Welcome to the Fixed Income New Learner Training Section

This section is dedicated to the new learner who is looking to advance their knowledge and skills in the topics and tasks involved in the post-trade processing of the products, services, and systems provided by the Fixed Income Clearing Corporation, namely around Government Securities (GS), Mortgage-Backed Securities (MBS), Corporate Securities, Municipal Securities, and Unit Investment Trusts (CMU). 

In this section prospective learners are introduced to the typical learning paths that are recommended by DTCC™ Learning to master prior to utilizing any product, service, or system.

Your journey here should be the result of a comprehensive learning needs analysis that determines the business context in which your knowledge and skills should be built.  If this is not the case, please contact fixed income securities subject-matter training experts at This email address is being protected from spambots. You need JavaScript enabled to view it. at DTCC Learning before getting started.

The below learning paths were developed to provide instruction on the typical roles performed for Government Securities Division, Mortgage-Backed Securities Division, and CMU Services of FICC.

Before you begin, please note that the learning solutions contained in these learning paths assumes prior securities industry experience, basic knowledge of financial products, a familiarity of securities processing, as well as knowledge gained from the prerequisite courses contained herein.

 

Welcome to the Fixed Income New Learner Training Section

This section is dedicated to the new learner who is looking to advance their knowledge and skills in the topics and tasks involved in the post-trade processing of the products, services, and systems provided by the Fixed Income Clearing Corporation, namely around Government Securities (GS), Mortgage-Backed Securities (MBS), Corporate Securities, Municipal Securities, and Unit Investment Trusts (CMU). 

In this section prospective learners are introduced to the typical learning paths that are recommended by DTCC™ Learning to master prior to utilizing any product, service, or system.

Your journey here should be the result of a comprehensive learning needs analysis that determines the business context in which your knowledge and skills should be built.  If this is not the case, please contact fixed income securities subject-matter training experts at This email address is being protected from spambots. You need JavaScript enabled to view it. at DTCC Learning before getting started.

The below learning paths were developed to provide instruction on the typical roles performed for Government Securities Division, Mortgage-Backed Securities Division, and CMU Services of FICC.

Before you begin, please note that the learning solutions contained in these learning paths assumes prior securities industry experience, basic knowledge of financial products, a familiarity of securities processing, as well as knowledge gained from the prerequisite courses contained herein.

 

CMU New Learner Training Learning Paths

 

New CMU Learner – CMU Business Knowledge

The list below contains the learning solutions that contain the most basic knowledge that all learners should know before utilizing any of the product, services, or systems involved in processing CMU post-trade activities at FICC, NSCC, and DTC.

Approximate learning time: 23 hours



Course Description

This is a three-day course that provides attendees with a broad understanding of the financial marketplace.  It examines the paper work crisis, marketplace players and governing bodies that helped with the creation and stabilization of the exchanges and marketplaces in the United States.

The course is divided into the following topical areas: (1) The Securities Industry and DTCC™ , (2) Major Types of Investment Products, (3) Securities Industry Players, Roles, Marketplaces, and Exchanges, (4) Secondary Markets, and (5) Life Cycle of a Trade.

 

What You Will Learn:

At the completion of the course students should be able to:

  • Explain the purpose and makeup of the securities industry
  • Describe the events that have had a significant impact on the evolution of the industry
  • Identify key players in the securities industry
  • Describe the role of each key player in the securities industry
  • Identify the service organizations that support the securities industry
  • Identify the steps in the life cycle of a trade
  • Explain the objectives of each life cycle step
  • Describe the activities in each step
  • Identify the players and their roles in each step

Prerequisite Knowledge

  • This webinar assumes prior securities industry experience, basic knowledge of financial products, and a familiarity of securities processing.

Tutorial Level

Introduction

 

Duration

18 hours

 

Follow-up Learning Recommendations

  • Introduction to Continuous Net Settlement (CNS®) Webinar & Web Interactive Guide
  • FICC CMU RTTM® System Overview & Web Interactive Guide
  • DTC Settlement I: Risk Management Controls Webinar
  • DTC Settlement II: Transactions and Systems Webinar
  • DTC Settlement III: End-of-Day Processing Webinar
  • Settlement Web-Interactive Guide

Related Certification

  • None

®

Course Description

This course provides an overview of NSCC’s Continuous Net Settlement (CNS®). CNS® is an accounting and fail control system used for settling equities and fixed-income securities that are NSCC- and DTC-eligible. This course describes how CNS® centralizes the settlement of compared security transactions and maintains an orderly flow of security and money balances. Topics include the role of NSCC as a central counterparty, the netting process and CNS® reports.

 

What You Will Learn:

At the completion of the course students should be able to:

  • Describe the street-side trade flow process
  • Define Continuous Net Settlement (CNS®)
  • Define “long” and “short” positions
  • Explain how netting occurs
  • Identify available CNS® reports
  • Define “balance order”
  • Explain the circumstances under which balance orders are issued

Prerequisite Knowledge

  • This webinar assumes prior securities industry experience, basic knowledge of financial products, a familiarity of securities processing, as well as knowledge gained from the prerequisite courses listed below.
  • Introduction to the Securities Industry and DTCC™ Webinar

 

 

Tutorial Level

Introduction

 

Duration

1 hour

 

Follow-up Learning Recommendations

  • Continuous Net Settlement (CNS®) Web Interactive Guide®
  • CMU RTTM® System Overview
  • DTC Settlement I: Risk Management Controls Webinar
  • DTC Settlement II: Transactions and Systems Webinar
  • DTC Settlement III: End-of-Day Processing Webinar

Related Certification

  • None

Course Description

DTC provides the settlement architecture for most equities and municipal and corporate bond transactions in the U.S. These services are available through DTC’s Settlement Web application. In this course you will be introduced to DTC's role in the settlement process, as well as certain aspects of its system architecture.

 

What You Will Learn:

At the completion of the course students should be able to:

  • Describe the role of DTC in the settlement process,
  • List the main aspects of risk management at DTC, and
  • Describe the key characteristics of DTC settlement systems.

Prerequisite Knowledge

  • This webinar assumes prior securities industry experience, basic knowledge of financial products, a familiarity of securities processing, as well as knowledge gained from the prerequisite courses listed below.
  • Introduction to the Securities Industry and DTCC™ Webinar
  • Introduction to Continuous Net Settlement (CNS®) Webinar
  • FICC CMU RTTM® System Overview

Tutorial Level

Introduction

 

Duration

1 hour

 

Follow-up Learning Recommendations

  • DTC Settlement I: Risk Management Controls Webinar
  • DTC Settlement II: Transactions and Systems Webinar
  • DTC Settlement III: End-of-Day Processing Webinar
  • Settlement Web Interactive Guide

Related Certification

  • Settlement Certification

Course Description

This course provides a high-level overview of how DTC manages risk in the settlement process. Topics include the method by which DTC collateralizes all securities, as well as specific control mechanisms such as the Collateral Monitor, Net Debit Cap and Largest Provisional Net Credit (LPNC).

 

What You Will Learn:

At the completion of the course students should be able to:

  • Define “DTC Settlement”
  • List the requirements for using the DTC Settlement Service
  • Explain how transactions are recorded in a participant’s account
  • Describe how settlement occurs at DTC
  • List and define the features of collateralization at DTC
  • List and define DTC’s risk management controls
  • Explain how to remedy a recycling transaction

Prerequisite Knowledge

  • This webinar assumes prior securities industry experience, basic knowledge of financial products, a familiarity of securities processing, as well as knowledge gained from the prerequisite courses listed below.
  • Introduction to the Securities Industry and DTCC™ Webinar
  • Introduction to Continuous Net Settlement (CNS®) Webinar
  • FICC CMU RTTM® System Overview
  • DTC Settlement 101: Introduction To Settlement

Tutorial Level

Introduction

 

Duration

1 hour

 

Follow-up Learning Recommendations

  • DTC Settlement II: Transactions and Systems Webinar
  • DTC Settlement III: End-of-Day Processing Webinar
  • Settlement Web Interactive Guide

Related Certification

  • Settlement Certification

Course Description

This course provides an overview of the common transaction types that impact settlement at DTC, as well as introduces the systems that support their processing.  Deliver Orders (DO), Payment Orders (PO), Reclaims (DK) and Collateral Loans are defined within the context of DTC’s processing systems workflow. The course is divided into the following topical areas: (1) Transactions Processed in the DTC Settlement System, and (2) DTC.

 

What You Will Learn:

At the completion of the course students should be able to:

  • Define “deliver order” (DO)
  • Differentiate between free and valued Dos
  • Define “payment order” (PO)
  • Define “reclaim”
  • Differentiate between linked and matched reclaims
  • Define “collateral loan”
  • Describe how to process a reclaim using Activity Inquiry
  • Explain the purpose of the following systems;
    • Inventory Management System (IMS)
    • IMS Receiver Authorized Delivery (RAD)
  • Describe how to approve and cancel a transaction using IMS RAD

Prerequisite Knowledge

  • This webinar assumes prior securities industry experience, basic knowledge of financial products, a familiarity of securities processing, as well as knowledge gained from the prerequisite courses listed below.
  • Introduction to the Securities Industry and DTCC™ Webinar
  • Introduction to Continuous Net Settlement (CNS®) Webinar
  • FICC CMU RTTM® System Overview
  • DTC Settlement 101: Introduction To Settlement
  • DTC Settlement I: Risk Management Controls Webinar

Tutorial Level

Introduction

 

Duration

1 hour

 

Follow-up Learning Recommendations

  • DTC Settlement III: End-of-Day Processing Webinar
  • Settlement Web Interactive Guide

Related Certification

  • Settlement Certificate

Course Description

This course provides an overview of the end-of-day settlement process at DTC.  Topics include consolidated settlement, processing deadlines and the role of the settling bank.

 

What You Will Learn:

At the completion of the course students should be able to:

  • Understand how transactions are processed via DTC system and their impact on end-of-day processing
  • List the responsibilities of participants and settling banks during end-of-day settlement
  • Explain the purpose of the Consolidated Settlement System
  • Describe how the Participant Account Statement is used for balancing accounts
  • List the timeframes associated with the end-of-day processing schedule

Prerequisite Knowledge

  • This webinar assumes prior securities industry experience, basic knowledge of financial products, a familiarity of securities processing, as well as knowledge gained from the prerequisite courses listed below.
  • Introduction to the Securities Industry and DTCC™ Webinar
  • Introduction to Continuous Net Settlement (CNS®) Webinar
  • FICC CMU RTTM® System Overview
  • DTC Settlement 101: Introduction To Settlement
  • DTC Settlement I: Risk Management Controls Webinar
  • DTC Settlement II: Transactions and Systems Webinar

Tutorial Level

Introduction

 

Duration

1 hour

 

Follow-up Learning Recommendations

  • Settlement Web Interactive Guide

Related Certification

  • Settlement Certificate

The CMU team here at DTCC™ Learning have compiled a list of frequently asked questions that you yourself may be asking.  Please read the CMU FAQs and let us know if you have any questions.

Click here to see the CMU FAQs online; or

Click here to download a copy in a guide format.


 

New CMU Learner – CMU RTTM Web User

The list below contains the learning solutions that contain the knowledge that all learners should know before utilizing FICC's CMU RTTM® system.  It is strongly recommended that learners learn this content after mastering the knowledge contained in the "New CMU Learner - CMU Business Knowledge" learning path.

Approximate learning time: 6 hours



Course Description

The Corporate, Municipal, and UITs (CMU) system provides all of its customers with RTTM® - a single pipeline, a common processing platform, and a standardized message format for the U.S. fixed income markets.  This webinar shows learners how to use FICC’s RTTM® system for CMU processing. 

 

What You Will Learn:

At the completion of the course students should be able to:

  • Explain how the CMU RTTM service works
  • Highlight the benefits of FICC CMU RTTM®
  • Navigate to various FICC CMU RTTM® screens
  • Perform key functions within FICC CMU RTTM®
  • Access CMU Reports in Reports Center
  • Identify primary CMU Reports
  • Manage Admin functions in FICC CMU RTTM®

Prerequisite Knowledge

  • This webinar assumes prior securities industry experience, basic knowledge of financial products, a familiarity of securities processing, as well as knowledge gained from the prerequisite courses listed below.
  • Introduction to the Securities Industry and DTCC™ Webinar
  • Introduction to Continuous Net Settlement (CNS®) Webinar
  • DTC Settlement 101: Introduction To Settlement
  • DTC Settlement I: Risk Management Controls Webinar
  • DTC Settlement II: Transactions and Systems Webinar
  • DTC Settlement III: End-of-Day Processing Webinar

Tutorial Level

Introduction

 

Duration

1 hour

 

Follow-up Learning Recommendations

  • CMU RTTM® Web Interactive Guide

Related Certification

  • None

The Real-Time Trade Matching System (RTTM) increases the efficiency of trade operations and reduces your firm’s clearing and settlement risk. All activity is validated and matched in real-time, so processing time is reduced to a fraction of what it had taken in the past.

The latest development in the evolution of Real-Time Trade Matching is CMU RTTM Web. This browserbased interface is user-friendly, well organized, and can run under most of today's commonly used operating systems. Log on to CMU RTTM Web via the DTCC Portal, from any computer that is equipped with Internet Explorer 11 and login into DTCC Portal.

This User Guide provides step-by-step procedures for all CMU RTTM Web functions related to Corporate Bonds, Municipal Bonds, and Unit Investment Trusts, covering such topics as:

• Entering trades

• Affirming trades

• Modifying trades

• Canceling trades

• DKing trades

• Querying Trades

• Exception processing

• Reporting Trades to MSRB

Also included in this User Guide are general descriptions of business processes or concepts that are unique to CMU RTTM. The guide assumes that the user has prior securities industry experience and a basic knowledge of NSCC fixed-income processing.

 

Click here to download a copy of this guide in PDF format.

In extraordinary situations, when a participant who submits MQ MT515 trade messages is not able to submit trades to RTTM® via interactive messaging, DTCC™ CNS Operations will enable access to the CSV Trade Batch Upload screen.  This screen will allow for trades, stored in a CSV file, to be uploaded to the CMU website and submitted to RTTM®.

This guide will review the CSV upload screen, accepted formats, and will walk through how to upload a file to the CMU website.

 

Click here to download a copy of this guide in PDF format.

The CMU team here at DTCC™ Learning have compiled a list of frequently asked questions that you yourself may be asking.  Please read the CMU FAQs and let us know if you have any questions.

Click here to see the CMU FAQs online; or

Click here to download a copy in a guide format.


New CMU Learner – CMU RTTM Super Access Coordinator

The learning solutions below contain the knowledge that all learners should know who will be filling the role as Access Coordinator at your firm.

Approximate learning time: 2 hours



The purpose of this document is to describe how to use the Customer Registration System (CRS) as a Super Access Coordinator or Access Coordinator to provision Operator ID’s with CMU RTTM® products.

  • Super Access Coordinator- You are able to create/modify/delete Super Access Coordinator, Access Coordinator or Operator ID’s.
  • Access Coordinator- You are able to create/modify/delete Operator ID’s
  • Operator - You are able to use the product itself.

 

Click here to download this guide in PDF format.


 

GS New Learner Training Learning Paths

 

New GS Learner – GS Business Knowledge

The list below contains the learning solutions that contain the most basic knowledge that all learners should know before utilizing any of the product, services, or systems involved in processing GS post-trade activities at FICC.

Approximate learning time: 1 hour



Course Description

FICC's Government Securities Division (GSD) is the leading provider of trade comparison, netting and settlement for the Government securities marketplace.  This course includes an overview of the Fixed Income Clearing Corporations, Government Securities Division core services and functions. Topics reviewed are inclusive of the Real-Time Trade Matching (RTTM®) service, Netting and Settlement Services and the Repurchase Agreement Services.

 

What You Will Learn:

At the completion of the course students should be able to:

  • Describe GSD’s core services and functions
  • List DVP/GCF trade types
  • Identify securities eligible for comparison and netting
  • Define/describe Trade Comparison and  RTTM®
  • Describe the DVP process flow
  • Explain the Netting and Settlement process
  • Describe the Funds Only Settlement process
  • Highlight GSD’s key risk management practices 

Prerequisite Knowledge

  • This webinar assumes prior government securities industry experience, basic knowledge of RTTM, and familiarity of GSD processing.

 

Tutorial Level

Introduction

 

Duration

1 hour

 

Follow-up Learning Recommendations

  • FICC’s GSD Risk Management Overview Webinar

Related Certification

  • None

New GS Learner – DVP RTTM Web User

The list below contains the learning solutions that contain the knowledge that all learners should know before utilizing FICC's DVP RTTM® system.  It is strongly recommended that learners learn this content after mastering the knowledge contained in the "New GS Learner - GS Business Knowledge" learning path.

