Thomas Costa, Managing Director, Clearing and Settlement, DTCC ACSDA Leadership Forum

1

Thomas Costa, Managing Director, Thomas Costa, Managing Director, Clearing and Settlement, DTCCClearing and Settlement, DTCC

ACSDA Leadership Forum October 8, 2007

Thomas Costa, Managing Director, Thomas Costa, Managing Director, Clearing and Settlement, DTCCClearing and Settlement, DTCC

ACSDA Leadership Forum October 8, 2007

National Securities Clearing Corporation and Fixed Income Clearing Corporation

National Securities Clearing Corporation and Fixed Income Clearing Corporation

2

Organizational StructureOrganizational StructureOrganizational StructureOrganizational Structure

3

NSCC and FICC Common FeaturesNSCC and FICC Common FeaturesNSCC and FICC Common FeaturesNSCC and FICC Common Features

• SEC-regulated clearing corporations and central SEC-regulated clearing corporations and central counterparties (CCPs)counterparties (CCPs)

• Organized under New York business codeOrganized under New York business code

• Wholly-owned subsidiaries of DTCCWholly-owned subsidiaries of DTCC

• Standard and Poor’s AAA ratedStandard and Poor’s AAA rated

• Comparable core services using similar Comparable core services using similar business modelsbusiness models

• Same Board of Directors (for all DTCC Same Board of Directors (for all DTCC subsidiaries)subsidiaries)

• Many of the same or related participating Many of the same or related participating dealers, clearing banksdealers, clearing banks

• Proven operating historyProven operating history

• SEC-regulated clearing corporations and central SEC-regulated clearing corporations and central counterparties (CCPs)counterparties (CCPs)

• Organized under New York business codeOrganized under New York business code

• Wholly-owned subsidiaries of DTCCWholly-owned subsidiaries of DTCC

• Standard and Poor’s AAA ratedStandard and Poor’s AAA rated

• Comparable core services using similar Comparable core services using similar business modelsbusiness models

• Same Board of Directors (for all DTCC Same Board of Directors (for all DTCC subsidiaries)subsidiaries)

• Many of the same or related participating Many of the same or related participating dealers, clearing banksdealers, clearing banks

• Proven operating historyProven operating history

4

What Our CCPs DoWhat Our CCPs Do• Record locked-in trades from our exchanges and match

OTC trades with Real Time Trade Matching (RTTM)

• Establish a single net position for each member in each issue traded

• Multilateral, not bilateral netting

• NSCC and FICC interpose themselves between their members, “novate” trades between net settlement parties, and risk-manage the obligations until settled.

• All members settle “net” with NSCC or FICC as their “novated” settlement counterparty

• This greatly reduces number of securities movements required by offsetting between the firm’s own net debit and credit positions.

• Record locked-in trades from our exchanges and match OTC trades with Real Time Trade Matching (RTTM)

• Establish a single net position for each member in each issue traded

• Multilateral, not bilateral netting

• NSCC and FICC interpose themselves between their members, “novate” trades between net settlement parties, and risk-manage the obligations until settled.

• All members settle “net” with NSCC or FICC as their “novated” settlement counterparty

• This greatly reduces number of securities movements required by offsetting between the firm’s own net debit and credit positions.

5

Benefits of CCP’s Business Model

• Allows for efficient, high volume trading, especially anonymous trading in inter-dealer markets

• Guarantees ultimate settlement, using common risk management for counterparty and systemic risk

• Netting of securities and payments decreases the number of failed trades; manages fails for regulatory relief

• Adjusts for corporate action effects on trades pending settlement

• Net Settlement decreases financial resources needed to operate in the market and enhances settlement liquidity

6

NSCC and FICC ParticipantsNSCC and FICC Participants NSCC and FICC ParticipantsNSCC and FICC Participants

• Broker / DealersBroker / Dealers

• Proprietary Proprietary TradingTrading

• Prime BrokerPrime Broker

• Correspondent Correspondent ClearingClearing

• Inter-Dealer Brokers Inter-Dealer Brokers

• Commercial BanksCommercial Banks

• GSEs (Fannie Mae GSEs (Fannie Mae and Freddie Mac)and Freddie Mac)

• Broker / DealersBroker / Dealers

• Proprietary Proprietary TradingTrading

• Prime BrokerPrime Broker

• Correspondent Correspondent ClearingClearing

• Inter-Dealer Brokers Inter-Dealer Brokers

• Commercial BanksCommercial Banks

• GSEs (Fannie Mae GSEs (Fannie Mae and Freddie Mac)and Freddie Mac)

