FICC’s liquidity pool $3.8bn short of payment obligation

Clearing unit for MBSs incurred first shortfall on record in January

The Fixed Income Clearing Corporation (FICC) reported one instance in the first quarter where the payment obligation that would have been triggered by the default of its largest clearing member exceeded the central counterparty’s (CCP) qualifying liquid resources (QLRs).

The liquidity shortfall was $3.8 billion in size and occurred at the FICC’s mortgage-backed securities division (MBSD) in January. The CCP said it was caused by an “elevated liquidity obligation” during the settlement of class

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