Fixed Income Clearing Corp., a New York investment product clearing house, said 350 mutual funds have joined its sponsored membership program.
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The manager, a subsidiary of the Depository Trust and Clearing Corp., said Monday that the new members will give it better risk management and operational efficiency, along with increased liquidity and distribution opportunities.
Fixed Income Clearing, which handles $3.5 trillion of U.S. government securities trading a day, began processing repurchase and reverse repurchase transactions involving the securities for sponsoring banks and their sponsored mutual fund clients in October.
