Mortgage-Backed Securities Clearing Corporation (MBSCC): A wholly owned subsidiary of the Midwest Stock Exchange that operates a clearing service for the comparison, netting, and margining of agency-guaranteed MBS transacted for forward delivery.

 

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Mortgage-Backed Securities Clearing Corporation (MBSCC): A wholly owned subsidiary of the Midwest Stock Exchange that operates a clearing service for the comparison, netting, and margining of agency-guaranteed MBS transacted for forward delivery.

National Securities Clearing Corporation (NSCC): A clearing corporation that facilitates the settlement of accounts among brokerage firms, exchanges, and other clearing corporations.

Options Clearing Corporation (OCC): The Options Clearing Corporation issues all exchange-listed securities options in the United States and guarantees all transactions in those options. The OCC also assigns exercised options f . . . View Full Definition

Nonclearing Member: An exchange member firm that is not able to clear transactions, and must pay another member firm to carry out its clearing operations.

National Association Of Securities Dealers Automatic Quotation System (Nasdaq): An electronic quotation system that provides price quotations to market participants about the more actively traded common stock issues in the OTC market. About 4000 common stock issues are . . . View Full Definition

National Association Of Securities Dealers (NASD): Nonprofit organization formed under the joint sponsorship of the investment bankers' conference and the SEC to comply with the Maloney Act, which provides for the regulation of the OTC market.

National Association Of Securities Dealers Automated Quotation System (NASDAQ): NASDAQ is a computerized stock trading network that allows brokers to access price quotations for stocks being traded electronically or sold on the floor of a stock exchange.

Pass-Through Securities: A pool of fixed income securities backed by a package of assets (i.e., mortgages) where the holder receives the principal and interest payments. Related: Mortgage pass-through security

Pension Benefit Guaranty Corporation (PBGC): The PBGC was created to ensure that participants in defined benefit pension plans under its jurisdiction will receive at least a basic pension if the plans are terminated because they’re und . . . View Full Definition

Project Loan Securities: Securities backed by a variety of FHA-insured loans-primarily multifamily apartment buildings, hospitals, and nursing homes.