Exhibit J – ABC, LLC

Attach as Exhibit J narrative descriptions of each service or function performed by the registrant.

Treasury Clearing

ABC, LLC (“ABC”) performs central counterparty clearing and settlement services to the U.S. Treasuries cash and repo markets by clearing and settling spot contracts and repurchase contracts pursuant to the Treasury Rules in compliance with the approved final rule amendments to SEC Rule 17ad-22 under the Exchange Act. In accordance with SEC Rule 17ad-22, ABC will cover eligible secondary market transactions involving U.S. Treasury securities including, with limited exceptions, (i) transactions in repurchase and reverse repurchase agreements collateralized by U.S. Treasury securities to which a direct participant of ABC is a counterparty and (ii) purchases and sales of U.S. Treasury securities (a) by a direct participant of ABC resulting from the participant’s operation of a trading facility on which it becomes the counterparty to both the buyer and seller on transaction executed on the platform; and (b) between a direct participant of ABC and a registered broker-dealer or a government securities dealer or broker. 

Securities Settlement and Clearing

ABC maintains a ledger to record ownership of securities and exchange of such securities to settle securities transactions between Parties. Parties have the ability to process settlements on a variety of agreed upon timeframes, such as T+2, T+1, or end of day trade date. Once settlement is final, Partie have immediate access to settlement proceeds.