GCF回购®

The GCF回购® service enables dealers to trade general collateral repos, 按费率计算, 术语, 和底层vnsr威尼斯城官网登入, 全天不需要在白天, trade-for-trade settlement on a Delivery-versus-Payment (DVP) basis.

The service helps foster a highly liquid market for securities financing. To participate, dealers must be netting members of FICC’s Government Securities Division (GSD).

交易商通过回购经纪人执行GCF回购, 谁也是FICC的成员, 在一个匿名的, 或“盲,”的基础上. FICC guarantees settlement as soon as it receives the data from the broker 和 compares the transaction. GCF回购交易以三方为基础进行结算, which requires dealer participants to have an account with the participating clearing bank: The Bank of New York Mellon.

GCF回购 participants can trade in generic CUSIP numbers throughout the day 和 then, 在一天结束后的净额结算过程, allocate specific securities to their net settlement obligations.

• 谁可以使用该服务

  Netting members of FICC’s Government Securities Division are eligible to participate.

• 好处

  The GCF回购 service provides valuable benefits to participants in the U.S. 政府证券市场. 这些包括:

  • 融资灵活性—Dealers have an additional borrowing source beyond tri-party 和 DVP repos. This flexibility has brought greater depth to the general collateral marketplace.
  • 增加流动性—The GCF回购 service has removed the trading constraints that result from having to negotiate individual collateral arrangements between borrowing 和 lending dealers for each transaction. 额外的ly, the large range of acceptable collateral generates more liquidity. Dealers also have a longer time period during the day to trade general collateral repos.
  • 提高效率/降低成本—Collateral allocation is more cost-efficient because participants do not have to assign collateral for each specific trade. The elimination of trade-by- trade DVP delivery requirements has reduced participants’ operational costs.
  • 保证解决—FICC’s settlement guarantee 和 risk management protections provide maximum safety for the general collateral repo marketplace. GCF回购s are guaranteed as soon as FICC receives the trade data, 从而最大限度地减少日内交易对手的信用风险.
  • 资产负债表宽减—FICC members may be eligible for “balance sheet netting” based on FASB Interpretation No. 41 (fin 41). 资格的关键因素是, 通过网络创新, FICC becomes the common counterparty for a member’s repo transactions done with any other netting member.
  • 第三方机制—GCF回购 transactions are supported by the clearing banks’ tri-party repo mechanisms, which allow cash 和 securities movements between FICC 和 participating dealer members.

• 服务如何运作

  通过实时交易管理(RTTM®)服务, FICC的GSD提供在线服务, information system for GCF回购s that is capable of displaying up-to-the-minute trade information 和 netting results throughout the day. 交易完成后, brokers are required to submit them promptly to FICC electronically or by screen input. Upon receipt of the data, FICC immediately reports the transaction details to dealers. 交易商的位置自动更新, 和 may be viewed on-line via GCF回购’s dynamic display screens. The most recent trades 和 position information are displayed simultaneously. Position information is available both at the individual CUSIP level 和 the cumulative, 整体水平.

  Individual GCF回购 transactions may be submitted via interactive messaging in amounts of up to $9.9990亿年. Individual GCF回购 trades submitted via RTTM's Web application, 然而, 规模被限制在20亿美元以内. The size of each DVP repo trade that can be submitted is $50 million.

  After trading ends, GSD conducts an afternoon net exclusively for GCF回购 activity. To establish a single net receive or deliver position in each generic CUSIP, the netting process combines each dealer’s new GCF activity eligible for settlement with the dealer’s carry-over activity, including previous 术语 和 previously submitted forward-starting activity that has reached its start leg settlement date.

  For each such CUSIP, a dealer member is either a net securities borrower (i.e.(放债人)或证券净放债人(即放债人).e.(借债人). The Bank of New York Mellon provides the mechanism for allowing a chain of simultaneous collateral 和 cash movements to occur between GSD 和 its dealer members.  The collateral is returned the following afternoon after the Fedwire has closed for settlement.

• 合资格抵押品类别

  目前GCF回购接受的抵押品包括:

  • U.S. 短期国库券、债券及票据;
  • U.S. 通货膨胀保值债券
  • Fixed- 和 adjustable-rate mortgage-backed securities issued by Fannie Mae, 吉利美和房地美,
  • Non-mortgage backed securities issued by government-sponsored enterprises, 比如联邦住房贷款银行, Federal Farm Credit Banks 和 Federal 首页 Loan Mortgage Corporation (Freddie Mac), 和
  • 条状(条状是U形.S. Treasury 和 agency securities that have had the interest-payment coupons separated or “stripped” from the principal, creating zero-coupon securities 和 separate payment securities from what was originally a single Treasury bond or note).

• 了解更多信息

  要获取更多信息，请点击 在这里.