Overview/General
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MIMICS Commercial Paper Issuance System Overview
MIMICS Commercial Paper Issuance System is designed to eliminate many of the cumbersome and often repetitive bookkeeping chores associated with the issuance of primary market Commercial Paper. The system offers the issuing agent the flexibility needed to handle transactions on behalf of different issuers all using different certificate formats. This system can also handle book entry certificates, issuing only a receipt/confirmation for the transaction.
An issuer file is maintained by the system and inside you will find specific information necessary to process transactions for each issuer. Customer information is maintained in a customer account information file which may be shared with other MIMICS systems. This file may include: name, address, tax ID number, 1099 requirements, and other account information.
Calculations are performed by the system for both interest bearing and discounted paper. Interest is calculated to maturity and, if the certificate is interest bearing, it is displayed on the face of the certificate. A certificate inventory is an accounting of certificates originally issued, those outstanding, and those cancelled or otherwise destroyed. A daily reconciliation report will be printed showing certification disposition. At maturity, proceeds will be disbursed to holders of record and corresponding entries made to issuer accounts.
Reports generated by the system include outstanding certificated, matured certificates, daily transactions, inventory reconciliation, audit reporting detailing all daily activity, and others. For a complete list of reports see MIMICS Commercial Paper Issuance Features below.
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