• Insurance Companies Insurance Companies

• Investment Investment CompaniesCompanies(Mutual Funds)(Mutual Funds)

• Investment ManagersInvestment Managers(EPN Only)(EPN Only)

• International International Organizations, e.g. Organizations, e.g. BISBIS

• Other Investment Other Investment PortfoliosPortfolios

• Insurance Companies Insurance Companies

• Investment Investment CompaniesCompanies(Mutual Funds)(Mutual Funds)

• Investment ManagersInvestment Managers(EPN Only)(EPN Only)

• International International Organizations, e.g. Organizations, e.g. BISBIS

• Other Investment Other Investment PortfoliosPortfolios

7

A Wide Range of MarketsA Wide Range of MarketsA Wide Range of MarketsA Wide Range of Markets

• NYSE EuronextNYSE Euronext

• NasdaqNasdaq

• Other OTC MarketsOther OTC Markets

• U.S. Treasury Securities Market U.S. Treasury Securities Market

• Mortgage-Backed Securities MarketMortgage-Backed Securities Market

• Regional U.S. ExchangesRegional U.S. Exchanges

• Exchange Traded FundsExchange Traded Funds

• Electronic Trading SystemsElectronic Trading Systems• ECNs (Electronic Communications Networks)ECNs (Electronic Communications Networks)

• ATSs (Alternative Trading Systems)ATSs (Alternative Trading Systems)

• NYSE EuronextNYSE Euronext

• NasdaqNasdaq

• Other OTC MarketsOther OTC Markets

• U.S. Treasury Securities Market U.S. Treasury Securities Market

• Mortgage-Backed Securities MarketMortgage-Backed Securities Market

• Regional U.S. ExchangesRegional U.S. Exchanges

• Exchange Traded FundsExchange Traded Funds

• Electronic Trading SystemsElectronic Trading Systems• ECNs (Electronic Communications Networks)ECNs (Electronic Communications Networks)

• ATSs (Alternative Trading Systems)ATSs (Alternative Trading Systems)

5886-8

A Closer Look at NSCC for NYSE Trades A Closer Look at NSCC for NYSE Trades

Selling BrokerSelling Broker

BuyingBrokerBuyingBroker

Trade is executed on an exchange or marketplace; locked in and sent real-time to NSCC.NSCC records the trade, reports it to both sides, risk-manages the trade and calculates net margin on the overall portfolio of pending settlement and collects any required collateral.NSCC becomes the single counterparty to each net settling position for each issue that each broker trades. 97% of settlement obligations net away.

NSCC instructs securities deliveries and receives at DTC.

Buying and selling members buy/ sell a security – for their own account, or on a correspondent basis or customer’s order.

Broker Dealer/ Market Trades

NSCC

DTC

9

Cleared ProductsCleared Products Cleared ProductsCleared Products

NSCC NSCC

• OTC EquitiesOTC Equities

• Listed EquitiesListed Equities

• ETFsETFs

• Municipal BondMunicipal Bond

• Corporate Corporate BondsBonds

• Unit Investment Unit Investment TrustsTrusts

• Canadian Canadian Depository LinkDepository Link

________________

• InsuranceInsurance

• Mutual FundsMutual Funds

NSCC NSCC

• OTC EquitiesOTC Equities

• Listed EquitiesListed Equities

• ETFsETFs

• Municipal BondMunicipal Bond

• Corporate Corporate BondsBonds

• Unit Investment Unit Investment TrustsTrusts

• Canadian Canadian Depository LinkDepository Link

________________

• InsuranceInsurance

• Mutual FundsMutual Funds

FICC Govt Securities DivisionFICC Govt Securities Division

• Treasury Bills, Bonds, Treasury Bills, Bonds, NotesNotes

• Treasury Zero Coupon Treasury Zero Coupon SecuritiesSecurities

• Treasury Inflation Treasury Inflation Protection Securities Protection Securities (TIPS)(TIPS)

• Non-Mortgage-Backed Non-Mortgage-Backed Agency SecuritiesAgency Securities

• Fixed-Rate and Adjustable Fixed-Rate and Adjustable Rate Fannie Mae, Freddie Rate Fannie Mae, Freddie Mac and Ginnie Mae Mac and Ginnie Mae Mortgage-Backed Mortgage-Backed Securities (for GCF Repo)Securities (for GCF Repo)

