The daily Clearing Fund “Total Required Fund Deposit” required of members is computed overnight, based on daily trading activity* and end-of-day pricing. The daily requirement is made available to members every morning via FICC’s Report Center, Risk FICC Customer Reporting (“FIR”) portal and the Clearing Fund Management (“CFM”) system. Payment is required that morning. As previously stated, if a member has chosen to net across several aggregate accounts for margining purposes, it must designate one of the aggregate accounts as the “deposit aggregate account.”
Members have the ability to deposit cash and/or eligible securities to satisfy their Required Fund Deposit, as long as the collateral meets all minimum / maximum requirements. Members direct their MBSD Clearing Fund cash requirements to a sub-account assigned to FICC via The Depository Trust Company’s account at the Fed, and direct their security payments to MBSD's security account at the Bank of New York. Any excess Clearing Fund deposit return requests must be received by the designated cut-off time via the CFM system.** The MBSD Processing Schedule and Timeframes are published to DTCC’s website at www.dtcc.com, under MBSD User Documentation.
*Including all existing open positions (SBODs, TFTDs, OPTNs, SBOO, SBON, and Pool Obligations)
**Members can also request excess Clearing Fund via fax signed by an authorized signer at the member firm.