净额结算服务

The Mortgage-Backed Securities Division (MBSD) of Fixed Income 清算 Corporation (FICC) provides comprehensive netting and settlement services that address the unique needs of this specialized market.

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  MBSD提供的核心结算及结算服务包括:

  • 待公布交易净额(TBA);
  • Pool matching and netting services; and
  • 结算因池净值而产生的池债务.

  MBSD的合并TBA贸易, 不要分配, 和池净额服务减少客户的总体结算义务在两个方面:第一, MBSD将符合条件的TBA交易与FICC建立净结算义务. 第二个, members can submit 不要分配 requests to pair-off open trades and to reduce the positions required to be allocated. 一旦分配池以满足剩余的TBA结算义务, 相关明细已经提交到pool net系统, further netting occurs and net pool settlement obligations are settled by the members versus FICC as a central counterparty (CCP). 这两项净额服务通过以下方式释放资金并降低风险:

  • 大大减少需要实际结算的交易数量;
  • Netting and potentially reducing the number of pools required for delivery; and
  • The results are lower operational costs and minimized fail risk from both a TBA and pool perspective.

• 谁可以使用这项服务

  MBSD netting and settlement services are intended for MBS trading participants that meet FICC’s membership requirements, 包括经纪人, 经销商, 银行, 政府证券发行人, 抵押贷款发放者, 投资公司.

  Each MBSD applicant is required to execute an agreement binding it to MBSD’s 规则 和程序. 除了, the Capped Liquidity Facility (CCLF) ensures that FICC has enough liquidity in place in the event of a default of a major firm. 申请人将根据以下入会标准进行评估:

  • 资本充足率
  • 运行可靠性
  • 金融vns6060威尼斯城官网

• 好处

  MBSD’s netting and settlement services offer customers numerous significant advantages, including:

  • A multilateral TBA netting facility to reduce the overall number of settlements associated with each member’s TBA trading activity, 加上泳池净值服务, 由于证券结算减少，导致会员节省大量资金;
  • A sophisticated accounting system to reconcile delivery variances resulting from netting obligations;
  • Streamlined processing resulting in significant reductions in members’ operating costs and the time and effort required to clear trades;
  • Critical risk management methodologies to reduce counterparty exposure and promote clearing and settlement safety; and
  • 结算与FICC作为CCP结算源于池净值的池净结算义务.

• 服务如何运作

  结算余额订单处理和贸易对贸易交易

  MBSD supports the submission of two basic trade types: 结算 Balance Order Destined (SBOD) trades and Trade-for-Trade (TFTD) transactions. SBOD trades are “destined” for the TBA netting process on the scheduled netting day for their associated security class. 提交TFTD事务以在RTTM内进行匹配，但不提交TBA净额.

  对于SBOD交易, the TBA netting service reduces the members’ overall TBA settlement obligations by netting trades having certain like trade terms. This reduces the number of trades requiring allocation and settlement and ultimately lowers clearing costs. 对于非净额的TFTD事务, 会员可以按总金额结算个人交易, 正如最初执行的那样, 对每笔交易进行匹配和比较.

• 稍后通知网

  MBSD每月执行四次TBA净额结算过程, 与SIFMA建立的四种主要MBS和解类别相对应. SBO净值和输出时间表可在MBS时间表和时间框架. SBOs established via 稍后通知网 as well as TBA TFTD trades must be allocated prior to settlement and the corresponding allocated pools are eligible for pool netting. Stipulated TFTD trades must be allocated prior to settlement and the pools will be converted into settlement obligations.

• 贸易分配

  MBSD交易结算需要卖方分配和分配特定的资金池, 符合证券业金融市场vnsr威尼斯城官网登入(SIFMA)的方差要求, 使用电子汇兑通知书(EPN)系统，向TBA指定交易/义务. This includes TBA obligations established via the TBA netting process as well as obligations resulting from the TFTD trades. 通过分配过程, 卖家告诉买家他们打算结算的池，以满足他们的TBA义务.

• 池比较和网

  于2009年9月推行试点服务，并于2012年4月推出, the MBSD CCP 池比较和网 service was designed to maximize overall savings by reducing the number of pool settlements. Members continue to allocate pools to their TBA obligations via EPN and has the option to submit pool details (in the form of Pool Instructs) via RTTM into the Pool Netting System for bilateral comparison. 如果没有提交池指令, FICC将根据EPN消息中的分配细节强制进行比较.

  Pool Netting gives members have the ability to net pools allocated to TBA obligations stemming from 稍后通知网 and TBA Trade-for-Trade (TFTD) activity to arrive at a single net position in a particular pool number. Although Pool Netting runs daily, the majority of pool netting activity follows the SIFMA calendar.

• 客户报告

  帮助参与者管理他们的清理活动, MBSD issues detailed electronic reports in both machine-readable output (MRO) and print image format. 这些包括但不限于:

  • 购销报告: Serves as the sole legal and binding confirmation for compared TBA trades and Specified Pool Trades, 消除交换确认书和承诺书的需要, 加速确认过程，减少错误和/或失败的可能性. 买卖报告也是符合10b-10的交易确认.
  • 公开承诺报告: 这份报告列出了清算公司账簿上所有未结算的交易, 并显示交易从匹配之时起的处置情况, 直到完全解决为止.
  • 泳池指导活动报告: Reflects all activity that either establishes or targets a compared Pool Instruct for the current business day.
  • 共同义务活动报告: Reflects all pool settlement obligations established for the current business date that are to be settled versus FICC as CCP.
  • 待结算池义务报告: This report is produced each day at close of business to reflect all open Pool Obligations (POIDs). 这包括通过当天的池净额结算周期建立的poid, 从以前的净收入周期失败的poid, 和POID转换过程生成的POID. This report provides a comprehensive listing of all the Member’s open settlement obligations with FICC.

• 证券结算

  来自MBSD的Pool net服务结算与FICC的所有义务. 基于Fedwire®的支付(DVP)基础. Members are notified of their obligations from Pool Netting the day prior to the scheduled Delivery Date. 交货日期, 会员须向, 或从, one of FICC’s designated accounts at its clearing 银行 in satisfaction of their net pool deliver or net pool receive obligations.

• 自动资金结算

  作为TBA结算余额订单和池净额结算流程的一部分, members can also incur cash obligations— debits or credits—primarily representing the difference between the system prices used to calculate TBA and net pool obligations versus their respective contract and settlement values. 清关差额及其他现金调整，如杂费, 也包括在每个会员的基金(现金)每日结算中.

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