Agency mortgage-backed securities trades that are submitted to Fixed Income 清算 Corporation (FICC) for processing are traded on a “to-be-announced” or TBA basis. While some of these are “specified pool trades” (transactions based on a particular set of underlying mortgages) most are not.

对于大多数行业, a critical step in the trading and settlement of the TBA contracts is informing the buyers what pools of mortgages will be delivered to satisfy that trade.

EPN is the industry standard for agency mortgage-backed securities pool notification. It brings the benefits of automation and innovation to the mortgage-backed securities (MBS) marketplace, and it enables users to reduce risk and streamline their operations by providing an automated way for sellers to transmit MBS pool information to buyers in a quick, 高效可靠时尚.


  • 谁可以使用这项服务

    EPN is intended for all firms that are engaged in the MBS pool allocation and notification process, 包括代理/经销商, 货币经纪公司, 商业银行, 政府资助企业(gse), 抵押贷款发放者, 保险公司, 投资公司, 投资经理/顾问, 共同基金, 信托公司, 养老基金, international organizations and organizations that act as principal to the underlying trade and maintain direct FICC accounts. Firms do not have to be members of FICC’s Mortgage-Backed Securities Division (MBSD) clearing services in order to use EPN.

  • 好处


    • 在线和实时交换信息;
    • Substantially reduce clearance failures caused by late pool notification delivery;
    • 重新分配与手工程序相关的员工时间;
    • Obtain access to an equitable platform for delivery of MBS pool information;
    • Provide additional and more detailed data; and
    • 降低风险和整体交易成本.

  • 服务如何运作

    结算前48小时, the seller is required to inform the buyer of the specific pools related to a TBA position. EPN支持分配信息和交易细节, including trade terms and the securities intended for delivery on settlement date. 用于识别池中每个证券的代码(例如.g., MBS agency, product, coupon and maturity) are identical to those in the MBSD’s clearing system.

    EPN users may exchange four different types of business messages to accomplish their notification needs. 其中三种信息类型是针对卖家的. 另一个是给买家的. Sellers use the ON (Original Notification) message type to notify the buyer of an outstanding TBA allocation. Sellers also use the CX (Cancel) message to notify a buyer to disregard the terms of a previously sent ON.  请注意,CX信息不能提交到FICC账户. 卖家也可以使用CC(取消和更正)消息, which allows the seller to notify a buyer to disregard the terms of a previously sent ON and to replace those pools with new pool details provided in the message. Buyers use the DK (Don’t Know) message type to notify a seller that they do not concur with the terms of a previously sent ON.

    EPN消息的成功传递由EPN时间戳表示, and is independent of whether or not the recipient is logged on to the system. As a result, the number of failed trades and their associated costs has been dramatically reduced.

    客户端s can use  Messaging Queue (“MQ”) and RESTful Application Program Interface (“API”) to communicate with EPN. MBSD has also implemented EaSy Pool (ESP) as a communications front-end to the EPN system to provide a Web-based solution for the real-time exchange of pool information. Using a TCP/IP dial-up connection or a leased line through 存’s SMART communications network, ESP提供了“交钥匙”实现, 具有低启动成本和用户友好的消息“周转”功能. MQ Messaging and API are typically used by high-volume organizations willing to develop or purchase custom application interfaces between EPN and their internal allocation (optimization) systems.

    EPN系统对所有消息进行实时处理. 当用户向EPN提交消息时, EPN performs basic edits and validation checks to ensure essential data integrity. 随后, EPN timestamps each message and forwards the message to the outbound queue of the recipient so that it can be returned to the sender. The time stamp placed by EPN on the message is the sender’s evidence of “good delivery,也就是说, 通知是在48小时内发出的(美国东部时间15:00:00之前), 在东部时间12:15:00之前发送抄送消息).

    由于EPN是基于队列的系统,因此发送方无法接收到忙音信号. Message recipients may connect to EPN at any time throughout the day to retrieve messages from their queues or submit messages to EPN. Volume and/or turn-around objectives determine how much connect time is necessary.

  • 批处理报告

    除了实时报告池通知, 在CTCI和ESP用户中发生了什么, EPN还提供两种格式的批处理报告:

    1. 消息详情报表, which includes the details of all messages received and delivered prior to Close of Business (COB) at 3:00 p.m. 美国东部标准时间(EST),当消息在下午4:30结束时(EOD)关闭.m. 美国东部标准时间当天.
    2. 消息摘要报告, 正如它的名字所表明的那样, provides summary information for all messages received and delivered prior to COB and EOD on the current business day.

    Both the Message Detail and Summary Reports provide totals of the day’s activity, 哪一个可以用来与用户内部总数相协调.

  • 了解更多信息

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  • 新闻

    See the news and updates about the 存’s Electronic Pool Notification service, the industry standard for agency mortgage-backed securities pool notification.

  • 法律

    Download legal notices about the 存’s 电子池通知书(EPN) service. 请访问我们的网站了解更多有关这项服务的内容.

  • 支持

    Explore this section for answers to your questions regarding the 电子池通知书(EPN) Service. 了解更多会员信息.




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