FICC Govt Securities DivisionFICC Govt Securities Division

• Treasury Bills, Bonds, Treasury Bills, Bonds, NotesNotes

• Treasury Zero Coupon Treasury Zero Coupon SecuritiesSecurities

• Treasury Inflation Treasury Inflation Protection Securities Protection Securities (TIPS)(TIPS)

• Non-Mortgage-Backed Non-Mortgage-Backed Agency SecuritiesAgency Securities

• Fixed-Rate and Adjustable Fixed-Rate and Adjustable Rate Fannie Mae, Freddie Rate Fannie Mae, Freddie Mac and Ginnie Mae Mac and Ginnie Mae Mortgage-Backed Mortgage-Backed Securities (for GCF Repo)Securities (for GCF Repo)

FICC Mortgage-FICC Mortgage-Backed Securities Backed Securities DivisionDivision

•Fixed Rate TBA Fixed Rate TBA Mortgaged-Backed Mortgaged-Backed Securities Issued By:Securities Issued By:

•Ginnie MaeGinnie Mae

•Fannie MaeFannie Mae

•Freddie MacFreddie Mac

•Actively Traded Actively Traded Adjustable Rate Adjustable Rate Agency MBS for Agency MBS for ClearingClearing

•All ARMs for EPNAll ARMs for EPN

Full CCP Guaranty not offered (yet)

10

Trade Comparison – RTTMTrade Comparison – RTTM

• Off-exchange trades are submitted to FICC by buyers and sellers and instantaneously matched by RTTM

• Strive to achieve 100% match intraday

• Risk mitigation in capturing trades as they occur, not end of day

• Supports straight-through processing

• Uses a standardized international format to accept trades from members

• Approximate dollar value of trades received is $3 trillion daily

• Off-exchange trades are submitted to FICC by buyers and sellers and instantaneously matched by RTTM

• Strive to achieve 100% match intraday

• Risk mitigation in capturing trades as they occur, not end of day

• Supports straight-through processing

• Uses a standardized international format to accept trades from members

• Approximate dollar value of trades received is $3 trillion daily

11

NSCC – Average Daily and Peak Day SidesNSCC – Average Daily and Peak Day Sides

Average Daily Sidein Millions

Peak DaySides in Millions

* Data through 6/30/2007

50.1

34.050.8

98.5

2006 2007*

12

Volumes Rising! Volumes Rising! GSD Volume vs Settled Volume

MBSD Volume vs Settled Volume

13

June 6, 2003

Buy

97%

Sell

May 10, 2004

Buy

Sell

98%

June 8, 2006

Buy

Sell

98%

Volume Peaks and NettingVolume Peaks and Netting

Buy

Sell

99%

August 16, 2007

$16.6B

$14.7B

$12.5B

$1.02T$766B$495B $2.23T

$31.1B30.2 million sides 39.6 million sides 62.7 million sides 125.1 million sides

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Clearing and Settlement: The Role of Netting Clearing and Settlement: The Role of Netting

• What it does: Netting significantly reduces settlement obligations and associated risks while freeing up a vast amount of capital for additional investment in the market.

• How? By reducing or netting down the total number of trade obligations requiring financial settlement by offsetting purchases against sales of the same security.

• Result: At day’s end, each dealer has a single net settlement obligation per issue.

• Netting eliminates the need for financial settlement of roughly:•98% of equity trades•94% of mortgage-backed securities trades•76% of government securities trades

• What it does: Netting significantly reduces settlement obligations and associated risks while freeing up a vast amount of capital for additional investment in the market.

• How? By reducing or netting down the total number of trade obligations requiring financial settlement by offsetting purchases against sales of the same security.

• Result: At day’s end, each dealer has a single net settlement obligation per issue.

• Netting eliminates the need for financial settlement of roughly:•98% of equity trades•94% of mortgage-backed securities trades•76% of government securities trades

15

Dealer B

CCP

DealerA

DealerC50,000,000 50,000,000

DealerA

DealerC50,000,00050,000,000

16

NSCC – Netting 2007*NSCC – Netting 2007*


Reduced byReduced by

98%98%

$122 trillion$122 trillion

Net: $2.3 trillionNet: $2.3 trillion

Total YTD Obligations Total YTD Obligations Requiring Financial SettlementRequiring Financial Settlement

17

Looking Ahead to New Services Looking Ahead to New Services

• Pool Netting and increasing CCP Pool Netting and increasing CCP

Services for Mortgage-Backed SecuritiesServices for Mortgage-Backed Securities

• Prime Brokering for Government Prime Brokering for Government

SecuritiesSecurities

• Inter-bank GCF Repo for Government SecuritiesInter-bank GCF Repo for Government Securities

