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The FICC Sponsoring/Sponsored Member program goal is to provide bank netting members with expanded FICC/GSD financing options. Using Rule 3A of the GSD Rulebook, well-capitalized members with at least $5 billion in equity capital, can act as “Sponsoring Members” for certain qualified entities.
The FICC Sponsoring/Sponsored Member program goal is to provide bank netting members with expanded FICC/GSD financing options. Using Rule 3A of the GSD Rulebook, well-capitalized members with at least $5 billion in equity capital, can act as “Sponsoring Members” for certain qualified entities (“Sponsored Members”).
The program ultimately permits the Sponsoring Members to act as a processing agent on behalf of Sponsored Members. This is accomplished by establishing an autonomous Omnibus account, separate from the Sponsoring Members FICC/GSD netting account, for all of its Sponsored Members activities.
The current program limits participating entities to registered investment companies who are qualified institutional buyers and have a willing FICC/GSD Sponsoring Member.
The proposed rule change will allow an expanded group of market participants to engage in FICC financing activities as Sponsoring Members. This includes entities such as dealer netting members, Futures Commission Merchant netting members, and foreign netting members.
Broadridge has made comprehensive changes to fully support all aspects of this program.
Broadridge clients can leverage our updated impact functionality to participate in the FICC’s new Sponsored Repo Program. This program benefits participants by permitting expanded financing opportunities with qualified non-FICC/GSD netting customers.
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