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Repurchase agreements are financial transactions that involve the sale of a security and the subsequent repurchase of the same security. Hence the name “repurchase agreement” or “repo,” for short.

Occasionally, banks or dealers need to reclaim a security that has been sold as part of a term repo. 要做到这一点, they substitute something else of equivalent value—usually a similar security—in order to keep the repo agreement itself intact. The substitute security then becomes the collateral for the repo.

回购交易被处理, compared and netted along with other government securities trades each day by the Government Securities Division (GSD) of 存’s Fixed Income 清算 Corporation (FICC) as part of its business of handling all the post-trade processing in the trillion-dollar market for government securities. Included in this repo service is an automated facility that supports the substitution of repo collateral. 利用:利用设施, participants must follow an established set of rules governing how substitution information should be communicated to FICC and when substitute collateral must be made available.

 

  • 谁可以使用这项服务

    FICC Government Securities Division (GSD) repo netting members involved in direct or brokered trades are eligible to use the 回购抵押品替代 service. 对于经纪回购交易, 哪些构成了回购交易的主体, the Repo broker who executed the trade is responsible for coordinating the substitution and sending the substitution request to FICC.

  • 好处

    GSD的回购抵押品替代服务:

    • Provides an automated methodology that streamlines the substitution of collateral,
    • Reduces risk by facilitating smooth collateral settlement at clearing banks,
    • Allows participants to notify the GSD of a substitution before replacement collateral is known, minimizing costs of allocating collateral later in the day.

  • 服务如何运作

    Members of FICC’s Government 服务 Division use their GSD computer terminal connection or the RTTM Web Front End to access GSD’s automated collateral substitution facility. Since the bulk of repo trades are “blind-brokered” by Repo brokers, which means the two sides to the transaction do not know the identity of the other party, the broker must first receive the necessary information from the sell party in the trade. 然后经纪人可以在上午11点之前.m. EST to file a substitution notice that provides information about the repo trade to be substituted, including the original security involved and other aspects of the trade. 一旦GSD收到这个替换通知, clearance instructions are automatically created to receive the original collateral from the reverse party and deliver it back to the selling dealer. 在这个过程中, GSD only needs to know that a substitution is planned and that the original collateral has been returned. It does not need to know exactly what the substitute will be. 而不是, GSD substitutes general collateral for any replacement allocations that may not arrive in time, which allows it to support the contract until the actual substitute collateral is in place.

    在中午, participants must update their substitution request to tell the GSD precisely what replacement collateral they will assign to the repo. As soon as this information is communicated to GSD, its systems create final receive-and-deliver instructions to receive the replacement collateral from the repo dealer and deliver it to the party on the other side of the transaction. Participants who fail to notify GSD about substitution requests before noon must pay a fine and, 根据SEC的规定, any substitution requests or details that come in after 1 p.m. 要到第二天才会处理.

    Substitution needs tend to increase at the end of each quarter when term repo transactions settle, prompting firms to recall securities they need to allocate to newly starting term repos or to satisfy outstanding firm sells.

  • 抵押品替代时间表

    Substitution deadlines are listed in the tables below. 所有滞纳金都由回购交易商承担. Because of the time-sensitive nature of the transaction, 然而, FICC charges a substantial fee for late substitution requests and allocations on a normal business day.

    Refer to GSD 规则 for the full list of substitution timeframes and late fees.

    标准替代表



    上午11点前

    上午11点以后

    中午后

    12:30以后.m.

    下午1:00后.m.

    通知发送

    没有滞纳金

    滞纳金

    滞纳金

    仅在“诚信”的基础上处理

    下个工作日之前不要行动

    分配给

    没有滞纳金

    没有滞纳金

    滞纳金

    仅在“诚信”的基础上处理

    下个工作日之前不要行动



    Substitution schedule on a designated “high volume” substitution day



    上午11点前

    上午11点以后

    下午1:00后

    1:30p后.m.

    下午2点以后.m.

    通知发送

    没有滞纳金

    滞纳金

    滞纳金

    仅在“诚信”的基础上处理

    下个工作日之前不要行动

    分配给

    没有滞纳金

    没有滞纳金

    滞纳金

    仅在“诚信”的基础上处理

    下个工作日之前不要行动



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  • 新闻

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