New EPN platform leverages Application Programming Interface (API) technology to support evolving client needs.
存管连接 spoke with 万斯霍华德, 据导演, Product Management 清算服务, about the enhancements to the Fixed Income 清算 Corporation’s (FICC) Electronic Pool Notification (杀虫剂)平台, and how they create efficiencies for clients as part of the mortgage-backed securities pool notification process.
DC: Let’s start with the basics. What’s the EPN service?
VH: The Electronic Pool Notification (EPN) service is offered through FICC’s Mortgage-Backed Securities Division (MBSD). It is the industry standard for agency mortgage-backed securities pool notification. 为背景, the majority of mortgage-backed securities trades submitted to FICC are traded on a “to-be-announced” (TBA) basis. Members use the EPN service to inform their counterparties of the specific mortgage pools that will be delivered to satisfy the trades.
DC: Tell us more about the firms that use EPN?
VH: EPN is used by more than 150 members of our MBSD, including broker/dealers, 商业银行, investment companies, 信托公司, 共同基金. In 2020, EPN volume increased by 104% compared to 2019, in part due to a decrease in interest rates.
DC: Tell us about the service’s new API capability.
VH: APIs are playing an increasingly important role in the future of financial services technology, as they give clients better flexibility to leverage 存’s technology to suit their own needs. That’s why we’ve made the EPN platform available within the 存 API的市场.
存’s API的市场, which launched last year, is an online “App Store”, allowing direct programmatic access to 存 processing functionality and including comprehensive documentation and training materials to help developers use the APIs.
DC: What other enhancements have you made to EPN?
VH: The EPN platform has been enhanced to support 存’s Message Queue (MQ) technology, enabling clients to communicate directly with 存 within an improved real-time interface. The MQ technology is available for cross-platform adoption, allowing clients to utilize a common interface across 存 services including EPN and the Real-Time Trade Matching Service (RTTM), an electronic platform for collecting and matching fixed income securities data. These enhancements help reduce risk for the mortgage-backed securities industry by offering an improved user experience that supports faster workflows and more efficient communication.