Fixed Income Clearing Corporation (FICC), was created in 2003 to reduce costs and give DTCC customers a common approach to fixed income transaction processing by integrating the Government Securities Clearing Corporation and the Mortgage-Backed Securities Clearing Corporation.

View service offerings of Fixed Income Clearing Corporation (FICC) in the Products & Services section.

The Government Securities Division (GSD)

The Government Securities Division (GSD) of the Fixed Income Clearing Corporation (FICC), a subsidiary of DTCC, provides real-time trade matching, clearing, risk management and netting for trades in US Government debt issues, including repurchase agreements or repos.

Securities transactions processed by FICC's Government Securities Division include Treasury bills, bonds, notes, zero-coupon securities, government agency securities and inflation-indexed securities.

Services include:

• Real-Time Trade Management (RTTM)
• Auction take-down
• Netting and settlement
• Risk management for government securities trades
• Repurchase agreements
• GCF repo service
• Repurchase agreement collateral substitution service
• Cross-margining
• Automated funds-only (cash-only) settlement service

The Mortgage-Backed Securities Division (MBSD)

The Mortgage-Backed Securities Division of the Fixed Income Clearing Corporation, a subsidiary of DTCC, provides real-time automated and trade matching, trade confirmation, risk management, netting and electronic pool notification to the mortgage-backed securities market.

Key participants in this market are mortgage originators, government-sponsored enterprises, registered broker/dealers, institutional investors, investment managers, mutual funds, commercial banks, insurance companies and other financial institutions.

Services include:

• Real-Time Trade Matching
• Electronic Pool Notification Services
• Netting Services
• Mortgage-Backed Securities Clearing Services

FICC is registered with and regulated by the U.S. Securities and Exchange Commission (SEC).