CCIT服务

As an expansion of the GCF Repo® Service, the CCIT服务 extends FICC’s CCP services and guarantee of completion of eligible trades to tri-party repo transactions between GSD dealer members and eligible tri-party money lenders.

Fixed Income 清算 Corporation (FICC), a wholly-owned subsidiary of The Depository Trust & 结算公司(存), is the leading provider of trade comparison, 美国的净额和结算.S. 政府证券 marketplace. FICC’s Government Securities Division (GSD) was established in 1986 to provide automated comparison and settlement services, risk-management benefits and operational efficiencies to the 政府证券 industry. GSD clients include the nation’s major brokers and dealers, as well as a wide range of entities that trade U.S. 政府证券.

Through an innovative suite of new and expanded service offerings, FICC has leveraged its battle-tested infrastructure and proven technology to expand the availability of central clearing to the bilateral repo market.

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  FICC is the only central counterparty (CCP) platform in the U.S. that clears tri-party repo and debt transactions. 自1998年以来, FICC’s GCF Repo® Service has enabled its dealer members to trade FICC-cleared general collateral repos with each other based on rate, term and underlying product through the day without requiring intra-day, trade-for-trade settlement on a Delivery-versus- Payment (DVP) basis.

  As an expansion of the GCF Repo® Service, the CCIT服务 will extend FICC’s CCP services and guarantee of completion of eligible trades to tri-party repo transactions between GSD dealer members and eligible tri-party money lenders.

  • FICC会员资格要求. A new limited GSD membership type is now available for tri-party money lenders (referred to as CCIT Membership). As principal counterparties to the CCP, individual tri-party money lenders are required to become CCIT Members at the legal entity level.
  • 贸易提交及配对. 为贸易配对的目的, GSD accounts for tri-party money lenders may be opened at the legal entity level or at the joint account level. 投资顾问, agent lenders or other authorized agents may submit trades to FICC on behalf of their tri-party money lender clients.
  • 三方账户要求. Each tri-party money lender or joint account (as applicable) is required to open a specific tri-party account for the CCIT服务 at the applicable tri-party bank.

• Benefits of Repo 清算 at FICC

  Reduction of counterparty risk by guaranteeing the completion of settlement in a member default scenario:

  • CCP guarantee may mitigate risk of a large scale exit by institutional investors in a stress scenario.
  • A centralized liquidation of a failed counterparty by FICC would reduce the risk of “fire sales” that drive down asset prices and spread stress across the financial system.

  Members could be eligible for balance sheet and capital relief. Centrally clearing these transactions at FICC could alleviate the constraints on borrowers as it may enable them to:

  • Reduce capital usage via netting, potentially enabling the redeployment of scarce capital to other uses.
  • Apply lower risk weights in their risk-based capital ratios.

  Lending through FICC offers institutional investors potential growth of their on-loan balances and income as borrowers shift 他们对中共渠道的需求.

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