通过向GSD提交回购交易进行匹配, comparison, 净额结算, 参与者可以获得全方位的好处, including:
- 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, plus interest. Trade details for the start and close legs are submitted as a single transaction, 减少错误,提高效率.