Securities Financing Transaction (SFT) 清算

The Securities Financing Transaction (SFT) 清算 service is a National Securities 清算 Corporation (NSCC) product offering central clearing and settlement services for overnight borrows and loans of equity securities

• vns6060威尼斯城官网

  结算服务:

  • Supports central clearing of clients’ equity SFTs intermediated by Sponsoring Members or Agent 清算 Members.
  • Supports central clearing of equity SFTs between NSCC full-service members.
  • Maximizes capital efficiency and mitigates systemic risk by introducing more membership and cleared transaction opportunities for market participants.

• 好处

  The SFT清算 service provides NSCC members with the ability to offset on their balance sheets their obligations to NSCC on novated SFTs, including those with third-party NSCC members and those with their institutional clients. 通过创新到澳门新濠天地, members may also be eligible to take lesser capital charges on their SFTs than would be required to the extent that they engaged in the same activity outside of a central counterparty. By potentially alleviating balance sheet and capital constraints, participation in the SFT清算 service may afford NSCC members and their clients increased lending and borrowing capacity.

  另外, the need for Agency Lending Disclosure (ALD) reporting is no longer applicable for SFTs novated to NSCC.

• What is the NSCC Security Lending Model?

  To capture maximum capital and balance sheet efficiencies, all SFTs are required to be executed as overnight term transactions. 然而, to minimize the operational burden of settling overnight obligations, settlements are allowed to pair off daily against new activity, with NSCC calculating and processing Price Differential, that is price differences/mark-to-market (MTM), that are created by the daily pair off. NSCC novates and guarantees the off-leg/return of an SFT (i) when delivery of underlying SFT security completes at 直接转矩, (ii) at the point of validation in the case of a bilaterally settled SFT or an SFT with a Sponsored Member client or (iii) when the daily pair-off occurs, 在滚动SFT的情况下.

• Can I use my Existing NSCC Account for SFT Activity?

  No, 中枢神经系统® activity cannot be commingled with SFT activity. New NSCC accounts must be opened for SFT activity. 了解更多信息, see the Separation of Accounts section in the SFT清算 General Service Guide.

• Does NSCC Collect Margin on the SFT Business?

  适用于澳门赌场全员服务会员, SFT activity in the member’s proprietary account is margined on a net basis. 例如, offsetting SFT positions within the member’s proprietary account in the same CUSIP are netted down for margining purposes. For Sponsoring Members and Agent 清算 Members, SFT activity for their clients are margined on a gross basis. This includes the sum of the stand-alone volatility charges for each client’s novated SFT activity calculated separately. 了解更多信息, see the Separation of Accounts section in the SFT清算 General Service Guide available in the 它学习 Center.

• 了解更多信息

  For SFT清算 questions, contact John Vinci by email at (电子邮件保护) or by telephone at 212-855-5271 or Tom Price by email at (电子邮件保护) 或致电212-855-5453.

  You can also use the following NSCC contacts for information about the SFT清算 service:

  • General questions and product support: Email NSCC Support at (电子邮件保护).
  • Setup and testing: Email NSCC 集成 at (电子邮件保护).
  • Issues with logging on to the system: 联系 存 客户端 Support. Call the following number, and then follow the prompt for product support.

  — For US and Canada, call 1 888–382–2721.

  — For the UK, Europe, and Asia, call +1 212–855–8099.