Approximate learning time: 3 hours



Course Description

The DVP Service offered by FICC’s Government Securities Division (GSD) supports and facilitates the submission, comparison, risk management, netting and settlement of trades executed by its Members in the U.S. Government securities market.  This webinar includes overview of the Fixed Income Clearing Corporation, FICC’s Government Securities Division and related DVP Services.

 

What You Will Learn:

At the completion of the course students should be able to:

  • Describe GSD’s core services and functions
  • Identify securities eligible for comparison and netting
  • List DVP trade types
  • Define/describe Real-Time Trade Matching (RTTM®)
  • Describe the various DVP trade process flows
  • Explain the DVP Netting and Settlement process
  • Describe the Funds-Only Settlement process
  • Explain GSD’s fail management practices

Prerequisite Knowledge

  • This webinar assumes prior government securities industry experience, basic knowledge of RTTM, familiarity of GSD processing, as well as knowledge gained from the prerequisite courses listed below.
  • Introduction to Government Securities Division (GSD) Overview Webinar
  • FICC GSD Risk Management Overview Course

 

 

Tutorial Level

Introduction

 

Duration

1 hour

 

Self-Paced Option

This course is also available as a self-paced elearning course.  Click here to begin.

 

Follow-up Learning Recommendations

  • DVP RTTM® System Navigation Webinar
  • DVP Service Reports Webinar
  • DVP Web Interactive Guide

Related Certification

  • None

Course Description

The DVP Service offered by FICC’s Government Securities Division (GSD) supports and facilitates the submission, comparison, risk management, netting and settlement of trades executed by its Members in the U.S. Government securities market.  This webinar shows learners how to use FICC’s RTTM® system for DVP processing. 

What You Will Learn:

At the completion of the course students should be able to:

  • Describe GSD’s core services and functions
  • Define/describe Real-Time Trade Matching (RTTM®)
  • Navigate to various FICC DVP RTTM® screens
  • Perform key functions in the FICC DVP RTTM® system
  • Access DVP Reports in Reports Center
  • Identify primary DVP Reports
  • Manage Admin functions in FICC DVP RTTM®

Prerequisite Knowledge

  • This webinar assumes prior government securities industry experience, basic knowledge of RTTM, familiarity of GSD processing, as well as knowledge gained from the prerequisite courses listed below.
  • Introduction to Government Securities Division (GSD) Overview Webinar
  • Delivery vs. Payment (DVP) Service Overview Webinar
  • FICC GSD Risk Management Overview Course

 

Tutorial Level

Intermediate

 

Duration

1 hour

Self-Paced Option

This course is also available as a self-paced elearning course.  Click here to begin Part One, Part Two, and Part Three.

 

Follow-up Learning Recommendations

  • DVP Service Reports Webinar
  • DVP Web Interactive Guide

Related Certification

  • None

Course Description

The DVP Service offered by FICC’s Government Securities Division (GSD) supports and facilitates the submission, comparison, risk management, netting and settlement of trades executed by its Members in the U.S. Government securities market.  This webinar shows learners how to access, identify, and explain all elements of DVP reporting provided by FICC’s GSD. 

What You Will Learn:

At the completion of the course students should be able to:

  • Login to RTTM® Web & access FICC Report Center
  • Identify and explain relevant Billing Reports
  • Identify DVP Reports applicable to your firm
  • Explain relevant DVP Comparison Reports
  • Explain relevant DVP Netting Reports
  • Explain relevant DVP Other Reports
  • Identify and explain relevant Funds-Only Settlement Reports

Prerequisite Knowledge

  • This webinar assumes prior government securities industry experience, basic knowledge of RTTM, familiarity of GSD processing, as well as knowledge gained from the prerequisite courses listed below.
  • Introduction to Government Securities Division (GSD) Overview Webinar
  • Delivery vs. Payment (DVP) Service Overview Webinar
  • DVP RTTM® System Navigation Webinar
  • FICC GSD Risk Management Overview Course

 

Tutorial Level

Intermediate

 

Duration

1 hour

 

Self-Paced Option

This course is also available as a self-paced elearning course.  Click here to begin.

 

Follow-up Learning Recommendations

  • DVP Web Interactive Guide

Related Certification

  • None

New GS Learner – GCF Repo RTTM User

The list below contains the learning solutions that contain the knowledge that all learners should know before utilizing FICC's GCF Repo® RTTM® system.  It is strongly recommended that learners learn this content after mastering the knowledge contained in the "New GS Learner - GS Business Knowledge" learning path.

Approximate learning time: 3 hours



Course Description

The GCF Repo® service enables dealers to trade general collateral repos, based on rate, term, and underlying product, throughout the day without requiring intra-day, trade-for-trade settlement on a Delivery-versus-Payment (DVP) basis.  This webinar shows learners how to use FICC’s RTTM® system for DVP processing. 

 

What You Will Learn:

At the completion of the course students should be able to:

  • Explain how the GCF Repo® service works
  • Highlight the benefits of FICC GCF RTTM®
  • Navigate to various FICC GCF RTTM® screens
  • Perform key functions within FICC GCF RTTM®
  • Access GCF Reports in Reports Center
  • Identify primary GCF Reports
  • Manage Admin functions in FICC GCF RTTM®

Prerequisite Knowledge

  • This webinar assumes prior government securities industry experience, basic knowledge of RTTM®, familiarity of GSD processing, as well as knowledge gained from the prerequisite courses listed below.
  • Introduction to Government Securities Division (GSD) Overview Webinar
  • FICC GSD Risk Management Overview Course
  • General Collateral Finance (GCF) Repo® Service Overview Webinar

 

Tutorial Level

Intermediate

 

Duration

1 hour

 

Self-Paced Option

This course is also available as a self-paced elearning course.  Click here to begin.

