Broadridge Financial Solutions has become the first service provider to be certified as fully-compliant by the Fixed Income Clearing Corporation (FICC), a subsidiary of The Depository Trust & Clearing Corporation (DTCC), for implementation of the FICC’s new central counterparty (CCP) services, scheduled to launch this autumn.
Over the past several years, FICC has embarked on a programme to modernise its mortgage-backed securities market (MBS) clearing services through the introduction of a CCP operating model. According to the FICC, its longer-range plans are to extend its CCP services to include daily to-be-announced (TBA) netting and novation, including the allocation of TBAs versus FICC as CCP.
J. Michael Hopkins, general manager, securities processing solutions, fixed income at Broadridge, said: “We are thrilled to be the first vendor to become CCP compliant. As a leading service provider in the mortgage-backed securities industry with products like MBS Expert, we collaborated extensively with the FICC and more than 12 of our MBS Expert buy-side and sell-side clients to develop the necessary tools and processes to create a seamless support environment for CCP. By distributing the expense of implementing the necessary changes to support the new CCP operating model across our large client base, Broadridge is providing all of its fixed-income services clients with the crucial benefit of preparing for this industry change without incurring the significant expense and infrastructure overhaul that such change would require.”
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