回购服务

回购协议是涉及出售证券和随后回购同一证券的金融交易. Hence the name “repurchase agreement” (or repo, for short).

回购通常是短期交易，通常是隔夜交易，但也可以延长至两年. They enable broker/dealers, 银行和其他市场参与者出售证券，以便为自己的账户立即获得资金, or for the benefit of their clients. 它们同样使证券的购买者能够从他们的资金中赚取短期利息. 实际上，这些证券起到了短期贷款抵押品的作用.

存’s Fixed Income 清算 Corporation (FICC), through its Government Securities Division (GSD), 将回购交易作为其他政府证券交易活动的抵扣过程的一部分, including all buy/sell transactions and U.S. Treasury auction purchases. 自1995年推出回购协议事务处以来, 它已经迅速超过了所有其他vnsr威尼斯城官网登入，并在美国商品市场上占据了最大的份额.S. Government securities trades processed through FICC. 今天, 平均, FICC匹配, 网, 对价值超过3美元的回购交易进行结算和风险管理.65 trillion a day, 为净会员带来大幅降低成本的好处，并将需要交付的职位减少多达75%.

As a secured form of financing, 回购为交易商和其他市场参与者提供了比传统货币市场现金借贷交易更优惠的条件. 逆回购协议是金融机构利用其超额现金储备赚取收入的手段. When the securities are sold, 卖方同时同意在指定日期以给定价格回购证券, 包括按出售时商定的利率计算的利息. 当证券被出售时，回购交易的这一部分被称为“开始”阶段, while the subsequent repurchase is called the “close” leg. 借款人, and t在这里fore the person providing the collateral, is called the “repo dealer”; the cash provider is called the “reverse dealer” or “lender.” Except for a forward start repo, 典型回购的“起始阶段”将作为正常交易进行结算. “近程结算”将在相应结算日成为净额结算过程的一部分.

• Who Can Use this Service

  FICC的GSD比较会员可以参与回购比较服务, 及GSD的净额结算会员可参与回购的净额结算服务. 非GSD会员也可以通过GSD的执行公司功能使用这两项服务. It permits current GSD netting members, when they function as “introducing members,” to submit trades on behalf of non-FICC members, such as institutions and correspondent firms.

• 好处

  By submitting repo trades to GSD for matching, 比较, netting and settlement, participants derive a full range of benefits, 包括:

  • Minimized Risk Through Guaranteed 结算-作为进入其净额系统的所有回购的共同对手方, FICC保证交易双方的结算.
  • Reduced Capital Requirements Through Balance Sheet Offsetsficc的回购净额和结算程序有助于会员最大限度地提高可用性, per the requirements set forth in FASB Interpretation No. 41, of balance sheet netting.
  • Automated Coupon Tracking-FICC在回购期限与息票支付日期交叉时，将息票支付从证券持有人(反向参与者)传递给资金借款人(回购参与者).
  • Reduction in Securities Transfer Activity—As a result of netting, 参与者的每日结算义务总额大幅降低. 联邦电汇的减少意味着证券转让成本的降低, less participant exposure to daylight overdraft charges, and less risk from operational failure.
  • Complete Audit Trail and Automated Reporting-参与者向FICC实时交易匹配(RTTM®)系统提交的所有回购详细报告可作为交互式输出, 并为政府统计处的活动发展互联网用户界面.

  Through its trade guarantee, FICC保证参与者将在回购交易结束时收回其回购抵押品, 而反向参与者将收到回购开始时支付的起始金额, 加上利息. 起始段和结束段的交易详细信息作为单个交易提交, reducing errors and improving efficiency.

• How the Service Works

  参与者使用FICC GSD的有效回购净额成员执行回购，然后通过RTTM系统提交进行匹配, 比较, risk management and, 最终, 净额结算. GSD supports the submission of the following types of repos:

  • 在一夜之间-从今天开始，截止日期为下一个工作日的回购
  • 术语-从今天开始，截止日期超过一个工作日，但最长可达两年的回购
  • Forward-Starting-开始日期比交易日大一个或多个营业日的回购.
  • Repo-to-Maturity-回购截止日期与标的证券到期日相同或晚于其到期日的回购
  • General Collateral Finance Repurchase Agreement (GCF Repo®)—GCF Repos allow dealers to trade general collateral repos, based on rate and term, throughout the day on a blind-brokered basis. See GCF Repo Factsheet for more information.

  GSD还支持在GSD账簿上的定期回购中替代用作抵押品的证券的能力. 参与者提交有关替代其RTTM输入的详细信息, 并使用自动化设备发送抵押品替换请求. (参见“Repo Collateral Substitution Service”).

• For More Information

  To request additional information, please click 在这里.