024.xsd) are likewise external references rather than embedded files. Form 17AD-27 submissions carry the entire substantive disclosure — including the certification, signature, and glossary — inside the single primary HTML document, so no separate exhibit documents are expected alongside it.

Amendment handling (Form 17AD-27/A)

Form 17AD-27/A records follow the same structural mould as the original form. The distinguishing signals are formType = "17AD-27/A" in metadata.json and the dei:AmendmentFlag value set to true inside the iXBRL cover-page tags. An amendment carries its own accession number and its own fully self-contained Inline XBRL HTML, so it is treated as an independent record in the dataset; the association to the amended original is made via periodOfReport and the filer CIK rather than through any nested link. Amendments may restate any of the narrative text blocks or numeric facts from the original while preserving the same section layout, units, axes, and concept vocabulary.

Historical evolution

Form 17AD-27 is a new filing category introduced by the 2023 final rule accompanying the T+1 transition, with the first annual reports becoming due in early 2025. Because of this short history, there is no meaningful evolution yet in required sections, disclosure blocks, or taxonomy vintage — the form has existed only in its inaugural Inline XBRL form, using the 2024 vintages of the sro, sro17ad27, and dei taxonomies. Future changes would most naturally appear as successor taxonomy vintages or SEC-issued rule amendments; until then, every record in the dataset follows the same structural template.

Interpretation and extraction notes

Because the filing is Inline XBRL, the rendered HTML and the machine-readable facts are a single artefact rather than parallel copies — extracting the <ix:nonFraction> elements yields the complete numeric dataset while preserving the context and unit references needed to interpret each value. Correctly reading a numeric cell requires resolving three pieces of information: the contextRef (which encodes filer CIK, reporting month, and the service/user/asset-class dimensional segment), the unitRef (one of Trades, Allocations, Confirmations, ConfirmationsCancelled, or Pure), and the concept name. Narrative disclosures are carried as large <ix:nonNumeric> text blocks — sro:CmspStpPlcyPrcdrSmryTextBlock, sro:CmspStpPrgrsTextBlock, and sro:CmspActnIntdsToTakeForStpTextBlock — each anchored to the annual DEI context. Filer-extension members on the user-type axis mean that member labels vary between filers and should be resolved against the filer-extension label linkbase rather than assumed to match a fixed vocabulary. Finally, the documentUrl of the primary report uses the ix?doc= viewer prefix when the document is Inline XBRL; consumers that want a raw HTML fetch should rewrite the URL to the underlying .htm path.

Who Files or Publishes This Dataset, and When

Each record is a Form 17AD-27 or Form 17AD-27/A annual report filed on EDGAR by a central matching service provider registered as a clearing agency under Section 17A of the Securities Exchange Act of 1934. The obligation reaches only the narrow subset of registered clearing agencies that operate a central matching service — an electronic service that matches trade information between a broker-dealer and its institutional customer (or the customer's custodian) to produce an affirmed confirmation used in post-trade settlement.

In practice, the filer population is a closed universe of two entities:

• DTCC ITP Matching (US) LLC, which operates the Central Trade Manager (CTM) platform.
• Bloomberg STP LLC, the Bloomberg-affiliated central matcher.

Both were registered as clearing agencies under Section 17A specifically to provide central matching services. No other entities currently meet Rule 17Ad-27's definition of a central matching service provider. Broker-dealers, transfer agents, exchanges, issuers, investment advisers, institutional customers, and custodians are not filers, even where their activity appears in aggregate within the quantitative metrics of a 17AD-27 report.

Legal authority and disclosure trigger

The filing obligation is created by Rule 17Ad-27 under the Securities Exchange Act of 1934, promulgated under Section 17A(b)(3)(F) (requiring registered clearing agency rules to promote the prompt and accurate clearance and settlement of securities transactions) and Section 17(a) (recordkeeping and reporting authority over SROs and registered clearing agencies). The Commission adopted Rule 17Ad-27 in February 2023 in Release No. 34-96930, the same rulemaking that shortened the standard settlement cycle from T+2 to T+1 (effective May 28, 2024).

