Through its Real-Time Trade Management (RTTM®) service, FICC’s GSD provides an online, information system for GCF Repos that is capable of displaying up-to-the-minute trade information and netting results throughout the day. After trades are completed, brokers are required to submit them promptly to FICC electronically or by screen input. Upon receipt of the data, FICC immediately reports the transaction details to dealers. Dealer positions are automatically updated, and may be viewed on-line via GCF Repo’s dynamic display screens. The most recent trades and position information are displayed simultaneously. Position information is available both at the individual CUSIP level and the cumulative, overall level.
Individual GCF Repo transactions may be submitted via interactive messaging in amounts of up to $9.999 billion. Individual GCF Repo trades submitted via RTTM's Web application, however, are limited to $2 billion in size. The size of each DVP repo trade that can be submitted is $50 million.
After trading ends, GSD conducts an afternoon net exclusively for GCF Repo activity. To establish a single net receive or deliver position in each generic CUSIP, the netting process combines each dealer’s new GCF activity eligible for settlement with the dealer’s carry-over activity, including previous term and previously submitted forward-starting activity that has reached its start leg settlement date.
For each such CUSIP, a dealer member is either a net securities borrower (i.e., money lender) or a net securities lender (i.e., money borrower). The Bank of New York Mellon provides the mechanism for allowing a chain of simultaneous collateral and cash movements to occur between GSD and its dealer members. The collateral is returned the following afternoon after the Fedwire has closed for settlement.