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TBA Mortgage-Backed Securities FAQs

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Both sides of the trade have to provide the following a value of TBAN in the Type of Financial Instrument field.

UI 3.0 Quick Trade Entry Screen - The next figure shows where to select TBAN in the quick trade entry screen for block-level trades.

UI 3.0 Full Trade Entry Screen - The next figure shows where to supply TBAN in the full trade entry screen for block-level trades.

tba full entry block info

 

UI 4.0 Create Block Screen - The next figure shows where to supply TBAN in the create block screen.

tba 40 entry

  

 

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You and your counterpaty can submit and match a TBA type of financial instrument for both block-level and allocation-confirmation level trades.

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Yes, depending on whether you submit or receive TBAs:

  • To submit TBAs with stipulations and add stipulations to existing trades in the trade blotter, a subscription is not required.
  • To receive your counterparty's TBAs that have stipulations on them, both you and your counterparty are required to have the STIPS subscription.

In addition, the CTM service offers the TBAP (TBA Processing) subscription option for investment managers. This subscription option controls the return of the followng fields on the outbound InfoSettlementResponse message and reflects the investment manager's values instead of the executing broker's values:

  • TotalNetCashAmount
  • NetCashAmount
  • AccruedInterestAmount
  • TotalAccruedInterestAmount

Note

The logic for this functionality derives from the TBA service code (TypeOfFinancialInstrument) or the TBA identifier (CUSIP or ISIN) prefix.


The best practices for investment managers includes the following:

  • Use Named Matching Profiles specific to TBAs
  • Do not include matching on NetCashAmount or AccruedInterest
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The below table identifies the CTM interfaces you can use to create, view and amend TBA trades.

TBA Activity   CTM Interface   
Trade Blotter Direct XML FIX (Investment Managers) Message Translation Interface
Create Yes     Yes   Yes Yes
View 
Amend
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Yes. Using the 3.0 Trade Blotter's full trade entry feature, investment managers and broker/dealers can enter up to 20 standard and 20 non-standard stipulations on TBAs. The below image shows the stipulations fields which can be populated. Click the +/- button to add and remove stipuations.

tba create l2 matching stip fields