Rule 17Ad-27 has two operative halves:

• A substantive obligation for each central matching service provider to establish, implement, maintain, and enforce written policies and procedures reasonably designed to facilitate straight-through processing of institutional trades.
• A disclosure obligation requiring the same provider to file an annual report describing those policies, progress, and related quantitative metrics.

Form 17AD-27 is the prescribed vehicle for the annual report. The trigger is purely the close of the filer's reporting period and the associated annual deadline set by Rule 17Ad-27 — not an event, transaction, or holdings threshold.

Annual cadence and amendments

Each filer submits one Form 17AD-27 per fiscal year, covering the twelve months ending at its fiscal year end, within the window prescribed by Rule 17Ad-27. The first reports became due in the months following the T+1 transition, which is why records in the dataset begin in February 2025. Each annual report must contain:

• a summary of the filer's STP policies and procedures,
• a qualitative description of progress in automating institutional post-trade processing,
• quantitative data on trades, allocations, confirmations, affirmations, and cancellations, broken down by month, service type, asset class, and user category, and
• a description of planned initiatives to further automate transaction processing.

Form 17AD-27/A is the amendment variant. It exists when the filer revises a previously submitted annual report for the same reporting period — typically to restate metrics, revise descriptions of policies and procedures, or correct data quality issues. An amendment supplements or replaces the prior filing rather than introducing a new reporting period, and is driven by the filer's own error identification or by staff comment rather than a schedule.

Important distinctions

The legal filer is always the central matching service provider itself, signing in its capacity as a registered clearing agency. Other participants described inside a 17AD-27 report — broker-dealers, investment advisers, institutional customers, custodians, issuers — appear only as user categories in the metrics and are not filers of the form. Rule 17Ad-27 is scoped specifically to the STP obligations of central matching service providers and operates independently of other obligations applicable to registered clearing agencies or transfer agents.

How This Dataset Differs From Similar Datasets or Filings

Form 17AD-27 is frequently confused with three categories of filings: transfer-agent forms that share the "17Ad" rule prefix, broader clearing-agency disclosures filed by the same issuers, and the other rules adopted in the 2023 T+1 package. The contrasts below separate surface similarity from substantive overlap.

Transfer-Agent Forms: TA-1, TA-2, TA-W

The closest nomenclature collision. Forms TA-1, TA-2, and TA-W are filed under Rule 17Ac2-1 and Rule 17Ac3-1 by transfer agents, not by clearing agencies.

• TA-1: one-time transfer-agent registration.
• TA-2: annual activity report with metrics on securityholder accounts, items processed, lost securityholders, and turnaround performance.
• TA-W: withdrawal notice.

Transfer agents maintain registered ownership records for issuers; central matching service providers match and allocate institutional trades between broker-dealers and investment managers. The filer populations, activities, and metric schemas do not intersect: TA-2 has no concept of affirmation or STP rates, and 17AD-27 has no concept of shareholder record activity. The "17Ad" prefix is the only connection.

Clearing-Agency Standards: Rule 17Ad-22 and Form 19b-4

Both regimes apply to the same registered clearing agencies (DTC, NSCC, FICC, and the central matching providers) but produce different artifacts.

• Form 19b-4 is an event-driven, narrative rule-change proposal filed by SROs. It is legal and procedural, not metric-based, and is filed whenever rules are amended rather than on an annual schedule.
• Rule 17Ad-22 imposes risk-management, governance, and operational standards on clearing agencies but does not itself generate a dedicated EDGAR form; compliance is verified through examinations and internal policies.
• Form 17AD-27 is the only one of the three that is annual, structured, and keyed to STP metrics.

A 19b-4 from a matching provider might describe a procedural change to the matching service; 17AD-27 reports the measured performance of that service. They are complementary, not substitutable.

T+1 Rulemaking Siblings: Rules 15c6-1 and 15c6-2

Rule 17Ad-27 was adopted with Rules 15c6-1 and 15c6-2 in Release 34-96930, but only 17Ad-27 produces an EDGAR filing.

• Rule 15c6-1 shortened the standard settlement cycle from T+2 to T+1. No filing.
• Rule 15c6-2 requires broker-dealers to maintain written agreements or policies for same-day allocation, confirmation, and affirmation of institutional trades. Compliance is evidenced in internal policies and examinations. No filing.
• Rule 17Ad-27 requires central matching service providers to file annual STP policy and metrics reports.

