The core netting and settlement services offered by MBSD include:
- Netting for To-Be-Announced (“TBA”) trades;
- Pool matching and netting services; and
- 结算 of pool obligations stemming from pool netting.
MBSD的合并TBA贸易, 不要分配, and pool netting services reduce customers’ overall settlement obligations in two ways: First, MBSD nets eligible TBA trades to establish net settlement obligations versus FICC. 第二个, 会员可以提交“不分配”请求,以结对未平仓交易,并减少需要分配的头寸. Once pools have been allocated in satisfaction of the remaining TBA settlement obligations, and the relevant details have been submitted into the pool netting system, 发生进一步的净额结算,净池结算义务由成员与作为中央对手方(CCP)的FICC结算。. These two netting services free up capital and lower risk by:
- Greatly reducing the number of trades requiring actual settlement;
- Netting and potentially reducing the number of pools required for delivery; and
- 从TBA和池的角度来看,其结果是更低的运营成本和最小的故障风险.