All trades are risk managed at the point of match until fully settled. This includes all trades submitted by the members and bilaterally matched, as well as TBA obligations generated by the system as a result of the TBA Net or Reprice process. FICC Internal NOS is a process to identify when a TBA trade has been settled or converted to pool obligations from DNA Settlement, Pool Netting, Expanded Pool Net, Trade Conversion, and the Reprice processes. Internally generated NOS can only be matched versus other internally generated NOS. After the successful completion of these events, NOS is generated to target and decrement the applicable TBA position and mark them as partially or fully settled (and therefore no longer subject to FICC’s risk management process). The control number on outputs for the different types of FICC NOS is as follows: