支持服务

FICC’s 支持服务 allows certain Netting Members to sponsor, 作为赞助会员, 合资格的法人实体, 作为赞助会员, 成为FICC/GSD会员. A Sponsoring Member is permitted to submit to FICC on behalf of its Sponsored Members, transactions in eligible securities for comparison 和 novation.

• 概述

  赞助会员 facilitate the submission of their Sponsored Members’ trading activity to FICC. For operational 和 administrative purposes, FICC仅与相关赞助会员作为处理代理进行互动，以满足其赞助会员对FICC的日常义务, including their securities 和 funds-only settlement obligations.

  支持服务 includes two offerings:

  • 赞助DVP服务——为符合条件的客户提供通过ficc清算的美国DVP回购交易借出现金或合格抵押品的能力.S. Treasury 和 机构证券 on an overnight 和 term basis, as well as outright purchases 和 sales of such securities, to be settled on a Delivery-vs-Payment (DVP) basis, 和
  • 赞助一般抵押品(GC)服务——为符合条件的客户提供执行一般抵押品回购交易的能力(在相同的资产类别中，目前有资格通过FICC现有的GCF回购进行交易的净会员^® Service) with each other 和 settle such repo transactions on the tri-party repo platform of BNY Mellon.

  
  

• 好处

  FICC’s 支持服务 has made it possible to bring a much larger percentage of the market into clearing, while still maintaining robust risk management st和ards.

  的 支持服务 offers the following benefits to 赞助会员, 赞助会员和美国.S. 金融市场:

  • 降低交易对手风险: Central clearing reduces counter-party risk through FICC’s guarantee of the completion of settlement in a Member default scenario.
  • Balance Sheet 和 Capital Relief Opportunities: FICC对回购交易进行中央清算，使会员能够通过创新和资产负债表净额减少资本使用，从而减轻对会员的限制. 赞助服务使赞助会员能够在其资产负债表上抵消其在与其赞助会员进行的赞助会员交易中对FICC的义务，以抵消其在其他符合条件的FICC清算活动中对FICC的义务, including trades with other Netting Members.
  • 市场流动性: 的 service may allow eligible institutional firms to engage in greater activity than otherwise feasible outside of central clearing, thereby promoting greater market liquidity 和 helps to mitigate the risk of a large-scale exit by institutional firms from the U.S. 金融市场 in a stress scenario. 此外, enabling more term (rather than overnight) repo activity in the service can serve to help reduce repo rate volatility in the market.

  
  

• 赞助会员资格

  任何来自FICC批准的司法管辖区的法人实体，只要满足合格机构买家(QIB)标准，并且至少有一个赞助会员愿意赞助其成为FICC/GSD会员，就有资格作为赞助会员参与该服务.

  
  

• 赞助会员资格

  FICC允许所有FICC/GSD的全方位服务净会员(包括在其经销商账户中进行交易的交易商间经纪人(idb))作为赞助会员参与赞助服务. 请注意: A Sponsored Member’s Sponsoring Member could be an IDB, 前提是美洲开发银行开设一个GSD账户，该账户与任何其他交易商一样必须承担全部损失分担(美洲开发银行的经纪人账户受FICC规则的损失分配上限限制)。.

  
  

• 风险管理

  • 的 Sponsoring Member is responsible to FICC for posting all of the 清算 Fund associated with the activity of its Sponsored Members. This activity is captured in the Sponsoring Member Omnibus Account. 的 清算 Fund requirement for the Sponsoring Member Omnibus Account is calculated twice daily on a gross basis. For 清算 Fund calculation purposes, 每名赞助会员的交易活动均为单独的风险保证金，而每名赞助会员的风险费用之和构成了赞助会员综合账户的清算基金要求, 由FICC收取及持有，而不是由保荐会员为其保荐会员的净额帐户存入的结算基金.
  • While the Sponsored Members are principally liable to FICC for their securities 和 funds-only settlement obligations, the Sponsoring Member is required to provide a guaranty to FICC with respect to all obligations of its Sponsored Members, so that if a Sponsored Member does not satisfy any of its obligations to FICC, FICC can invoke the Sponsoring Member’s guaranty.
  • 在计算赞助成员的上限或有流动性工具(CCLF)要求时，将考虑赞助成员综合账户中活动产生的流动性需求. Because Sponsored Member Trades between a Sponsoring Member 和 its Sponsored Member do not independently create liquidity risk for FICC, FICC承认赞助会员的CCLF计算在赞助会员的净额账户与其赞助会员综合账户之间的任何抵消结算义务.