 

Follow-up Learning Recommendations

  • GCF Reports Service Reports Overview Webinar
  • GCF Repo Web Interactive Guide

Related Certification

  • None

Course Description

The GCF Repo® service enables dealers to trade general collateral repos, based on rate, term, and underlying product, throughout the day without requiring intra-day, trade-for-trade settlement on a Delivery-versus-Payment (DVP) basis.  This webinar shows learners how to access, identify, and explain all elements of GCF reporting provided by FICC’s GSD. 

 

What You Will Learn:

At the completion of the course students should be able to:

  • Login to RTTM® Web & access FICC Report Center
  • Identify and explain important Billing Reports
  • Identify GCF Repo® Reports relevant to your firm
  • Explain important GCF Comparison Reports
  • Explain important GCF Netting Reports

Prerequisite Knowledge

  • This webinar assumes prior government securities industry experience, basic knowledge of RTTM, familiarity of GSD processing, as well as knowledge gained from the prerequisite courses listed below.
  • Introduction to Government Securities Division (GSD) Overview Webinar
  • FICC GSD Risk Management Overview Course
  • General Collateral Finance (GCF) Repo® Service Overview Webinar
  • GCF Repo® RTTM® System Navigation Webinar

 

Tutorial Level

Intermediate

 

Duration

1 hour

 

Self-Paced Option

This course is also available as a self-paced elearning course.  Click here to begin.

 

Follow-up Learning Recommendations

  • GCF Repo® Web Interactive Guide

Related Certification

  • None

Course Description

The GCF Repo® service enables dealers to trade general collateral repos, based on rate, term, and underlying product, throughout the day without requiring intra-day, trade-for-trade settlement on a Delivery-versus-Payment (DVP) basis.  This webinar includes overview of the Fixed Income Clearing Corporation, FICC’s Government Securities Division and GCF Repo® Services. 

 

What You Will Learn:

At the completion of the course students should be able to:

  • Explain how the GCF Repo® Service works
  • List the GCF Repo® Service eligible collateral types
  • Detail the phases of the GCF Repo® lifecycle
  • Define/describe Real-Time Trade Matching (RTTM®)
  • Explain GCF Repo® Netting and Settlement Process
  • Explain GCF Funds-Only Settlement Process
  • Describe some key GSD Risk Management practices

Prerequisite Knowledge

  • This webinar assumes prior government securities industry experience, basic knowledge of RTTM®, familiarity of GSD processing, as well as knowledge gained from the prerequisite courses listed below.
  • Introduction to Government Securities Division (GSD) Overview Webinar
  • FICC GSD Risk Management Overview Course

 

Tutorial Level

Intermediate

 

Duration

1 hour

 

Self-Paced Option

This course is also available as a self-paced elearning course.  Click here to begin.

 

Follow-up Learning Recommendations

  • GCF RTTM® System Navigation Overview Webinar
  • GCF Reports Service Reports Overview Webinar
  • GCF Repo Web Interactive Guide

Related Certification

  • None

New GS Learner – GSD Risk Manager

The items listed below contains the learning solutions that contain the knowledge that all learners should know who will be performing the various risk management roles at your firm with regards to FICC GS processing.

Approximate learning time: 3 hours



The Clearing Fund Management (CFM) application allows you to view your clearing fund requirements and to calculate the effect on the fund of depositing a specific security.

GSD and MBSD customers can access real-time information. The benefits include:

  • Real-time access to the Clearing Fund requirement and deposits
  • Ability to calculate the Clearing Fund required deposit value based on various combinations of eligible securities
  • Ability to initiate and submit on-line requests to change Clearing Fund composition (e.g. deposit/w ithdraw al/substitution). This eliminates the need to fax changes to composition requests to FICC.

The purpose of this guide is to familiarize learners with how to navigate the CRM application.

 

Click here to download a PDF copy of this guide.

Course Description

The services offered by GSD provides risk mitigation benefits and operational efficiencies to GSD’s members by offering automated, binding comparison of trades, multilateral netting of trades, and guaranteed settlement of all compared trades submitted by netting members.  This webinar provides an overview of key risk management points they need to know. 

 

What You Will Learn:

At the completion of the course students should be able to:

  • Outline the primary risks to GSD and its Members
  • Describe GSD’s layered approach to risk management
  • Define the individual elements of GSD’s risk management regime, including how it mitigates:
  • Credit Risk, Market Risk & Liquidity Risk
  • Explain the Clearing Fund and its components
  • Understand GSD Netting Member CF requirements
  • Describe the benefits of the CFM application
  • Access FICC Customer Reporting

Prerequisite Knowledge

  • This webinar assumes prior government securities industry experience, basic knowledge of RTTM®, familiarity of GSD processing, as well as knowledge gained from the prerequisite courses listed below.
  • Introduction to Government Securities Division (GSD) Overview Webinar

 

 

Tutorial Level

Introduction

 

Duration

1 hour

 

Self-Paced Option

This course is also available as a self-paced elearning course.  Click here to begin.

 

Follow-up Learning Recommendations

  • Continual learning of enhancements to GSD risk management processing

 

Related Certification

  • None

New GS Learner – CCIT RTTM User

The list below contains the learning solutions that contain the knowledge that all learners should know before utilizing FICC's CCIT™ RTTM® system.  It is strongly recommended that learners learn this content after mastering the knowledge contained in the "New GS Learner - GS Business Knowledge" learning path.

