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  • Fixed Income Clearing Learning Center

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    The Fixed Income Clearing Corporation (FICC) was created in 2003 to reduce costs and give DTCC customers a common approach to fixed income transaction processing by integrating the Government Securities Clearing Corporation and the Mortgage-Backed Securities Clearing Corporation. Corporate, Municipals, and UITs (CMU) The Corporate, Municipal, and UITs (CMU) system provides all of its customers...
  • Automated Funds-Only Settlement Service

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    Fixed Income Clearing Corporation’s (FICC) Automated Funds-Only Settlement Service provides a standardized, automated method for settling non-trade, funds-only obligations each day between FICC and its customers’ settling banks. FICC’s service eliminates manual processing and reduces costs by aggregating payments due to or from a customer and then automatically transferring the funds into or...
  • About Electronic Pool Notification

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    EPN is intended for all firms that are engaged in the MBS pool allocation and notification process, including broker/dealers, inter-dealer brokers, commercial banks, government sponsored enterprises (GSEs), mortgage originators, insurance companies, investment companies, investment managers/advisors, mutual funds, trust companies, pension funds, international organizations, and organizations...
  • About Pool Netting

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    In 2009, FICC introduced the Central Counterparty (CCP) Pool Netting Service. This service is part of the Real-Time Trade Matching (RTTM) system for mortgage-backed securities (MBS); RTTM is a product of the Fixed Income Clearing Corporation's (FICC) Mortgage-Backed Securities Division (MBSD). Pool netting allows MBS clearing members to net pool instructs stemming from TBA netting and...
  • EaSy Pool Introduction

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    Welcome to the EaSy Pool Web-Interactive Guide! This web-interactive guide provides step-by-step instructions about how to use the Electronic Pool Notification (EPN) EaSy Pool (ESP) service. You can submit all original notification (ON), don't know (DK), cancel and correct (CC), and cancel (CX) messages through EaSy Pool. This guide assumes a general knowledge of mortgage-backed securities,...
  • EPN Reports Introduction

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    This section includes detailed descriptions of MBS EPN Reports. Each sample report is introduced with a definition table that lists the Purpose, Access, Clearing Fundamentals Cross-Reference, and Timing requirements. Reports can be printed only from the Report Center. Also included in this section are various MBS code tables (e.g., Agency codes, DK Reason codes, and Trade Type codes). It is...
  • Pool Substitution Service Introduction

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    FICC's MBS Division provides the Pool Substitution message (or “CC” for Cancel/Correct) to support the simultaneous cancel of previously allocated pools with the notification of substituted pools. This benefit of this message is that it provides EPN members with time-stamped evidence of delivery of a Pool Substitution. Like all EPN message types the processing of the Pool Substitution message...
  • Electronic Pool Notification

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    The Electronic Pool Notification section explains: what electronic pool notification is, how to access the systems required to utilize electronic pool notification, how to locate and utilize the output and reports from the electronic pool notification process, and technical information required to optimize your use of the features, functions and backup of required systems. You must log in to...
  • Pool Netting

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    The Pool Netting section explains: what pool netting is, how to access the systems required to utilize pool netting, how to locate and utilize the output and reports from the pool netting process, and technical information required to optimize your use of the features, functions and backup of required systems. You must log in to view all available content - content which requires a log in to...
  • Trade Processing and Matching

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    The articles in this section explain: How to view a trade How to enter trades How to search for trades How to modify a trade How to cancel a trade How to un-cancel a trade How to DK a trade How to check the status of a trade. This section also explains how to view potential matches, how TBA CUSIPS are derived, how to view your security master, how to manage your cash obligations and how to find...
  • MBSD RTTM System

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    The Real-Time Trade Matching System (RTTM) for Mortgage-Backed Securities (MBS) is a product of the Fixed Income Clearing Corporation's Mortgage-Backed Securities Division (MBSD). RTTM is a trade-entry/management tool that increases the efficiency of trade operations yet reduces your firm’s overall risk. All activity is validated and matched in real-time. From trade submission to comparison,...
  • MBSD Services

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    The articles in the MBSD Services section (which may be accessed via the left-side menu under MBSD Services ) explain the underlying principles and procedures for various MBSD products and services. Articles found under Trade Comparison outline the Trade Types eligible for MBSD's trade comparison service, describe the potential RTTM ® actions for uncompared trades, and explain what happens to...
  • Mortgage-Backed Securities Division (MBSD)

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    The Mortgage-Backed Securities Division (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...
  • MBSD Reports

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    When viewing MBSD Report Center , several links or menus can be seen: MBS Clearing, MBS RTTM, and MBS PoolNet. To help our clients better understand the reports produced in these categories, we have created several report guides which explain the purpose of each report, the formats in which it is available, its report headers and its data elements. For each of the menus in MBSD Report Center,...
  • Mortgage-Backed Securities Defined

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    A mortgage-backed security represents an ownership interest in mortgage loans made by financial institutions to finance a borrower’s purchase of a home or other real estate. Mortgage-backed securities are created when mortgage loans are packaged, or “pooled,” by issuers or servicers, and securities are issued for sale to investors. As the underlying mortgage loans are paid off by the borrowers,...

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