• Institutional ID Net for EquitiesInstitutional ID Net for Equities

• EuroCCP in EuropeEuroCCP in Europe

• Pool Netting and increasing CCP Pool Netting and increasing CCP

Services for Mortgage-Backed SecuritiesServices for Mortgage-Backed Securities

• Prime Brokering for Government Prime Brokering for Government

SecuritiesSecurities

• Inter-bank GCF Repo for Government SecuritiesInter-bank GCF Repo for Government Securities

• Institutional ID Net for EquitiesInstitutional ID Net for Equities

• EuroCCP in EuropeEuroCCP in Europe

18

How CCPs Add Value How CCPs Add Value

CCPs create value for three distinct stakeholders:

• Market participants and the investors they represent, who benefit from the guarantee, liquidity and efficient capital preservation.

• Marketplaces and issuers benefit from confidence that the neutral, risk-managed CCP provides structure, network effects and reduces volume constraints.

• Regulators gain in progressing their public policy objectives, and safety and soundness.

CCPs create value for three distinct stakeholders:

• Market participants and the investors they represent, who benefit from the guarantee, liquidity and efficient capital preservation.

• Marketplaces and issuers benefit from confidence that the neutral, risk-managed CCP provides structure, network effects and reduces volume constraints.

• Regulators gain in progressing their public policy objectives, and safety and soundness.

19

NSCC and NSCC and FICC’s Shared MissionFICC’s Shared MissionNSCC and NSCC and FICC’s Shared MissionFICC’s Shared Mission

• Ensure the safety and soundness of the U.S. Ensure the safety and soundness of the U.S. equity and fixed income marketplacesequity and fixed income marketplaces

• Centralize, standardize, and automate post-Centralize, standardize, and automate post-trade processing trade processing

• Minimize riskMinimize risk

• Increase operational efficienciesIncrease operational efficiencies

• Reduce costsReduce costs

• Create innovative, flexible technological Create innovative, flexible technological solutionssolutions

• Meet the industry’s growing need for seamless Meet the industry’s growing need for seamless global trading solutionsglobal trading solutions

• Ensure the safety and soundness of the U.S. Ensure the safety and soundness of the U.S. equity and fixed income marketplacesequity and fixed income marketplaces

• Centralize, standardize, and automate post-Centralize, standardize, and automate post-trade processing trade processing

• Minimize riskMinimize risk

• Increase operational efficienciesIncrease operational efficiencies

• Reduce costsReduce costs

• Create innovative, flexible technological Create innovative, flexible technological solutionssolutions

• Meet the industry’s growing need for seamless Meet the industry’s growing need for seamless global trading solutionsglobal trading solutions

20

NSCC ServicesNSCC ServicesNSCC ServicesNSCC Services

• Trade Capture and ReportingTrade Capture and Reporting

• Continuous Net SettlementContinuous Net Settlement• Depository Settlement (DTC)Depository Settlement (DTC)

• Risk ManagementRisk Management

• Automated Customer Account Transfer Service Automated Customer Account Transfer Service (ACATS)(ACATS)

• Cost Basis Reporting Service (CBRS)Cost Basis Reporting Service (CBRS)

• Correspondent Clearing ServiceCorrespondent Clearing Service

• Index Share ProcessingIndex Share Processing

• Trade Capture and ReportingTrade Capture and Reporting

• Continuous Net SettlementContinuous Net Settlement• Depository Settlement (DTC)Depository Settlement (DTC)


• Automated Customer Account Transfer Service Automated Customer Account Transfer Service (ACATS)(ACATS)

• Cost Basis Reporting Service (CBRS)Cost Basis Reporting Service (CBRS)

• Correspondent Clearing ServiceCorrespondent Clearing Service

• Index Share ProcessingIndex Share Processing

Product Annex and Selected Statistics

21

NSCC ServicesNSCC Services (continued)(continued)NSCC ServicesNSCC Services (continued)(continued)

• Reconfirmation and Pricing Service (RECAPS)Reconfirmation and Pricing Service (RECAPS)

• Stock Borrow ProgramStock Borrow Program

• Prime Broker ServicesPrime Broker Services

• Dividend Settlement ServiceDividend Settlement Service

• Envelope Settlement ServiceEnvelope Settlement Service

• Funds Only Settlement ServiceFunds Only Settlement Service

• Reconfirmation and Pricing Service (RECAPS)Reconfirmation and Pricing Service (RECAPS)

