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What Members Need To Know

This section is intended to provide MBSD clients with quick access to information considered timely, important and/or recently posted to the Learning Center. Currently you may choose from the following topics:

  • FICC Loss Allocation Overview (eLearning)
  • Requests for Trade Input Extensions (guidelines and contact information)

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What Members Need To Know Topics (2)

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The FICC Loss Allocation Overview eLearning is divided into three parts. The eLearning assumes you will watch all three parts in order as the information in each builds on the part which precedes it. The Resources link provides access to transcripts for each part, and a Knowledge Check is included in Part 3 to solidify your comprehension of the concepts. You will also have the opportunity to share feedback for this eLearning at the end of Part 3.

The topics covered in the FICC Loss Allocation Overview, Parts 1 - 3, include:

  • FICC loss allocation practices as they apply to both Defaulting Member and Declared Non-Default Loss events,
  • loss allocation rule enhancements implemented in 2018,
  • the look back period,
  • pro rata share of losses calculation for FICC members,
  • the Loss Allocation Cap,
  • the member withdrawal process,
  • the Event Period, and
  • hypothetical scenarios demonstrating how these concepts are applied during an Event Period in the case of single- or- multiple-member default.

Links to videos appear below. You will need to be logged in to view them.

Part 1 (of 3)

Part 2 (of 3)

Part 3 (of 3)

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Fixed Income Clearing Corporation (“FICC”) would like to remind the Mortgage Backed Securities Division (“MBSD”) and the Government Securities Division (“GSD”) member firms of the guidelines that should be followed in the event that they are experiencing internal system issues and require an end-of-day extension to submit trade input.

In the event that members are experiencing system issues and require an extension beyond the 8:00 p.m. EST cutoff, please contact the IT Operations Group at 888-382-2721 (option 5-5).

Please note the following important key points:

  • Members must contact the IT Operations Group by 7:30 pm EST to request a trade submission extension.
  • Any request received after 7:30 p.m. EST will be handled on a best efforts basis.
  • Upon request by a member, an automatic extension will be granted for a period of up to 30 minutes through 8:30 p.m. EST.
  • If a member requires an additional 30 minute extension through 9:00 p.m. EST, FICC Operational staff may request additional information (i.e. volume, system status, etc.) in order to assess the request.
  • If FICC Operations agrees to grant an additional 30 minute extension through 9 p.m. EST, an email notice will be sent to all members alerting them of the delay in the transmission of end-of-day output beyond typical distribution timeframes. FICC will send status update alerts to member every 15 minutes thereafter with the estimated timeframe for publishing the end-of-day data output.

If you have any questions, please contact your Relationship Manager.