支持服务

FICC的赞助服务允许某些净会员赞助, 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. 赞助会员被允许代表其赞助会员向FICC提交申请, 二符合比较、创新条件之证券交易.

• 概述

  赞助会员协助向FICC提交其赞助会员的交易活动. 用于业务和管理目的, FICC interacts solely with the relevant Sponsoring Member as processing agent for purposes of the day-to-day satisfaction of its Sponsored Members’ obligations to or from FICC, 包括他们的证券和基金结算义务.

  赞助服务包括两项服务:

  • Sponsored DVP service – offers eligible clients the ability to lend cash or eligible collateral via FICC-cleared DVP repo transactions in U.S. 隔夜和定期的财政部和机构证券, 以及直接购买和出售这些证券, 以交货对付款(DVP)方式结算, 和
  • Sponsored General Collateral (GC) service – offers eligible clients the ability to execute general collateral repo transactions (in the same asset classes currently eligible for Netting Members to transact in via FICC’s existing GCF Repo^® 服务)，并在纽约梅隆银行三方回购平台上结算此类回购交易.

  
  

• 好处

  FICC的赞助服务使得更大比例的市场进入清算成为可能, 同时保持稳健的风险管理标准.

  的 支持服务 为赞助会员、赞助会员和美国会员提供以下福利.S. 金融市场:

  • 降低交易对手风险: 中央结算通过FICC保证在成员违约情况下完成结算，降低了交易对手的风险.
  • 资产负债表和资本减免机会: Central clearing of repo transactions at FICC could alleviate constraints on Members by enabling them to reduce capital usage via novation 和 balance sheet netting. 的 支持服务 provides 赞助会员 with the ability to offset on their balance sheets their obligations to FICC on Sponsored Member Trades with their Sponsored Members against their obligations to FICC on other eligible FICC-cleared activity, 包括与其他净会员的交易.
  • 市场流动性: 这项服务可能允许符合条件的机构公司在中央结算之外从事比其他可行的更多的活动, 从而促进更大的市场流动性，并有助于减轻机构公司从美国大规模退出的风险.S. 金融市场处于压力情景. 此外, 在服务中启用更多的期限(而不是隔夜)回购活动可以帮助减少市场上的回购利率波动.

  
  

• 赞助会员资格

  Any legal entity from an FICC-approved jurisdiction that satisfies the Qualified Institutional Buyer (QIB) st和ard 和 has at least one Sponsoring Member willing to sponsor it into FICC/GSD membership is eligible to participate in the service as a Sponsored Member.

  
  

• 赞助会员资格

  FICC permits all full-service Netting Members of FICC/GSD (including inter-dealer brokers (IDBs) trading in their dealer account) to participate in the 支持服务 作为赞助会员. 请注意:赞助会员的赞助会员可以是美洲开发银行, provided the IDB opens a GSD account that is subject to full loss mutualization like any other dealer (IDB’s broker accounts are subject to a loss allocation cap under FICC rules).

  
  

• 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. 此活动在赞助成员综合帐户中捕获. 赞助会员综合帐户所需的结算基金每日按毛额计算两次. 用于结算基金的计算, each Sponsored Member’s trading activity is risk margined separately 和 the sum of the individual Sponsored Member risk charges constitutes the 清算 Fund requirement for the Sponsoring Member Omnibus Account, which is collected 和 held by FICC separate from the 清算 Fund posted by the Sponsoring Member for its Sponsoring Member netting account.
  • 而赞助会员主要对FICC的证券和基金结算义务负责, 保荐会员必须就其保荐会员的所有义务向FICC提供担保, 因此，如果赞助会员不履行其对FICC的任何义务, FICC可以援引担保会员的担保.
  • Liquidity needs created by activity in the Sponsoring Member Omnibus Account are considered when calculating the Sponsoring Member’s Capped Contingent Liquidity Facility (CCLF) requirement. Because Sponsored Member Trades between a Sponsoring Member 和 its Sponsored Member do not independently create liquidity risk for FICC, FICC recognizes for the Sponsoring Member’s CCLF calculations any offsetting settlement obligations as between a Sponsoring Member’s netting account 和 its Sponsoring Member Omnibus Account.

  
  

• 赞助DVP服务

  Sponsored DVP service offers eligible clients the ability to lend cash or eligible collateral via FICC-cleared DVP repo transactions in U.S. 隔夜和定期的财政部和机构证券, 以及直接购买和出售这些证券, 以交货对付款的方式解决.

  合资格的证券类型包括:

  • U.S. 国库券、债券和票据
  • U.S. 通货膨胀保值债券
  • U.S. 财政部条
  • 非抵押贷款机构证券
  • 浮动利率票据(frn)

  赞助会员, 由他们自行决定, 是否有能力让客户与自己以外的对手方进行交易, 为赞助成员提供与当今双边市场相同的执行灵活性.

  
  

• 赞助GC服务

  的 Sponsored GC service allows 赞助会员 to transact financing transactions with their Sponsored Members on a general collateral (GC) basis 和 settle those transactions on the tri-party repo platform of BNY Mellon in a similar manner to the way 赞助会员 和 Sponsored Members settle tri-party repo transactions with each other outside of central clearing, thereby making it more operationally efficient for them to submit for central clearing repo transactions (including term repo transactions) with each other.

  赞助一般抵押品(GC)服务使用以下通用CUSIP号码(赞助GC CUSIP号码)进行交易:

  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	房利美和房地美固定利率抵押贷款支持证券.
  84910 lae6	房利美和房地美可调利率抵押贷款支持证券
  84910 laf3	吉利美固定利率抵押贷款支持证券
  84910 lag1	吉利美可调利率抵押贷款支持证券
  84910 lah9	U.S. 通货膨胀保值国债(" TIPS ")
  84910 laj5	U.S. 财政部条

  • Collateralization: Each Sponsored GC Trade is required to be fully collateralized with securities eligible under the applicable 赞助GC CUSIP号码 和/or cash.
  • 结算: 与目前三方回购交易在中央清算之外结算的方式一致, the Start Leg of a Sponsored GC Trade settles on a trade for trade basis on the tri-party repo platform of BNY Mellon between the Sponsoring Member 和 the Sponsored Member.
  • 更新: Novation to FICC of the End Leg of a Sponsored GC Trade occurs after the Start Leg of the Sponsored GC Trade has fully settled on the tri-party repo platform of BNY Mellon by the 5:30PM NYT deadline 和 BNY Mellon has provided FICC a report with information regarding the specific securities that were delivered in Start Leg settlement.
  • 回购利率: 纽约梅隆银行代表FICC, administers the collection 和 payment of repo interest on a daily basis as between the Sponsoring Member 和 Sponsored Member (deadline 12:00 PM NYT, 除非在终端分支的计划结算日，该文件将作为终端分支结算的一部分通过).
  • 发型: 与现有赞助服务的参数一致, a Sponsoring Member 和 Sponsored Member can also elect (as a commercial matter) to transfer haircut in the form of additional collateral above 100% of the cash value lent.

  
  

• 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.