Approximate learning time: 2 hours



Course Description

FICC is the only central counterparty (CCP) platform in the U.S. that clears tri-party repo and debt transactions. The CCP service is an extension of the GCF Repo® service which brings ICC’s existing trade guarantee service to the bilateral tri-party repo market. The service will be called “Centrally Cleared Institutional Tri-party” or “CCIT™”.  This webinar will give learners an overview of how CCIT™ works. 

 

What You Will Learn:

At the completion of the course students should be able to:

  • Explain CCIT™ Membership at FICC
  • List the CCIT™ Service eligible collateral types
  • Explain How the CCIT™ Service works
  • Describe the Lifecycle of a Start Leg CCIT™ trade
  • Define/describe Real-Time Trade Matching (RTTM®)
  • Explain GSD’s Risk Management practices for the CCIT™ Service
  • Highlight the benefits of the CCIT™ Service

Prerequisite Knowledge

  • This webinar assumes prior government securities industry experience, basic knowledge of RTTM®, familiarity of GSD processing, as well as knowledge gained from the prerequisite courses listed below.
  • Introduction to Government Securities Division (GSD) Overview Webinar
  • FICC GSD Risk Management Overview Course

 

 

Tutorial Level

Intermediate

 

Duration

1 hour

 

Follow-up Learning Recommendations

  • CCIT™ Service Reports Overview Course
  • CCIT™ Web Interactive Guide

Related Certification

  • None

Course Description

FICC is the only central counterparty (CCP) platform in the U.S. that clears tri-party repo and debt transactions. The CCP service is an extension of the GCF Repo® service which brings ICC’s existing trade guarantee service to the bilateral tri-party repo market. The service will be called “Centrally Cleared Institutional Tri-party” or “CCIT™”.  This webinar shows learners how to access, identify, and explain all elements of CCIT™ reporting provided by FICC’s GSD. 

 

What You Will Learn:

At the completion of the course students should be able to:

  • Identify reports relevant to CCIT™ Members
  • Login to RTTM® Web & access FICC Report Center
  • Explain important Billing Reports
  • Explain important Comparison Reports
  • Explain important Netting Reports
  • Explain the important Fund Only Settlement Report

Prerequisite Knowledge

  • This webinar assumes prior government securities industry experience, basic knowledge of RTTM®, familiarity of GSD processing, as well as knowledge gained from the prerequisite courses listed below.
  • Introduction to Government Securities Division (GSD) Overview Webinar
  • FICC GSD Risk Management Overview Course
  • Centrally Cleared Institutional Tri-Party (CCIT™) Service Overview Webinar

 

 

Tutorial Level

Intermediate

 

Duration

1 hour

 

Follow-up Learning Recommendations

  • CCIT™ Web Interactive Guide

Related Certification

  • None

New GS Learner – GSD RTTM Super Access Coordinator

The list below contains the learning solutions that contain the knowledge that all learners should know who will be filling the role as Access Coordinator at your firm.

Approximate learning time: 2 hours



Each firm must delegate at least one Remote Access Coordinator to provide initial access and privileges for all employees who will use the GSD RTTM® Web Front End (WFE) application.

This document should be reviewed by the Remote Access Coordinator (RAC). It explains, in detail, the User Security function in the GSD DVP RTTM® WFE, including how to:

  • Add a New User
  • Reset a Password
  • Inquire or Update an existing user
  • Delete a User, and
  • Change a Password

Click here to download a PDF version of this guide.

Each firm must delegate at least one Remote Access Coordinator to provide initial access and privileges for all employees who will use the GCF RTTM® Web Front End (WFE) application

This document should be reviewed by the Remote Access Coordinator (RAC). It explains, in detail, the User Security function in the GCF RTTM® WFE, including how to:

  • Add a New User
  • Reset a Password
  • Inquire or Update an existing user
  • Delete a User, and
  • Change a Password.

Click here to download a PDF version of this guide.


 

MBS New Learner Training Learning Paths

 

New MBS Learner – MBS Business Knowledge

The list below contains the learning solutions that contain the most basic knowledge that all learners should know before utilizing any of the product, services, or systems involved in processing MBS post-trade activities at FICC.

Approximate learning time: 2 hours



Course Description

This course provides an overview of how Mortgage-Backed Securities are securitized.

 

What You Will Learn:

At the completion of the course students should be able to:

  • Define the financial instruments known as Mortgage-Backed Securities, with a special emphasis on the marketplace, players and processes involved in the securitization of these instruments
  • Explain why MBS are issued
  • Identify the various types of MBS
  • Describe the investment characteristics of MBS
  • Explain yield to premium
  • Identify performance risk
  • Define pool characteristics
  • Identify MBS players
  • Explain MBS marketplace

Prerequisite Knowledge

  • This webinar assumes prior mortgage-backed securities industry experience, basic knowledge of MBS, and a familiarity of MBS processing.

 

Tutorial Level

Introduction

 

Duration

1 hour

 

Follow-up Learning Recommendations

  • Introduction to Mortgage-Backed Securities (MBS) II Webinar
  • MBSD TBA Processing Webinar & Web Interactive Guide
  • Introduction to Electronic Pool Notification (EPN) and EaSyPool Webinar & Web Interactive Guide
  • MBSD Pool Netting Webinar & Web Interactive Guide
  • MBSD Notification of Settlement (NOS) Webinar & Web Interactive Guide

Related Certification

  • MBS TBA Trade Processing Certificate
  • MBS Risk Certificate
  • MBS Pool Notification Certificate
  • MBS Pool Netting Certificate
  • MBS Settlement Certificate

Course Description

The objective of this webinar is to provide students with the fundamentals of mortgage-backed securities trade processing through the MBS Division of the Fixed Income Clearing Corporation (FICC). Attendees will gain an understanding of To-Be-Announced (TBA) trade processing, including clearing, trade comparison and notification of settlement (NOS).