As a result, Form 17AD-27 is the only publicly visible, periodic disclosure generated by the T+1 package. Broker-dealer and settlement-cycle compliance with the sibling rules cannot be observed through EDGAR.

Advisers-Side T+1 Recordkeeping: Rule 204-2 Amendments

The 2023 amendments to Rule 204-2 under the Investment Advisers Act target the same allocation-confirmation-affirmation workflow as 17Ad-27 but on the adviser side. Output is books and records held at the adviser and reviewed on examination; there is no EDGAR artifact. For a researcher reconstructing T+1 compliance across the trade lifecycle, 17AD-27 provides the only public, structured data point; the adviser and broker-dealer sides remain non-public.

Voluntary Clearing-Agency Disclosures: CPSS-IOSCO PFMI

DTC, NSCC, FICC, and other FMUs publish PFMI disclosures under the CPSS-IOSCO framework on their own websites, on a multi-year refresh cycle. Differences from 17AD-27:

• Voluntary and not filed on EDGAR.
• Cover the full risk and operational spectrum of an FMU, not STP specifically.
• Predominantly qualitative narrative; no monthly trade, allocation, confirmation, affirmation, or cancellation counts.

PFMI disclosures contextualize FMU governance; they do not contain the structured STP metrics that define 17AD-27.

Other Structured Periodic Filings: FOCUS (X-17A-5), N-PORT, N-CEN

These are sometimes grouped with 17AD-27 as "structured operational filings." The similarity is limited to format.

• FOCUS (X-17A-5): broker-dealer financial and capital-adequacy reports. Subject matter is net capital and customer reserves, not trade processing.
• N-PORT: monthly portfolio holdings from registered funds. Holdings-oriented, not operations-oriented.
• N-CEN: annual fund census covering service providers, securities lending, liquidity, and board composition.

Each has a filer population in the thousands versus roughly two for 17AD-27, and none reports STP workflow metrics. Shared iXBRL parsing infrastructure does not translate into shared semantics.

Boundary Summary

Form 17AD-27 is distinct along four dimensions:

1. Filer universe: central matching service providers only, effectively a two-entity population.
2. Subject matter: straight-through processing metrics decomposed by month, service type, asset class, and user category, plus STP policy narratives. No other EDGAR form captures this decomposition.
3. Rulemaking origin: the only public filing produced by Release 34-96930; siblings 15c6-1, 15c6-2, and the Rule 204-2 amendments generate no EDGAR output.
4. History: the series begins in February 2025 and cannot be backfilled from any prior form.

Adjacent datasets (TA series, 19b-4, PFMI, FOCUS, N-PORT, N-CEN) can frame the surrounding market infrastructure but none substitute for the STP policy-and-metrics content of Form 17AD-27.

Who Uses This Dataset

Form 17AD-27 filings pair a qualitative STP narrative with monthly counts of trades, allocations, confirmations, affirmations, and cancellations broken down by service type, asset class, and user category. A small set of specialized audiences consume the record, each focused on different fields.

Post-Trade Operations Leaders at Broker-Dealers and Custodians

Heads of post-trade operations, middle-office managers, and settlement leads at broker-dealers, custodians, and prime brokers benchmark internal confirmation, affirmation, and allocation rates against the disclosed aggregates. They focus on same-day affirmation rates sliced by asset class (equities, fixed income, ETFs) and user category (investment managers, broker-dealers, custodians) to calibrate STP KPIs, prioritize automation spend, and set remediation targets for desks or clients lagging industry match-by-cutoff performance.

Compliance and Regulatory Reporting Teams at Clearing Agencies

Filers themselves use peer and prior-year filings as a reference corpus when drafting their own 17AD-27 reports and 17AD-27/A amendments. They align on disclosure conventions for the policies-and-procedures summary, progress narrative, table structure, and planned-initiatives section, and use the record to support internal attestation and board certification that policies remain reasonably designed under Rule 17Ad-27.