• Stock Borrow ProgramStock Borrow Program

• Prime Broker ServicesPrime Broker Services

• Dividend Settlement ServiceDividend Settlement Service

• Envelope Settlement ServiceEnvelope Settlement Service

• Funds Only Settlement ServiceFunds Only Settlement Service

22

• Real-time Trade Matching (RTTM)Real-time Trade Matching (RTTM)

• Netting Netting

• SettlementSettlement• Delivery Versus Payment (DVP)Delivery Versus Payment (DVP)

• Fed Funds over FedWireFed Funds over FedWire


• Repurchase (Repo) AgreementsRepurchase (Repo) Agreements• OvernightOvernight

• TermTerm

• Forward StartingForward Starting


• Netting Netting

• SettlementSettlement• Delivery Versus Payment (DVP)Delivery Versus Payment (DVP)

• Fed Funds over FedWireFed Funds over FedWire


• Repurchase (Repo) AgreementsRepurchase (Repo) Agreements• OvernightOvernight

• TermTerm

• Forward StartingForward Starting

GSD Services GSD Services

23

• General Collateral Finance (GCF) ReposGeneral Collateral Finance (GCF) Repos

• Collateral Substitutions for ReposCollateral Substitutions for Repos

• Auction Takedown (Treasury and Freddie Mac)Auction Takedown (Treasury and Freddie Mac)

• Sponsored MembershipSponsored Membership

• Cross-MarginingCross-Margining

• General Collateral Finance (GCF) ReposGeneral Collateral Finance (GCF) Repos

• Collateral Substitutions for ReposCollateral Substitutions for Repos

• Auction Takedown (Treasury and Freddie Mac)Auction Takedown (Treasury and Freddie Mac)

• Sponsored MembershipSponsored Membership

• Cross-MarginingCross-Margining

GSD Services GSD Services (continued)(continued)GSD Services GSD Services (continued)(continued)

24


• Settlement Balance Order Netting and Trade-for-Settlement Balance Order Netting and Trade-for-Trade ProcessingTrade Processing

• Electronic Pool Notification (EPN)Electronic Pool Notification (EPN)

• Specified Pool Trade Matching ServiceSpecified Pool Trade Matching Service

• Testing new EPN Pool Substitution ServiceTesting new EPN Pool Substitution Service

• Pool Netting and CCP Services planned for 2008Pool Netting and CCP Services planned for 2008


• Settlement Balance Order Netting and Trade-for-Settlement Balance Order Netting and Trade-for-Trade ProcessingTrade Processing

• Electronic Pool Notification (EPN)Electronic Pool Notification (EPN)

• Specified Pool Trade Matching ServiceSpecified Pool Trade Matching Service

• Testing new EPN Pool Substitution ServiceTesting new EPN Pool Substitution Service

• Pool Netting and CCP Services planned for 2008Pool Netting and CCP Services planned for 2008

MBSD ServicesMBSD ServicesMBSD ServicesMBSD Services

25

NSCC – Average Daily and Peak Day SidesNSCC – Average Daily and Peak Day Sides

0

10

20

30

40

50

60

70

80

90

100

2002 2003 2004 2005 2006 20070

10

20

30

40

50

60

70

80

90

100

2002 2003 2004 2005 2006 2007

16.2 18.924.7

Average Daily Sidein Millions

Peak DaySides in Millions

22.9 26.030.226.2

36.534.0

50.150.8

98.5


26

NSCC – NettingNSCC – Netting

81

2.6

81

2.6

100

2.6

131

3.3

175

3.8

122

2.30

20

40

60

80

100

120

140

160

180

200

2002 2003 2004 2005 2006 2007 *

Total Trade Obligations (in Trillions)

Obligations Requiring Financial Settlement (in Trillions)

97% 97% 97% 98% 98% 98%


27

0

5,000,000

10,000,000

15,000,000

20,000,000

25,000,000

30,000,000

35,000,000

40,000,000

45,000,000

50,000,000

55,000,000

1st Qtr2006

2nd Qtr2006

3rd Qtr2006

4th Qtr2006

1st Qtr2007

2nd Qtr2007

Daily Average Equity Sides by Marketplace

All Other

NASD

QSR

NYSE

28

GSD – Average Daily and Peak Day DollarsGSD – Average Daily and Peak Day DollarsGSD – Average Daily and Peak Day DollarsGSD – Average Daily and Peak Day Dollars

