The MBSD section of the DTCC Learning Center provides information about all of the products and services of the Fixed income Clearning Corporations's Mortgage-Backed Securities Division.
The Mortgage-Backed Securities Division (MBSD) is the sole provider of automated post-trade comparison, netting, electronic pool notification, pool comparison, pool netting and pool settlement services to the mortgage-backed securities market thus providing greater efficiency, transparency and risk mitigation to this specialized market.
What Members Need To Know
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.
As mentioned in Important Notice MBS# 661-19, the Single Security Initiative is a joint initiative between Fannie Mae and Freddie Mac, under the direction of the Federal Housing Finance Agency, to develop a common mortgage-backed security referred to as the Uniform Mortgage-Backed Securities (UMBS). Subject to the Securities and Exchange Commission’s approval, Fixed Income Clearing Corporation (FICC) will accept UMBS for processing through the Mortgage-Backed Securities Division (MBSD) and the Government Securities Division (GSD) (for purposes of GSD GCF Repo® Transactions backed by mortgage-backed securities).
As a reminder, MBSD is currently available for testing with MBSD Clearing Members and EPN-Only Members on the Single Security Initiative.
Please contact your Relationship Manager with any questions.
The proposed rule change would amend the Mortgage-Backed Securities Division Clearing Rules, and the Government Securities Division Rulebook.
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