Automated Funds-Only (Cash-Only) 结算 Service

Fixed Income 清算 Corporation’s (FICC) 自动资金结算服务 provides a standardized, 非贸易结算自动化方法, funds-only obligations each day between FICC and its customers’ settling banks.

FICC’s service eliminates manual processing and reduces costs by aggregating payments due to or from a customer and then automatically transferring the funds into or out of the customer’s settling bank.

对你.S. Government securities the service covers non-trade obligation cash payments to reflect changes in the value of securities when they’re marked to market, cash adjustments related to securities trades, and the pass-through of bond coupon payments for term repos or trade obligations that cross a coupon date. 抵押贷款支持证券, non-trade cash obligations can include the net settlement balance order market differential (SBOMD) derived from the TBA Netting process on the days of the month when mortgage-backed securities trades traditionally settle, cash adjustments related to net pool obligation settlements, principal and interest payments for failing net pool settlement obligations, (to the extent that they are not handled by the Fedwire Securities Service Automated Claims Adjustment Process (ACAP) ), charges assessed by the Federal Reserve Bank of New York, the Treasury Market Practices Group (TMPG) for delivery fails, 以及其他项目, 如 , interest income rebates and routine billing matters.

• 谁可以使用该服务

  The service is automatic and mandatory for FICC members that have funds-only settlement obligations. This includes both Government Securities Division (GSD) netting members and Mortgage-Backed Securities Division (MBSD) clearing members.

• 好处

  • Automates the  process for the settlement of funds owed to and from the Government Securities Division and Mortgage-Backed Securities Division, 分别;
  • Provides a tool for market participants to ensure that obligations due to FICC are made on a timely basis; and
  • Mitigates operational risk by automating the funds-only settlement process while streamlining and standardizing the collection of funds across clearing corporations

• 服务如何运作

  FICC utilizes the Federal Reserve Bank’s National 结算 Service (NSS) to debit and/or credit net settlement obligations at the settling bank level of GSD netting participants and MBSD clearing members. The individual debits and credits of all participants using the same settling bank are totaled, and the net result established at the settling bank level will be settled using NSS. FICC has further leveraged systems and procedures already in place at The Depository Trust Company to perform this function by using it as the agent to interface with the Federal Reserve Bank for settlement. The Depository Trust Company is also a subsidiary of 存.

  The service creates a funds-only settlement file containing all of the participants’ debits and credits for the current business day. This file is sent to 存’s Fed Funds 结算 (FFS) system. The 存 Participant Browser Service (PBS) is then used to send broadcast messages containing net settlement figures to settling banks. GSD and MBSD participants will also receive report output in advance of the cash settlement due date.

  Please refer to the MBS schedule and Time Frames and GSD rules regarding the timelines for funds-only settlement.

• 服务范围

  对于MBSD, cash settlement is the accumulation and projection of aggregated payable/receivables resulting from the following cash obligation items:

  • 池交易调整付款
  • 间隙调整
  • 本金支付
  • 利息支付
  • 代理佣金
  • MBSD结算帐单费用
  • 电子池通知书(EPN) Billing Fee
  • TMPG指控
  • 条件预付率(CPR)索赔
  • TMPG融资金额
  • Miscellaneous from To-Be-Announced (TBA) 清算
  • 杂项从池网
  • 差异交易调整付款
  • Do Not Allocate Transaction Adjustment Payments
  • Expanded Pool Net Transaction Adjustment Payments
  • 重新定价的交易调整支付
  • 交易调整付款

  For GSD, the major components of the funds-only settlement process are:

  • 交易调整付款(TAP)
  • 远期唛头调整付款
  • 远期估价调整付款申报表
  • 利息调整付款
  • 到期/息票调整付款
  • 不及格分数调整付款
  • 清关差额金额
  • 交货差额金额
  • 发票金额
  • 杂项调整金额或费用
  • GCF回购/CCIT资金结算

• 了解更多信息

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