Securities-Industry Consultants and Law Firms

Capital-markets operations consultants use the service-type and user-category breakdowns to place clients against industry norms and build T+1 remediation roadmaps. Securities and disclosure counsel reference the policies-and-procedures summaries when drafting representations, service-level terms, and regulatory risk disclosures in central-matching service agreements.

Regulatory and Supervisory Staff

Trading-and-markets division staff and clearing-agency examiners at securities regulators track industry STP progress, year-over-year movement in affirmation and allocation rates, and whether central matching service providers meet the intent of Rule 17Ad-27. The progress narrative and planned-initiatives disclosures inform examination scoping and cross-filer supervisory comparison as much as the quantitative tables do.

FinTech and RegTech Vendors

Product managers and data engineers at post-trade analytics vendors ingest the monthly structured counts by service type and asset class to power affirmation dashboards, exception-management tools, and STP scorecards sold to buy-side operations teams, custodians, and executing brokers. Inline XBRL supports automated extraction; planned-initiatives text informs product roadmaps.

Academic Researchers in Post-Trade Infrastructure

Finance and operations researchers studying settlement-cycle compression exploit the monthly time series of affirmation rates and cancellation counts, combined with asset-class and user-category axes, to measure T+1 settlement cycle matching efficiency, identify which segments adapted fastest, and correlate cancellation patterns with volatility or corporate-action events.

Market-Infrastructure Policy Analysts and Standards Bodies

Analysts at post-trade working groups and securities operations standards bodies draw on the progress and planned-initiatives narratives to locate remaining friction points, and on the user-category breakdowns to identify whether investment managers, broker-dealers, or custodians are the binding constraint on higher affirmation rates. Output feeds white papers, consultation responses, and recommendations on matching-cycle standards and moves toward T+0.

Trade-Association Analysts

Sell-side, buy-side, and cross-border post-trade trade-association analysts aggregate the quantitative tables across filers to build industry-level STP views by asset class and user category, feeding comment letters, member briefings, and position papers on further cycle compression.

Trade-Press Journalists

Reporters covering clearing, settlement, and market infrastructure pull quotable metrics from the monthly affirmation counts and user-category breakdowns, and track 17AD-27/A amendments for material restatements of previously reported figures or policy text.

Operational-Risk Analysts at Asset Managers

Heads of investment operations and operational-risk analysts running global strategies with US exposure use cancellation counts, service-type breakdowns, and the policies narrative to assess vendor and infrastructure risk for their chosen matching workflow, informing due-diligence questionnaires and counterparty reviews.

LLM and RAG Developers for Post-Trade Knowledge Systems

Engineers building retrieval-augmented assistants for operations and compliance staff use the combination of structured XBRL counts and narrative sections (policies, progress, planned initiatives) to ground question-answering on central matching, Rule 17Ad-27, and industry STP trends.

Specific Use Cases

The workflows below tie specific fields in the Form 17AD-27 record to concrete operational outputs. Each pulls from the iXBRL facts in the primary HTML, the narrative text blocks, or the metadata.json descriptor.

Industry affirmation-rate benchmarking

Post-trade operations leads at broker-dealers and custodians extract monthly sro:CmspConfsAffrmdTradDtPct facts across every sro:CmspAsstClsAxis member (equities, fixed income) and compare them against internal same-day affirmation KPIs. The output is a peer-curve chart that ranks desks and client segments against the filed industry aggregate, used to set remediation targets for clients missing the 9:00 PM ET cutoff and to prioritize FIX/CTM automation spend.

Asset-class-level STP-gap analysis

Capital-markets consultants pair sro:CmspAllcnsSubmittdAmt with sro:CmspPctAllcnsAndConfsMtchdAndConfdPct sliced by sro:CmspAsstClsAxis to isolate asset classes where allocation volume is high but match-and-confirm rates lag. The resulting gap table feeds T+1 remediation roadmaps that recommend workflow changes (for example, moving a fixed-income book from email-driven allocations to an ETC service) and quantifies the projected uplift using the filer's own reported baseline.

User-category cancellation-rate monitoring

Operational-risk analysts at asset managers build a monthly series of sro:CmspConfsCancAmt divided by sro:CmspConfsSubmittdAmt, segmented by sro:CmspUsrTypAxis members such as InstitutionMember, BrokerDealerMember, and PrimeBrokerMember. Sustained cancellation-rate spikes in a given user category trigger counterparty-review workflows and feed due-diligence questionnaires sent to executing brokers and custodians.

