FICC Changes Designed to Facilitate Counterparty Function for TBA Deals
April 21, 2006
The Fixed Income Clearing Corp., which provides automated post-trade comparison, netting, risk management and pool notification services for mortgage-backed securities, is making some changes designed to streamline its system, decreasing the number of pool settlements and increasing the return of its members’ margin collateral. The changes will be rolled out in three phases next year, and eventually, the FICC hopes to become a central counterparty to TBA netting and the associated pool allocations. “The introduction…
It will be the 11th issuance of its type by loanDepot.
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