存’s Fixed Income 清算 Corporation (FICC) hosted a two-day virtual forum centered on U.S. Treasury 清算, risk management updates 和 more. Catch the full video replays from both days below, along with highlights 和 links to resources.
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第一天
建议的规则修订 & 前方是什么
FICC的拟议规则变更
Two important rulebook changes that FICC put forward in March for the U.S. Securities 和 Exchange Commission (SEC) to consider 和 solicit public comments center around FICC’s Treasury 清算 access models 和 the requirements for customer protection, account segregation 和 broker-dealer protection. Market participants who want a better underst和ing of the rule changes should view the decks online about GSD访问模型 和 GSD隔离账户和保证金. Two additional FICC rule changes will be filed in June, covering the m和ate mechanisms: clearing agencies must m和ate what members submit for clearing, 和 there must be rules for cash market 和 repo transactions.
客户清算路线图:前方是什么
导航到美国的变化.S. Treasury Market might seem daunting, but FICC has developed a 库务结算客户路线图 for clients 和 will continue to update the documentation on ustclearing.com. 的 roadmap is color-coded in accordance with different processes within FICC, 并包括vns6060威尼斯城官网一般话题的车道, 职位分离, 保证金隔离和风险管理.
- 的 Capped Contingency Liquidity Facility (CCLF) Calculator, expected to be released at the end of May 2024, will provide insights into potential CCLF obligations by taking user-defined data inputs 和 passing them through the existing GSD CCLF logic to provide an estimated individual CCLF obligation.
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的 风险价值计算器, scheduled to be released at the end of June 2024, estimates margin requirements by allowing users to upload portfolios to produce a hypothetical VaR, the primary component of GSD’s 清算 Fund Requirement.
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Also planned is a cloud-based client portal for accessing Government Securities Division (GSD) 和 Mortgage-Backed Securities Division (MBSD) risk reports.
第二天
客户端新员工培训 & 风险管理
新会员入职
As the industry plans for the upcoming Treasury 清算 rules, FICC anticipates a significant ramp-up in new client onboarding. FICC创建了 Multi-Stage 清算 Agency 新会员入职 Outline to help streamline the process of using the Membership Application Portal 和 initiated onboarding enhancements to the My存 portal, 包括:
- 审查阶段: 了解潜在客户申请的意图, provide transparency of the minimum financial requirements when a member.
- 应用阶段: Applicant would use 存 Membership Application Portal to upload all relevant documentation in support of the Credit 和 法律 Reviews.
- 信用与法律审查: 存 will complete a thorough Credit 和 法律 review of all documentation supplied by the applicant. Critical drivers of the length of Credit 和 法律 reviews, depend on the completeness of the documentation provided 和 speed of applicant responses on follow-up questions.
- 客户端设置和测试: Applicant will work with 存’s 集成 team to establish connectivity, set up the test environment 和 support testing for operational readiness.
- 激活: 批准后, 存’s 集成 team will work with the applicant to establish an activation date 和 assist with production cutover.
的re will also be a new integration with Global 法律 Entity Identifier Foundation (GLEIF) to assist with validation of 法律 Entity Identifier (LEI) ID 和 information. Members will also gain the ability to view statuses on all cases submitted, 对应用程序具有唯一的用户访问权限, DocuSign integration to streamline the execution of agreements, links to jurisdiction listings an additional tooling for activation processes.
FICC will work alongside firms applying to be members by helping with documentation uploads, providing walk-throughs on how to use the tool, 和 dedicated support from a member of the 存 集成 team.
FICC风险管理更新
When it comes to risk management, FICC is full speed ahead. 这是论坛第一天的分享, some of the exciting developments for 风险管理 include the launch of CCLF Calculator, VaR计算器的进度, api和新的客户端门户.
的 Risk team went into more detail about the Calculators, sharing some of the questions they hope this tool can help members answer, 如, "什么仓位驱动我的VaR收费?”, “What would be a typical VaR charge for a transaction?、“VaR收费的影响是什么??” or “How much more margin will I need to 帖子?“进一步, it was shared that the new VaR Calculator will exp和 to FICC’s CME cross-margining program. 的 FICC 风险管理 team anticipates that open-sourcing allows organizations to build their own calculator using the 结算基金方法文件.
的 end of the presentation included some timeframes for FICC technology updates: the APIs, 包括VaR计算器, are now available in the 存 API的市场, 和 the public version of the VaR Calculator API 和 testing for the new client portal will both begin in June.