The Depository Trust & Clearing Corporation (DTCC) has implemented a real-time trade matching (RTTM) straight-through processing system for mortgage-backed securities.
DTCC subsidiary MBS Clearing Corporation (MBSCC) says it now compares approximately 6,000 trades a day.
The system, which went live on September 27th, replaces the twice-daily trade match process that previously existed for mortgage-backed trades.
Tom Costa, president and COO, MBSCC, adds: "With RTTM, buyers and sellers of mortgage-backed securities can identify and resolve trade execution differences within minutes after submission, reducing both execution and market risk."
Costa adds that the platform will provide a real-time, standardised approach to fixed income across all the clearing corporations with a common interactive messaging format for trade input based on the SWIFT/ISO 15022 standards.