 

What You Will Learn:

At the completion of the course students should be able to:

  • Explain how trade processing occurs;
  • Define the role of the MBS Division of the FICC;
  • Describe the value of MBS clearing;
  • Explain the life cycle of a TBA.

Prerequisite Knowledge

  • This webinar assumes prior mortgage-backed securities industry experience, basic knowledge of MBS, familiarity of MBS processing, as well as knowledge gained from the prerequisite courses listed below.
  • Introduction to Mortgage-Backed Securities (MBS) I Webinar

 

Tutorial Level

Introduction

 

Duration

1 hour

 

Follow-up Learning Recommendations

  • MBSD TBA Processing Webinar & Web Interactive Guide
  • Introduction to Electronic Pool Notification (EPN) and EaSyPool Webinar & Web Interactive Guide
  • MBSD Pool Netting Webinar & Web Interactive Guide
  • MBSD Notification of Settlement (NOS) Webinar & Web Interactive Guide

Related Certification

  • MBS TBA Trade Processing Certificate
  • MBS Risk Certificate
  • MBS Pool Notification Certificate
  • MBS Pool Netting Certificate
  • MBS Settlement Certificate

New MBS Learner – MBS Clearing RTTM User

The list below contains the learning solutions that contain the knowledge that all learners should know before utilizing FICC's MBS RTTM® system.  It is strongly recommended that learners learn this content after mastering the knowledge contained in the "New MBS Learner - MBS Business Knowledge" learning path.

Approximate learning time: 4 hours



Course Description

This course provides an overview of how TBA transactions are processed through FICC's Mortgage-Backed Securities Division (MBSD) via the Real-Time-Trade Matching (RTTM®) system. Topics include bilateral matching, netting and reports. This course leverages extensive screenshots to detail processing specifics; it is not a demonstration of the live system.

 

What You Will Learn:

At the completion of the course students should be able to:

  • Define MBSD
  • Navigate through RTTM®
  • List types of trading activity
  • Identify trades submitted for bilateral matching
  • Differentiate between PMAT and FMAT transactions
  • Explain the netting process
  • Discuss reports
  • Identify MBSD margins
  • Explain cash settlements
  • Provide settlement dates

Prerequisite Knowledge

  • This webinar assumes prior mortgage-backed securities industry experience, basic knowledge of MBS, familiarity of MBS processing, as well as knowledge gained from the prerequisite courses listed below.
  • Introduction to Mortgage-Backed Securities (MBS) I Webinar
  • Introduction to Mortgage-Backed Securities (MBS) II Webinar

 

Tutorial Level

Introduction

 

Duration

1 hour

 

Follow-up Learning Recommendations

  • Introduction to Electronic Pool Notification (EPN) and EaSyPool Webinar & Web Interactive Guide
  • MBSD Pool Netting Webinar & Web Interactive Guide
  • MBSD Notification of Settlement (NOS) Webinar & Web Interactive Guide

Related Certification

  • MBS TBA Trade Processing Certificate
  • MBS Risk Certificate
  • MBS Pool Notification Certificate
  • MBS Pool Netting Certificate
  • MBS Settlement Certificate

Course Description

This course provides attendees with an understanding of how mortgage-backed securities (MBS) pool information is transmitted. Topics include EPN messaging, EPN master files and how to process pool substitutions using the Fixed Income Clearing Corporation’s (FICC) EasyPool application.

 

What You Will Learn:

At the completion of the course students should be able to:

  • Define “EPN”
  • Explain EPN messaging
  • Explain how to use EaSy Pool to manage TBA allocation needs
  • Understand how to process electronic pool notifications via EasyPool application
  • Explain how to identify EPN messages
  • Understand EPN header information
  • Explain the parameters of message transmittal

Prerequisite Knowledge

  • This webinar assumes prior mortgage-backed securities industry experience, basic knowledge of MBS, familiarity of MBS processing, as well as knowledge gained from the prerequisite courses listed below.
  • Introduction to Mortgage-Backed Securities (MBS) I Webinar
  • Introduction to Mortgage-Backed Securities (MBS) II Webinar
  • MBSD TBA Processing

 

Tutorial Level

Intermediate

 

Duration

1 hour

 

Follow-up Learning Recommendations

  • MBSD Pool Netting Webinar & Web Interactive Guide
  • MBSD Notification of Settlement (NOS) Webinar & Web Interactive Guide

Related Certification

  • MBS TBA Trade Processing Certificate
  • MBS Risk Certificate
  • MBS Pool Notification Certificate
  • MBS Pool Netting Certificate
  • MBS Settlement Certificate

Course Description

This course provides an overview of how to manage To-Be-Announced (TBA) pools through the Real-Time-Trade Matching (RTTM®) system.  Topics include pool instructs, advisories and actions taken. This course leverages extensive screenshots to detail processing specifics; it is not a demonstration of the live system.

 

What You Will Learn:

At the completion of the course students should be able to:

  • Explain the life cycle of a TBA
  • Determine when and how to submit Pool Instructs via RTTM®
  • Identify matched transactions
  • Review advisories and uncompared pool instructs
  • Explain actions that may be taken on previously submitted pool instructs - Affirmations, DK, Modify, cancel, CDR and Substitution
  • Review conditions in which pool instructs would be Pending Pool Add
  • Click the month/year link in the calendar displayed at left to open the MBS Event Calendar and view/register for upcoming webinars.

