Electronic Pool Notification (EPN)

提交给固定收益清算公司(FICC)处理的机构抵押贷款支持证券交易以“待公布”或TBA为基础进行交易. 虽然其中一些是“指定池交易”(基于一组特定的基础抵押贷款的交易)，但大多数不是.

For most trades, TBA合同交易和结算的关键一步是告知买家将交付哪些抵押贷款来满足交易.

EPN是机构抵押贷款支持证券池通知的行业标准. 它为抵押贷款支持证券(MBS)市场带来了自动化和创新的好处, 它为卖家提供了一种快速向买家传递MBS池信息的自动化方式，使用户能够降低风险并简化操作, efficient and reliable fashion.

• Who Can Use this Service

  EPN适用于所有参与MBS池分配和通知过程的公司, including broker/dealers, inter-dealer brokers, commercial banks, Government Sponsored Enterprises (GSEs), mortgage originators, insurance companies, investment companies, investment managers/ advisors, mutual funds, trust companies, pension funds, 国际组织和作为基础贸易的委托人并保持直接FICC账户的组织. 为了使用EPN，公司不必是FICC抵押贷款支持证券部门(MBSD)清算服务的成员.

• Benefits

  EPN enables users to:

  • Exchange information online and in real time;
  • 大大减少因延迟池通知交付而导致的清除失败;
  • Re-allocate employee time associated with manual procedures;
  • 获得一个公平的平台，提供按揭证券信息;
  • Provide additional and more detailed data; and
  • Reduce risk and overall transaction costs.

• How the Service Works

  48 hours prior to settlement, 卖方必须通知买方与TBA头寸相关的具体池. EPN supports allocation information and trade details, 包括交易条款及拟于结算日交割之证券. The codes used to identify each security in the pool (e.g.(MBS机构、vnsr威尼斯城官网登入、息票和期限)与MBSD清算系统中的相同.

  EPN用户可以交换四种不同类型的业务消息来完成他们的通知需求. Three of the message types are for sellers. The other is for buyers. 卖方使用ON(原始通知)消息类型通知买方未完成的TBA分配. 卖方还使用CX(取消)消息通知买方忽略先前发送的ON的条款.  Please note that CX messages  cannot be submitted against FICC accounts. Sellers can also use a CC (Cancel and Correct) message, 允许卖方通知买方忽略先前发送的ON的条款，并用消息中提供的新池详细信息替换这些池. 买方使用DK(不知道)消息类型通知卖方他们不同意先前发送的ON的条款.

  The successful delivery of EPN messages is denoted by the EPN time stamp, 并且与收件人是否登录到系统无关. 因此，失败交易的数量及其相关成本大大降低.

  客户端可以使用消息队列(MQ)和RESTful应用程序接口(API)与EPN通信. MBSD还实现了EaSy Pool (ESP)作为EPN系统的通信前端，为池信息的实时交换提供基于web的解决方案. 使用TCP/IP拨号连接或租用线路通过DTCC的SMART通信网络, ESP provides for a “turnkey” implementation, with low start-up costs and a user-friendly message “turnaround” feature. MQ消息传递和API通常由愿意在EPN与其内部分配(优化)系统之间开发或购买自定义应用程序接口的大容量组织使用.

  The EPN system processes all messages real-time. As users submit messages to EPN, EPN执行基本编辑和验证检查，以确保基本数据的完整性. Subsequently, EPN为每条消息加上时间戳，并将消息转发到接收方的出站队列，以便将其返回给发送方. EPN在消息上放置的时间戳是发送方“交付良好”的证据,” that is, 通知是在48小时内发出的(美国东部时间15:00:00之前), and by 12:15:00 EST for CC messages).

  由于EPN是基于队列的系统，因此发送方无法接收到忙音信号. 消息接收者可以在一天中的任何时间连接到EPN，从他们的队列中检索消息或向EPN提交消息. 数量和/或周转目标决定了需要多少连接时间.

• Batch Reporting

  In addition to the real-time reporting of pool notification, which occurs for both CTCI and ESP users, EPN also provides batch reports available in two formats:

  1. Message Detail Report, 其中包括在下午3点营业结束前收到和发送的所有信息的详细信息.m. EST, and when messaging closes at End of Day (EOD) at 4:30 p.m. EST on the current day.
  2. Message Summary Report, which as its name indicates, 提供当前工作日在COB和EOD之前收到和发送的所有邮件的摘要信息.

  消息详细信息和摘要报告都提供了当天活动的总数, which can be used to reconcile with user internal totals.

• For More Information

  To request additional information, please click here.