Fixed Income Clearing Corporation (FICC) MortgageBacked Securities Division Member Directory

Overview

The Fixed Income Clearing Corporation (FICC) operates a dedicated MortgageBacked Securities (MBS) Division that provides clearing, settlement, and riskmanagement services for a broad range of agency and nonagency mortgagebacked securities. Membership in the MBS Division is open to qualified financial institutions, brokerdealers, banks, and other market participants that meet FICCs eligibility criteria.

This page serves as a concise guide to the member directory, explaining its purpose, the categories of participants, how to interpret the information, and the steps required to become a member.

Why a Member Directory Matters

• Transparency: Market participants can quickly verify which firms are authorized to clear MBS transactions through FICC.
• Risk Management: Knowing the membership composition helps participants assess counterparty exposure and liquidity.
• Regulatory Reporting: The directory satisfies NFA, SEC, and other regulatory requirements for public disclosure of clearing participants.
• Operational Efficiency: Straightforward lookup of clearing identifiers (e.g., member codes, settlement accounts) reduces tradeentry errors.

Directory Structure

The directory is organized into three primary sections:

1. Primary Members

These are firms that have direct clearing authority with the FICC MBS Division. They hold a unique Member Code and are responsible for posting collateral, managing margin, and settling trades on behalf of themselves and their subsidiaries.

2. SubMembers (SubClearing Participants)

Submembers transact through a Primary Member. They do not have a direct relationship with FICC but are granted clearing privileges via a contractual agreement with a Primary Member. Submembers share the Primary Members clearing account for settlement.

3. Affiliate and International Members

Affiliate members are foreignregistered firms that meet specific eligibility standards and have entered into a crossborder clearing arrangement. They are listed separately to indicate jurisdictional differences.

Member Directory Sample Listing

Below is a representative excerpt of the current directory. The full directory is updated weekly and can be accessed through the FICC member portal.

How to Use the Directory

1. Locate a CounterParty: Search by firm name or member code to confirm clearing status before executing a trade.
2. Verify SubMember Relationships: If a firm is listed as a submember, identify its primary member to understand which clearing account will be used.
3. Contact for Issues: Use the provided email address for clearing inquiries, operational questions, or to request updates to membership information.
4. Integrate with Systems: Many firms import the CSV version of the directory into their ordermanagement systems to automate validation checks.

Becoming a Member

Prospective participants must satisfy the following criteria:

• Registration with the SEC as a brokerdealer or clearing agency.
• Minimum net capital requirements as defined by FINRA and the SEC.
• Approval of a riskmanagement framework that includes margin models, stresstesting, and daily position limits.
• Implementation of FICCapproved technology for trade capture, reconciliation, and reporting.
• Agreement to abide by the FICC MBS Division Rulebook, including settlement cycles, default fund contributions, and dispute resolution procedures.

Application steps:

1. Submit the FICC Membership Application Form through the online portal.
2. Provide required documentation (financial statements, compliance policies, IT system specifications).
3. Undergo a preacceptance audit conducted by FICC riskmanagement staff.
4. Receive provisional clearance, followed by a liveenvironment test of clearing and settlement processes.
5. Upon successful testing, obtain a unique Member Code and begin clearing MBS trades.

Maintaining Membership

Continuing membership is contingent upon meeting ongoing obligations:

• Daily Margin Calls: Promptly meet margin calls issued by the FICC riskmonitoring system.
• Quarterly Reporting: Submit position, exposure, and capital adequacy reports on the prescribed schedule.
• Annual Audits: Allow FICC auditors to review internal controls, risk models, and settlement procedures.
• Technology Updates: Implement upgrades to the FICC messaging standards (e.g., FIX/FAST) within the stipulated timeframe.
• Regulatory Compliance: Maintain all required registrations and adhere to evolving SEC and FINRA rules.

Failure to comply can result in temporary suspension or permanent removal from the directory.

Latest Updates (as of June2026)

• New member Morgan Stanley & Co. International Ltd. added as an Affiliate member effective 1May2026.
• Implementation of the Automated MarginCall Engine (AMCE) across all primary members, reducing average margin call processing time by 30%.
• Revision of the SubMember eligibility criteria to include a minimum $25million net worth requirement.
• Release of a downloadable JSON API endpoint for realtime directory queries (requires secure token authentication).

Contact & Support

If you have questions regarding the directory, membership eligibility, or technical integration, please reach out to the FICC MBS Division Operations team:

Email: mbs-ops@ficc.com
Phone: +12125550198 (U.S. tollfree)
Office Hours: 9am5pm EST, Monday through Friday