Prerequisite Knowledge

  • This webinar assumes prior mortgage-backed securities industry experience, basic knowledge of MBS, familiarity of MBS processing, as well as knowledge gained from the prerequisite courses listed below.
  • Introduction to Mortgage-Backed Securities (MBS) I Webinar
  • Introduction to Mortgage-Backed Securities (MBS) II Webinar
  • MBSD TBA Processing
  • Introduction to Electronic Pool Notification (EPN) and EaSyPool Webinar

 

Tutorial Level

Intermediate

 

Duration

1 hour

 

Follow-up Learning Recommendations

  • MBSD Notification of Settlement (NOS) Webinar & Web Interactive Guide

Related Certification

  • MBS TBA Trade Processing Certificate
  • MBS Risk Certificate
  • MBS Pool Notification Certificate
  • MBS Pool Netting Certificate
  • MBS Settlement Certificate

Course Description

This course explains the MBSD’s Notice of Settlement (NOS) within the context of To-Be-Announced (TBA) processing, as well as how to utilize the Real-Time-Trade Matching (RTTM®) system to facilitate this action. This course leverages extensive screenshots to detail processing specifics; it is not a demonstration of the live system.

 

What You Will Learn:

At the completion of the course students should be able to:

  • Define Notice of Settlement (NOS)
  • Explain NOS within the context of the TBA processing lifecycle
  • Identify and review applicable MBSD reports
  • Process NOS through the MBSD’s Real-Time Trade Matching System (RTTM®)
  • Detail NOS compliance and associated processing fees

Prerequisite Knowledge

  • This webinar assumes prior mortgage-backed securities industry experience, basic knowledge of MBS, familiarity of MBS processing, as well as knowledge gained from the prerequisite courses listed below.
  • Introduction to Mortgage-Backed Securities (MBS) I Webinar
  • Introduction to Mortgage-Backed Securities (MBS) II Webinar
  • MBSD TBA Processing
  • Introduction to Electronic Pool Notification (EPN) and EaSyPool Webinar
  • MBSD Pool Netting Webinar

 

Tutorial Level

Intermediate

 

Duration

1 hour

 

Follow-up Learning Recommendations

  • Notification of Settlement (NOS) Web Interactive Guide

Related Certification

  • MBS TBA Trade Processing Certificate
  • MBS Risk Certificate
  • MBS Pool Notification Certificate
  • MBS Pool Netting Certificate
  • MBS Settlement Certificate

New MBS Learner – MBS Risk Manager

The list below contains the learning solutions that contain the knowledge that all learners should know who will be performing the various risk management roles at your firm with regards to FICC MBS processing.

Approximate learning time: 2 hours



The Clearing Fund Management (CFM) application allows you to view your clearing fund requirements and to calculate the effect on the fund of depositing a specific security.

GSD and MBSD customers can access real-time information. The benefits include:

  • Real-time access to the Clearing Fund requirement and deposits
  • Ability to calculate the Clearing Fund required deposit value based on various combinations of eligible securities
  • Ability to initiate and submit on-line requests to change Clearing Fund composition (e.g. deposit/w ithdraw al/substitution). This eliminates the need to fax changes to composition requests to FICC.

The purpose of this guide is to familiarize learners with how to navigate the CRM application.

 

Click here to download a PDF version of this guide.


New MBS Learner – MBS EPN User

The list below contains the learning solutions that contain the knowledge that all learners should know before utilizing FICC's Electronic Pool Notification (EPN) and EaSy Pool (ESP) systems.  It is strongly recommended that learners learn this content after mastering the knowledge contained in the "New MBS Learner - MBS Business Knowledge" learning path.

Approximate learning time: 2 hours



Course Description

This course provides attendees with an understanding of how mortgage-backed securities (MBS) pool information is transmitted. Topics include EPN messaging, EPN master files and how to process pool substitutions using the Fixed Income Clearing Corporation’s (FICC) EasyPool application.

 

What You Will Learn:

At the completion of the course students should be able to:

  • Define “EPN”
  • Explain EPN messaging
  • Explain how to use EaSy Pool to manage TBA allocation needs
  • Understand how to process electronic pool notifications via EasyPool application
  • Explain how to identify EPN messages
  • Understand EPN header information
  • Explain the parameters of message transmittal

Prerequisite Knowledge

  • This webinar assumes prior mortgage-backed securities industry experience, basic knowledge of MBS, familiarity of MBS processing, as well as knowledge gained from the prerequisite courses listed below.
  • Introduction to Mortgage-Backed Securities (MBS) I Webinar
  • Introduction to Mortgage-Backed Securities (MBS) II Webinar
  • MBSD TBA Processing

 

Tutorial Level

Intermediate

 

Duration

1 hour

 

Follow-up Learning Recommendations

  • MBSD Pool Netting Webinar & Web Interactive Guide
  • MBSD Notification of Settlement (NOS) Webinar & Web Interactive Guide

Related Certification

  • MBS TBA Trade Processing Certificate
  • MBS Risk Certificate
  • MBS Pool Notification Certificate
  • MBS Pool Netting Certificate
  • MBS Settlement Certificate

New MBS Learner – MBS RTTM Super Access Coordinator

The list below contains the learning solutions that contain the knowledge that all learners should know who will be filling the role as Access Coordinator at your firm.

Approximate learning time: 2 hours



Each firm must delegate a Remote Access Coordinator(s) to provide initial access and privileges for all employees who require access to the MBS RTTM® Web Front End (WFE) application.

This document should be reviewed by the Remote Access Coordinator (RAC). It explains, in detail, the User Security function in MBS RTTM WFE, including how to:

  • Add a New User
  • Reset a Password
  • Inquire or Update an existing user
  • Delete a User, and
  • Change a Password

Click here to download a PDF copy of this guide.