回购服务

Repurchase agreements are financial transactions that involve the sale of a security and the subsequent repurchase of the same security. 因此得名“回购协议”(简称repo)。.

Repos are typically short-term transactions—usually overnight—but they can extend out as far as two years. 它们支持经纪人/交易商, banks and other market participants to sell securities in order to obtain immediate funds for their own accounts, 或是为了他们客户的利益. They likewise enable the buyers of the securities to earn short-term interest on their funds. In effect, the securities function as collateral for short-term loans.

存的固定收益清算公司(FICC), 透过政府证券科(政府证券科), matches and 网 repo transactions as part of its netting process for other government securities trading activity, 包括所有的买入/卖出交易和美元.S. 国债拍卖购买. Since the Repurchase Agreements Service was introduced in 1995, it has rapidly outpaced all other products and accounts for the largest dollar volume of U.S. 通过FICC处理的政府证券交易. 今天, 平均, FICC匹配, 网, settles and risk manages repo transactions valued at more than $3.每天65万亿, bringing substantial cost-reduction benefits to its netting members and reducing positions requiring delivery by as much as 75%.

作为一种有担保的融资形式, repos offer dealers and other market participants more favorable terms than traditional money market cash lending transactions. Reverse repurchase agreements are used by institutions to earn income on their excess cash reserves. 当证券出售时, the sellers simultaneously agree to repurchase the securities on a specified day at a given price, including interest calculated using a rate agreed upon at the time the sale takes place. The portion of the repo transaction when the security is sold is referred to as the “start” leg, 而随后的回购被称为“关闭”腿. 借款人, 因此提供抵押品的人, is called the “repo dealer”; the cash provider is called the “reverse dealer” or “lender.“除了远期回购, the “start leg” of the typical repo will settle as a normal transaction. The “close leg” will be part of the netting process on the respective settlement date.

• 谁可以使用这项服务

  FICC’s GSD 比较 members can participate in the Repo Comparison Service, and GSD netting members can participate in the Netting and 结算 Service for repos. Access to both services is also available to non-GSD members through GSD’s Executing Firm feature. 它允许当前的GSD净成员, 当他们扮演“介绍成员”的角色时,"代表非ficc会员提交交易, 比如机构和代理公司.

• 好处

  通过向GSD提交回购交易进行匹配, 比较, 净额结算, 参与者可以获得全方位的好处, 包括:

  • 通过保证结算将风险降到最低—By acting as the common counterparty to all repos that enter its netting system, FICC guarantees settlement for both participants of the transaction.
  • 通过资产负债表抵消降低资本要求—FICC’s 净额结算 procedures for repos facilitate the ability of members to maximize the availability, 根据FASB解释号的要求. 资产负债表的净值.
  • 自动优惠券跟踪—FICC passes the coupon payment from the holder of a security (reverse participant) to the funds borrower (repo participant) when the repo term crosses coupon payment date.
  • 证券转让活动减少-由于净额, the total daily settlement obligations of participants are substantially lowered. Fewer Fedwire movements translate into reduced costs for securities transfers, 更少的参与者暴露于日光透支费用, 操作失败的风险也更小.
  • 完整的审计跟踪和自动报告—A detailed report of all repos submitted to FICC’s 实时交易匹配 (RTTM®) system by participants is available as interactive output, and an Internet User Interface is being developed for GSD activity.

  通过贸易担保, FICC guarantees that participants will receive their repo collateral back at the close of the repo transaction, while reverse participants will receive the start amount paid at the repo’s inception, 加上利息. Trade details for the start and close legs are submitted as a single transaction, 减少错误，提高效率.

• 服务如何运作

  Participants execute repos with valid repo netting members of FICC’s GSD and then submit them via the RTTM system for matching, 比较, 风险管理及, 最终, 净额结算. 政府统计处支持提交下列类型的回购文件:

  • 在一夜之间—Repos that start today with a close date of the following business day
  • 术语—Repos that start today with a close date of more than one business day but up to two years in the future
  • Forward-Starting—Repos that have a start date of one or more business days greater than the trade date.
  • Repo-to-Maturity—Repos in which the repo close date is the same as or later than the maturity date of the underlying security
  • 一般担保融资回购协议(GCF Repo®)gcf回购允许交易商交易一般抵押品回购, 基于利率和期限, 一整天都在盲目的撮合下. 更多信息请参见GCF回购简报.

  The GSD also supports the ability to substitute securities used as collateral in a term repo currently on the books of the GSD. Participants submit details regarding  the substitution on their RTTM input, and send collateral substitution requests using an automated facility. (参见“回购抵押品替代服务”).

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