$0.0

$1.0

$2.0

$3.0

$4.0

$5.0

$6.0

$7.0

2002 2003 2004 2005 2006 2007$0.0

$1.0

$2.0

$3.0

$4.0

$5.0

$6.0

$7.0

2002 2003 2004 2005 2006 2007$0.0

$1.0

$2.0

$3.0

$4.0

$5.0

$6.0

$7.0

2002 2003 2004 2005 2006 2007$0.0

$1.0

$2.0

$3.0

$4.0

$5.0

$6.0

$7.0

2002 2003 2004 2005 2006 2007

$2.16 $2.12

$5.06

Total Average Day Dollar Value In-Net in Trillions

Peak DayDollars in Trillions

$2.83

$4.85 $5.13

$3.50

$6.19

$3.50

$6.20

$3.92

$5.92


29

$1.7

$2.2

$0.5

$1.9 $2.1

$0.6

$2.4

$2.8

$0.8

$2.7

$3.5

$0.9

$2.7

$3.5

$0.8

$3.2

$3.9

$0.9

$0.0

$1.0

$2.0

$3.0

$4.0

$5.0

2002 2003 2004 2005 2006 2007

Comp In-Net Oblig.

GSD Average Daily Dollar Value of Trades and Obligations(Dollars in Trillions)

GSD Average Daily Dollar Value of Trades and Obligations(Dollars in Trillions)


30

0

20,000

40,000

60,000

80,000

100,000

120,000

1st Qtr '06 2nd Qtr '06 3rd Qtr '06 4th Qtr '06 1st Qtr '07 2nd Qtr '07

GSD Average Daily Transactions Submitted

GCF Repo

DVP Repo

Buy\Sell

GCF Repo – Average Trade Size $629,825,382

DVP Repo – Average Trade Size $ 41,789,942

Buy/Sell – Average Trade Size $ 11,966,770

31

MBSD – Average Daily and Peak Day Dollars in MBSD – Average Daily and Peak Day Dollars in Clearing (Par)Clearing (Par)MBSD – Average Daily and Peak Day Dollars in MBSD – Average Daily and Peak Day Dollars in Clearing (Par)Clearing (Par)

0

100

200

300

400

500

600

700

2002 2003 2004 2005 2006 20070

100

200

300

400

500

600

700

2002 2003 2004 2005 2006 20070

100

200

300

400

500

600

700

800

900

1000

2002 2003 2004 2005 2006 20070

100

200

300

400

500

600

700

800

900

1000

2002 2003 2004 2005 2006 2007

$202$271 $270

$303 $440$533

$614

$767

Average 48 Hour DayDollars in Billions

Peak DayDollars in Billions

$305

$906

$363

$926


32

MBSD Average Monthly Clearing Values Par in TrillionsMBSD Average Monthly Clearing Values Par in Trillions

$4.3

$2.1

$0.2

$5.7

$3.6

$0.3

$5.7

$3.8

$0.3

$6.3

$4.4

$0.2

$6.3

$4.3

$0.3

$7.6

$5.0

$0.3$0.0

$1.0

$2.0

$3.0

$4.0

$5.0

$6.0

$7.0

$8.0

$9.0

2002 2003 2004 2005 2006 2007

Clearing In Net Net Obligations


33

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000


MBSD Average Monthly Clearing Sides

OPTN

TFTD

SBO

34

MBSD: EPN - Average Daily 48 Hour Day Dollars and Peak Day MBSD: EPN - Average Daily 48 Hour Day Dollars and Peak Day Dollars (Current Face in Billions)Dollars (Current Face in Billions)MBSD: EPN - Average Daily 48 Hour Day Dollars and Peak Day MBSD: EPN - Average Daily 48 Hour Day Dollars and Peak Day Dollars (Current Face in Billions)Dollars (Current Face in Billions)

0

100

200

300

400

500

600

700

2002 2003 2004 2005 2006 20070

100

200

300

400

500

600

700

2002 2003 2004 2005 2006 20070

100

200

300

400

500

600

700

2002 2003 2004 2005 2006 20070

100

200

300

400

500

600

700

2002 2003 2004 2005 2006 2007

$155$215 $179 $195

$437

$614

$541$608

Average 48 Hour DayDollars in Billions

Peak DayDollars in Billions

$180

$535

$191

$609


35

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000


MBSD Average EPN Messages

EPN

Thomas Costa, Managing Director, Clearing and Settlement, DTCC ACSDA Leadership Forum

Documents