Amendment watching via 17AD-27/A filings

Compliance teams and trade-press journalists monitor the dataset for records where metadata.json.formType equals "17AD-27/A" and dei:AmendmentFlag is true, grouping them to the original by periodOfReport and filer CIK. A diff between the amended and original numeric facts and text blocks surfaces restated affirmation rates, corrected monthly counts, or revised policy language, which feeds disclosure-controls reviews, board attestation memos, and news coverage of material restatements.

Qualitative STP-progress text extraction for LLM assistants

RAG developers building post-trade compliance assistants parse the three <ix:nonNumeric> narrative blocks — sro:CmspStpPlcyPrcdrSmryTextBlock, sro:CmspStpPrgrsTextBlock, and sro:CmspActnIntdsToTakeForStpTextBlock — into chunked, citation-anchored passages. These ground question-answering on Rule 17Ad-27 policy language, year-over-year progress claims, and planned initiatives, with the annual contextRef (c1) preserved so every retrieved answer cites the filer and reporting period.

T+1 operational-metrics dashboard

Data engineers at FinTech vendors flatten the Cartesian product of sro:CmspSvcTypAxis, sro:CmspUsrTypAxis, sro:CmspAsstClsAxis, and the twelve monthly context periods into a long-format table keyed on filer CIK and periodOfReport. The table powers an internal dashboard that tracks central-matching versus ETC service mix, monthly match-and-confirm percentages, and allocation-to-confirmation ratios, refreshed each February when new 17AD-27 filings appear.

Monthly-count feed for a RegTech analytics product

Product teams at RegTech vendors stream the partitioned monthly ZIPs (YYYY/YYYY-MM.zip) into an ingestion pipeline that reads each accession folder's metadata.json, resolves the filer-extension label linkbase via the dataFiles[] URLs, and loads the sro:CmspTrdsSubmittdAmt, sro:CmspAllcnsSubmittdAmt, and sro:CmspConfsSubmittdAmt facts into a customer-facing analytics product. Filer-extension member labels are cached per CIK so that user-category labels displayed to customers match the filer's own taxonomy rather than a hard-coded vocabulary.

Dataset Access

The Form 17AD-27 Files Dataset is accessible through three endpoints: a dataset index JSON API for metadata and container listings, a full archive download, and per-container downloads for selective retrieval.

Dataset Index JSON API: https://api.sec-api.io/datasets/form-17ad27-files.json

This endpoint returns dataset-level metadata, including the dataset name, description, last updated timestamp, earliest sample date, total record and size counts, covered form types (17AD-27 and 17AD-27/A), container format (ZIP), content file types (HTML, JSON), the full dataset download URL, and the complete list of individual container files with their sizes, record counts, updated timestamps, and download URLs. Use this endpoint to monitor which containers have been refreshed in recent runs and to decide which containers to download incrementally. This endpoint does not require an API key.

Example response:

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          {
        

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            "datasetId": "1f13365b-9ae0-6a90-af11-cd0d04c048f4",
        

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            "datasetDownloadUrl": "https://api.sec-api.io/datasets/form-17ad27-files.zip",
        

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            "name": "Form 17AD-27 Files Dataset",
        

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            "updatedAt": "2026-04-16T09:02:15.462Z",
        

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            "earliestSampleDate": "2025-02-01",
        

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            "totalRecords": 3,
        

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            "totalSize": 158861,
        

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            "formTypes": ["17AD-27", "17AD-27/A"],
        

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            "containerFormat": "ZIP",
        

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            "fileTypes": ["HTML", "JSON"],
        

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            "containers": [
        

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              {
        

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                "downloadUrl": "https://api.sec-api.io/datasets/form-17ad27-files/2025/2025-02.zip",
        

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                "key": "2025/2025-02.zip",
        

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                "size": 158861,
        

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                "records": 3,
        

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                "updatedAt": "2026-04-16T09:02:15.462Z"
        

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              }
        

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            ]
        

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          }
        

Download Entire Dataset: https://api.sec-api.io/datasets/form-17ad27-files.zip?token=YOUR_API_KEY

Downloads the complete dataset as a single ZIP archive covering all Form 17AD-27 and 17AD-27/A filings from February 2025 to the latest refresh. This endpoint requires an API key.

