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