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DTCC to Create Clearinghouse for U.S. Mortgage-Backed Securities

The Depository Trust & Clearing Corp. received approval from the Securities and Exchange Commission to operate a clearinghouse for trading of U.S. mortgage bonds.

The mortgage-backed securities division of DTCC’s Fixed Income Clearing Corp. will begin acting as a so-called central counterparty in April, the New York-based company said today in a statement distributed by Business Wire. As a CCP, the unit will guarantee settlement of matched mortgage-bond trades if one of the parties to the agreement defaults on its commitment.

The initiative is designed to curb risk and costs in the market for government-backed U.S. mortgage bonds, where trading totals about $100 trillion a year, the DTCC said.

“This is the first CCP to be created in U.S. cash markets in more than a quarter of a century,” Donald F. Donahue, the DTCC’s president and chief executive officer, said in the statement. “We expect it will greatly reduce risk” by offering so-called “pool netting services and streamlining the settlement of mortgage-backed securities trades.”

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