中枢神经系统主代理接口

The 中枢神经系统 Interface for prime brokers is a settlement option that streamlines prime broker transaction processing. The interface allows an executing broker to hand off a trade executed on behalf of a hedge fund to its prime broker for clearance and settlement. The 中枢神经系统 Interface enables qualified clearing agencies to provide NSCC with a trade offset record, 执行经纪人的头寸由哪一项构成, 让主经纪商承担剩余的结算义务. The offset and netting processes simplify trade processing and mitigate risk for both parties.

另外, the 中枢神经系统 Interface can also be used for the transfer processing of a Hedge Fund asset position(s) between two prime broker accounts. The interface leverages an existing automated and standardized matching process to reduce the likelihood of fails and reclaims, resulting in more straight-through and less resource intensive asset transfer processing and reduced operational risk.¹

The 中枢神经系统 Interface leverages existing 存 services that broker-dealers utilize in their clearance and settlement process today to achieve matching and settlement for prime broker transaction processing, 主要包括:

• 机构贸易处理(ITP)的TradeSuite ID®系统 -用于交易匹配和主要经纪人交易的比较
• 澳门金沙城中心的通用贸易捕获(UTC)系统 -所有街头交易的交易记录，包括ITP主要经纪人交易
• 澳门赌场的连续净结算(中枢神经系统®)系统 – For netting of settlement obligations to one net position per security per broker where NSCC becomes the central counterparty
• 直接转矩的结算系统 – To accommodate the book-entry deliver order movements to settle their 中枢神经系统 long and short obligations

¹ An alternate settlement of prime broker asset transfers is for the counterparties settle them bilaterally with each other directly at 直接转矩. 有关这方面的更多信息，请参阅下面的“替代处理”部分。.

• 谁可以使用中枢神经系统接口

  公司是澳门赌场的全方位服务会员，利用 中枢神经系统®

• 好处

  The 中枢神经系统 Interface streamlines prime broker transaction processing and mitigates risk for both parties to the transaction.

  • 中枢神经系统接口允许主要经纪人交易在中枢神经系统系统中结算.
  • 中枢神经系统 simplifies trade processing by netting all securities transactions into one position per issue for settlement. 这消除了在交易对交易的基础上结算主要经纪人交易的需要.
  • The 中枢神经系统 Interface reduces counterparty risk by providing an NSCC guaranty for eligible securities.

• 中枢神经系统接口是如何工作的

  The two brokers involved in a prime broker transaction will utilize TradeSuite ID to match the transaction that is to be settled. 为了交易, the executing broker (of street-side trade) will always submit the confirmation and the prime broker will affirm that trade.

  为了转移, the prime broker who is delivering the asset will always submit the confirmation acting in the role of the executing broker. (注:如果一个主要经纪人正在接收一个有空头头寸的资产, then they will be acting as the executing broker and generating the confirmation for that asset with the short position)². 反政府的主要经纪人, 扮演代理人的角色, 将确认将为对冲基金转让的资产头寸.

  无论是交易还是转让, ITP will forward the affirmed transaction to NSCC’s UTC system where it is processed in market code 90 (直接转矩 ID -Prime Broker). 此外，一旦收到澳门金沙城中心将适用其贸易担保的交易. 为解决, UTC will forward the transaction to 中枢神经系统 where it will be netted with a prime broker’s other 中枢神经系统 settlement activity for their same clearing participant number.³

  1. 执行经纪人在ITP中提交确认. 确认函发送至院校, 代理人(总是主要经纪人)和利害关系人(如适用)
  2. 机构/代理确认确认. 确认书送交执行经纪及利害关系人(如适用)
  3. ITP发送确认(转让资产)到澳门赌场的通用交易捕获(UTC)系统
  
  
  
  
  4. UTC将事务发送到中枢神经系统进行结算. (Note: This transaction will net with all other street side activity that the Broker has settling in 中枢神经系统 on settlement date)
  5. 中枢神经系统 interfaces with 直接转矩's book entry settlement system to process DO movements of long and short positions with clearing Members

  

  ² The prime broker who is submitting the confirm must use an Executing Broker ID that is eligible to settle 中枢神经系统
  ³ 如果证券在获得中枢神经系统资格时予以确认, 然后ITP将确认的事务转发给UTC. 如果该证券随后在UTC发送到中枢神经系统之前不符合中枢神经系统的资格, then UTC will include the transaction in its multilaterally netted guaranteed balance order process. 在这个过程中, a clearing Member will be assigned a balance order(s) to settle with another NSCC 清算 Member (not necessarily the one who was the original counterparty to the transaction). These balance orders are settled at a uniform settlement price (or mark-to-market) and are guaranteed by NSCC until settlement date.

• 双边结算界面

  某些交易将不符合通过中枢神经系统接口结算的资格. 因此，这些交易必须在双方之间进行双边结算. 的一些原因如下:

  • 安全性不符合中枢神经系统资格要求
  • 确认发生在截止时间之后
  • The executing broker is submitting a confirm using an execution broker ID that is not eligible to settle in 中枢神经系统
  • The prime broker on the confirm (who is always the Agent) has an Agent ID that is not eligible to settle in 中枢神经系统

  当这种情况发生时, ITP将确认的交易转发到直接转矩的库存管理系统(IMS)。. The party delivering the asset must provide instruction to 直接转矩 to process a valued Deliver Order (DO) to the receiving party for the asset share quantity and net settlement amount. This bilateral transaction will not be guaranteed by NSCC as it will settle trade-for-trade between the two brokers who were the counterparties to the transaction. 下面是该沉降模型的说明:

  1. 执行经纪人在ITP中提交确认. 确认函发送至院校, 代理人(总是主要经纪人)和利害关系人(如适用)long and short positions with clearing Members
  2. 机构/代理确认确认. 确认书送交执行经纪及利害关系人(如适用)
  
  
  
  
  
  
  
  
  
  3. ITP向直接转矩的库存管理系统(IMS)发送确认(转让资产)

  4. 执行经纪商和代理在直接转矩直接进行双边资产结算

  

• 在Tradesuite ID匹配过程中应使用的代理ID和执行经纪人ID

  Brokers can either use the same Agent ID or Executing Broker ID they use for their matching of their PB trades and transfers or they can open separate ones for each process.

  为了打开一个新的代理ID或执行经纪人ID, 代理将需要使用以下命令请求新的ID link

• 了解更多信息

  如需更多信息，请联系客户支持1-888-382-2721.