Membership

You can choose to become a member of both the Government Securities Division (GSD) and the Mortgage Backed Securities Division (MBSD). Prospective members can apply to one or both divisions, depending on business needs.

The GSD is a central counterparty (CCP) offering a guarantee of completion on all eligible trades. The MBSD provides netting and comparison services for TBA and specified pool trades, and is in preparation to move to a guaranteed central counterparty model for netted pool trades in the third quarter of 2009.

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