The 拍卖拆卸 service eliminates the need for participants to submit auction purchase details to the GSD. 而不是, participants can submit bids to the Treasury Department’s Bureau of Public Debt until the cutoff time for each auction. Securities available for auction and processing through FICC include Treasury bills, 笔记, Bonds and Treasury inflation Protection securities (TIPs).
Winning bids are then submitted directly to the GSD by Federal Reserve Banks on a locked-in basis, and the GSD automatically generates trade confirmations based on the information supplied by the Federal Reserve Banks.
Several electronic output options for netting results are available, including machine-readable output (MRO), 打印图像的报告, on-line inquiry via the RTTM Web Front End.
在拍卖日, the Federal Reserve Bank of New York (or a regional Federal Reserve Bank) provides details to the GSD for all eligible auction awards. The GSD then automatically generates a confirmation for the contra-side of each award based on the information supplied by the Federal Reserve Bank.
Treasury auction awards are reported to participants through comparison output, indicating that the trade was submitted on a locked-in basis and which Federal Reserve Bank submitted the information.
Compared Treasury auction awards are netted and guaranteed with the rest of a participant’s trading activity in secondary markets on the night of trade submission. Resulting net positions are treated as forward settling transactions and forward margin is assessed accordingly. The night before issue date, the net positions are replaced by settlement obligations versus the GSD. 在发行日期, the GSD delivers securities to participants in long positions immediately after receiving them from the Federal Reserve.