FICC Sets Timetable to Build Central Counterparty For Mortgage-Backed Securities Trading

As part of its long-planned effort to create comprehensive central counterparty capabilities that include guaranteeing the settlement of trades in the $300 billion-a-day mortgage-backed securities market, Fixed Income Clearing Corporation (FICC) announced in April plans to develop new services that will underpin the proposed central counterparty. FICC is a subsidiary of DTCC.