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The MBSD section of the DTCC Learning Center provides information about all of the products and services of the Fixed income Clearning Corporations's Mortgage-Backed Securities Division.

The Mortgage-Backed Securities Division (MBSD) is the sole provider of automated post-trade comparison, netting, electronic pool notification, pool comparison, pool netting and pool settlement services to the mortgage-backed securities market thus providing greater efficiency, transparency and risk mitigation to this specialized market. MBSD's mission is to reduce the costs and risks associated with trading in the agency mortgage-backed securities market. To accomplish this mission, MBSD provides high-quality and value-added services that are driven by the needs of its members and industry participants, such as: 

  • Providing real-time automated trade and pool comparison/confirmation, TBA and pool net settlement and electronic pool notification (EPN) services; 
  • Assessing and managing risk, including credit, market and operational risk; 
  • Evaluating and improving MBS market systems and technologies; and 
  • Enhancing communication among MBS market participants.

If you are new to the Mortgage-Backed Securities industry we recommend you review the articles that appear below before using the menu at left to explore MBSD's services in greater detail. We have arranged this introductory content in the order we think will best benefit you, top-to-bottom. Be sure you are logged in, then scroll down and expand the collapsed articles below to continue. 

Quick Note About Rulebooks

The FICC/MBSD has two rulebooks, the Clearing Rules and the EPN Rules. The Clearing Rules encompass the MBSD’s trade guaranty and CCP Clearing, Novation, TBA and Pool Netting services. Clearing members must also be EPN users and thus must adhere to the EPN rules with respect to that service. Access these FICC rulebooks in the By-Laws, Rules and Procedures section of dtcc.com (look for Fixed Income Clearing Corporation (FICC) on that page).

Login then Scroll Down to Learn More

Now that you've reviewed these introductory articles, we recommend accessing the menu at left (beginning with MBSD Services) to learn more.


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    Clearing Fund Management (CFM) Quick Reference Guide

    This quick reference guide provides users with details steps required to perform the critical functi ...
    In MBS Risk Downloads: 734

  • pdf
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    EaSy Pool (ESP) User Guide

    This document provides step-by-step instructions about how to use the Electronic Pool Notification ( ...
    In MBS EPN Downloads: 1189

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    EPN Pool Substitution Processing Action Guide

    This guide provides detailed guidelines for the processing of pool substitutions within the EPN Syst ...
    In MBS EPN Downloads: 631

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    MBS Novation Test User Guide - v1.0

    The purpose of this guide is to assist users in testing the new RTTM screen workflows for various MB ...
    In MBS Novation Downloads: 5195

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    MBS RTTM® Web Front End (WFE) Remote Access Coordinator (RAC) User Guide

    The primary purpose of this guide is to familiarize remote access coordinators (RAC) with the Site A ...
    In MBS Novation Downloads: 62

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    MBSD Electronic Pool Notification (EPN) Guidelines and Codes

    Updated to include latest MBS Operational Novation information, this document provides participants ...
    In MBS EPN Downloads: 1632

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    MBSD Operational Clearing Reports Guide v1.1

    The purpose of this guide is to explain the reports produced by the Mortgage-Backed Securities Divis ...
    In MBS Novation Downloads: 63

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    MBSD Operational MBS RTTM Reports Guide v1.0

    This guide explains the reports produced by the Mortgage-Backed Securities Division of the Fixed Inc ...
    In MBS Novation Downloads: 36

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    MBSD Operational Novation Reports Guide v1.0

    The MBSD has introduced eight new reports with the launch of MBS Operational Novation. This guide ex ...
    In MBS Novation Downloads: 70

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    MBSD Operational Pool Net Reports Guide v.1.0

    The purpose of this guide is to explain the reports produced by the Mortgage-Backed Securities Divis ...
    In MBS Novation Downloads: 38


The MBSD has introduced eight new reports with the launch of MBS Operational Novation. The MBS Novation Reports...

Category: Mortgage-Backed Securities Division (MBSD)
Views: 63

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