  
  

• 赞助DVP服务

  赞助DVP服务为符合条件的客户提供通过ficc清算的美国DVP回购交易借出现金或合格抵押品的能力.S. Treasury 和 机构证券 on an overnight 和 term basis, as well as outright purchases 和 sales of such securities, to be settled on a Delivery-vs-Payment basis.

  Eligible securities types include:

  • U.S. 国库券、债券和票据
  • U.S. Treasury Inflation Protected Securities (TIPS)
  • U.S. 财政部条
  • Non-Mortgage-Backed 机构证券
  • 浮动利率票据(frn)

  赞助会员, 由他们自行决定, have the ability to let their clients trade with counterparties other than themselves, providing Sponsored Members with the same execution flexibility they have in the bilateral market today.

  
  

• 赞助GC服务

  赞助GC服务允许赞助会员在一般抵押品(GC)的基础上与其赞助会员进行融资交易，并在纽约梅隆银行的三方回购平台上结算这些交易，其方式类似于赞助会员和赞助会员在中央清算之外相互结算三方回购交易的方式, 从而使它们彼此之间提交回购交易(包括定期回购交易)进行中央清算的操作效率更高.

  的 Sponsored General Collateral (GC) service is transacted using the following Generic CUSIP Numbers (赞助GC CUSIP号码s):

  赞助GC CUSIP号码	描述
  84910 lab2	U.S. Treasuries < 10 Yr Maturity
  84910 laa4	U.S. Treasuries < 30 Yr Maturity
  84910 lac0	非抵押贷款支持U.S. 机构证券
  84910 lad8	Fannie Mae 和 Freddie Mac Fixed Rate Mortgage-Backed Securities.
  84910 lae6	Fannie Mae 和 Freddie Mac Adjustable Rate Mortgage-Backed Securities
  84910 laf3	Ginnie Mae Fixed Rate Mortgage-Backed Securities
  84910 lag1	Ginnie Mae Adjustable Rate Mortgage-Backed Securities
  84910 lah9	U.S. Treasury Inflation Protected Securities (“TIPS”)
  84910 laj5	U.S. 财政部条

  • Collateralization: 每笔赞助的GC交易均须以符合适用赞助GC CUSIP编号的证券及/或现金作全面抵押.
  • 结算: Consistent with the manner in which tri-party repo transactions are settled today outside of central clearing, 赞助GC交易的起始阶段在纽约梅隆银行三方回购平台上以交易对交易的方式在赞助会员和赞助会员之间进行结算.
  • 更新: 在赞助GC交易的开始阶段在纽约时间下午5:30之前在纽约梅隆银行的三方回购平台上完全结算，并且纽约梅隆银行向FICC提供了一份报告，其中包含有关在开始阶段结算中交付的特定证券的信息，FICC就会更新赞助GC交易的结束阶段.
  • 回购利率: 纽约梅隆银行代表FICC, 管理赞助会员和赞助会员之间每天回购利息的收取和支付(截止日期为纽约时间中午12:00), except on the Scheduled 结算 Date of the End Leg where it will be passed as part of End Leg settlement).
  • 发型: Consistent with the parameters of the existing 支持服务, 保荐会员和被保荐会员还可以选择(作为商业事项)以附加抵押品的形式转让超过所借出现金价值100%的扣减.

  
  

• 了解更多信息

  • 下载 赞助服务情况说明书.
  • 下载 赞助GC情况说明书.
  • 下载 常见问题解答.
  • 视图 赞助服务量.
  • 请求 额外的信息.