Home | Business News | Browse by Publication | P | PR Newswire

New Fixed Income Clearing Corporation Gets SEC Approval To Merge Government and Mortgage-Backed Securities Processing.

Publication: PR Newswire
Publication Date: 19-DEC-02 		Format: Online - approximately 1212 words
Delivery: Immediate Online Access

Article Excerpt
NEW YORK -- NEW YORK, Dec. 19 /PRNewswire/ -- The SEC has approved the establishment of a new company, to be named the Fixed Income Clearing Corporation, which will officially begin operations on January 1, 2003. The new company will be a subsidiary of The Depository Trust & Clearing Corporation (DTCC) and will reflect the merger of Government Securities Clearing Corporation (GSCC) and MBS Clearing Corporation (MBSCC).

"Combining GSCC and MBSCC is a major step forward in how DTCC is bringing greater synergies, cost reductions and efficiencies to the post-trade processing of fixed income instruments," said Dennis Dirks, chief operating officer of DTCC and the CEO of Fixed Income Clearing Corporation. "It continues the streamlining efforts that began with consolidation of GSCC and MBSCC technology and staff in 2001, including the adaptation this year of GSCC's real-time trade matching (RTTM) technology for processing mortgage-backed securities."

Currently, GSCC clears about $1.7 trillion a day in trades involving U.S. government securities, while MBSCC clears an average of about $200 billion a day in mortgage-backed securities trades.

"The formation of Fixed Income Clearing...

View this article FREE - Now for a Limited Time, try Goliath Business News
Free for 3 Days!



More articles from PR Newswire
The Brazilian Ministry of Finance recommends the approval of acquisiti..., December 20, 2002
International news media training expert joins Ifra Newsplex., December 20, 2002
Acologix Initiates Clinical Trial of Its Lead Compound for Osteoporosi..., December 20, 2002
Decisioneering Launches Crystal Ball for Six Sigma Training., December 20, 2002
PHOTO ADVISORY -- Darden Restaurants Announces Leadership Promotions., December 20, 2002

Looking for additional articles?
Search our database of over 3 million articles.

Looking for more in-depth information on this industry?
Search our complete database of Industry & Market reports by text, subject, publication name or publication date.

About Goliath
Whether you're looking for sales prospects, competitive information, company analysis or best practices in managing your organization, Goliath can help you meet your business needs.

Our extensive business information databases empower business professionals with both the breadth and depth of credible, authoritative information they need to support their business goals. Whether it be strategic planning, sales prospecting, company research or defining management best practices - Goliath is your leading source for accurate information.