Download Single Container: https://api.sec-api.io/datasets/form-17ad27-files/2025/2025-02.zip?token=YOUR_API_KEY

Downloads one monthly container archive instead of the full dataset, which is useful for incremental updates or when only a specific period is needed. Container paths follow the YYYY/YYYY-MM.zip pattern as listed in the index JSON. This endpoint requires an API key.

Frequently Asked Questions

What form does this dataset cover?

The dataset covers EDGAR submissions of Form 17AD-27, the annual report mandated by Rule 17Ad-27 under the Securities Exchange Act of 1934, together with its amendment variant Form 17AD-27/A. Both variants describe and measure a central matching service provider's efforts to facilitate straight-through processing of institutional securities trades.

What does one record in this dataset represent?

One record is a single EDGAR filing — either an original Form 17AD-27 or a Form 17AD-27/A amendment — keyed on an EDGAR accession number and corresponding to one full annual-report package for a single reporting-period end date (typically December 31). Each record bundles a metadata.json descriptor with the primary iXBRL HTML document that contains the narrative disclosures, quantitative tables, certification, signature, and glossary.

Who is required to file Form 17AD-27?

Only clearing agencies registered under Section 17A of the Securities Exchange Act that operate a central matching service provider are required to file. In practice this is a closed universe of two entities: DTCC ITP Matching (US) LLC (operator of the CTM platform) and Bloomberg STP LLC. Broker-dealers, transfer agents, investment advisers, and institutional customers are not filers, even when they appear as user categories in the reported metrics.

When did Form 17AD-27 filings begin?

Rule 17Ad-27 was adopted in February 2023 in SEC Release No. 34-96930, and the first annual reports became due in early 2025, following the May 28, 2024 T+1 compliance date. The earliest sample date in this dataset is 2025-02-01.

What file format is the dataset distributed in?

The dataset is distributed as monthly ZIP archives organized under year-level directories using the path pattern YYYY/YYYY-MM.zip. Inside each archive, each accession folder holds two files: a metadata.json descriptor and a primary Inline XBRL HTML document. The dataset's file types are JSON and HTML; images and separate XBRL taxonomy artefacts are not shipped inside the ZIPs but are referenced by EDGAR URLs in the metadata.

How does this dataset differ from the transfer-agent TA-1/TA-2/TA-W forms?

The TA series is filed by transfer agents under Rules 17Ac2-1 and 17Ac3-1 and reports shareholder record activity such as account counts, items processed, and turnaround performance. Form 17AD-27 is filed by central matching service providers and reports trade, allocation, confirmation, affirmation, and cancellation metrics for institutional STP. The only connection is the shared "17Ad" rule prefix; the filer populations, activities, and metric schemas do not intersect.

How are Form 17AD-27/A amendments linked to the original filing?

An amendment carries its own EDGAR accession number and its own fully self-contained Inline XBRL HTML, so the dataset treats it as an independent record. The link to the amended original is reconstructed by matching on periodOfReport and the filer CIK, combined with the formType value "17AD-27/A" in metadata.json and the dei:AmendmentFlag set to true in the iXBRL cover-page tags.

Which XBRL concepts carry the quantitative metrics?

Six sro: concepts carry the numeric payload: sro:CmspTrdsSubmittdAmt (trades submitted), sro:CmspAllcnsSubmittdAmt (allocations submitted), sro:CmspConfsSubmittdAmt (confirmations submitted), sro:CmspConfsCancAmt (confirmations cancelled), sro:CmspConfsAffrmdTradDtPct (percent of confirmations affirmed on trade date), and sro:CmspPctAllcnsAndConfsMtchdAndConfdPct (percent of allocations and confirmations matched and confirmed). Each fact is sliced along three explicit XBRL axes — sro:CmspSvcTypAxis, sro:CmspUsrTypAxis, and sro:CmspAsstClsAxis — and bound to a one-month period within the reporting year.