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Fixed Income Clearing - Government Securities Division

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The Government Securities Division (GSD) of Fixed Income Clearing Corporation (FICC) is the leading provider of trade comparison, netting and settlement for the Government securities marketplace. FICC was established in 1986 to provide automated comparison and settlement services, risk-management benefits and operational efficiencies to the Government securities industry. GSD clients include the nation's major brokers and dealers, as well as a wide range of entities that trade U.S. Government securities.

Products and Services

Real-Time Trade Matching

 

Real-Time Trade Matching (RTTM®) enables dealers, brokers and other market participants to automate the processing of fixed income securities trades throughout the trading day.

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Repurchase Agreements Services

 

FICC, through its Government Securities Division (GSD), matches and nets repo transactions as part of its netting process for other government securities trading activity, including all buy/sell transactions and auction purchases.

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Repurchase Agreement Collateral

 

Repo transactions are processed, compared and netted along with other government securities trades each day by the Government Securities Division (GSD) of FICC.

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Auction Takedown

 

The Auction Takedown service reduces settlement risk and costs for participants in Fixed Income Clearing Corporation’s (FICC) Government Securities Division (GSD) that purchase securities through the U.S. Treasury Department’s auction programs.

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GCF Repo®

 

The GCF Repo® service enables dealers to trade general collateral repos, based on rate, term, and underlying product, throughout the day without requiring intra-day, trade-for-trade settlement on a Delivery-versus-Payment (DVP) basis.

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Netting and Settlement Services

 

The Netting and Settlement service of FICC’s Government Securities Division (GSD) provides centralized, automated clearance and guaranteed settlement of eligible U.S. Treasury bills, notes, bonds, strips and book-entry non-mortgage-backed agency securities.

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Automated Funds-Only Settlement Service

 

FICC's Automated Funds-Only Settlement Service provides a standardized, automated method for settling non-trade, funds-only obligations each day between FICC and its customers' settling banks.

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