Government Securities Division - Fixed Income Clearing

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 2003 with the merger of the Government Securities Clearing Corporation (GSCC), which was established in 1986, and the Mortgage-Backed Securities Clearing Corporation (MBSCC), which was founded in 1979.

GSD provides 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.

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 2003 with the merger of the Government Securities Clearing Corporation (GSCC), which was established in 1986, and the Mortgage-Backed Securities Clearing Corporation (MBSCC), which was founded in 1979.

GSD provides 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 & Services

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.

CCIT Service™

The CCIT Service extends CCP services and guarantee of completion of eligible trades to tri-party repo transactions between GSD dealer members and eligible tri-party money lenders.

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.

Netting and Settlement Services

The Netting and Settlement service of 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.

Repo Services

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.

Repo Collateral Substitution

GSD's repo services include an automated facility that supports the Substitution of Repo Collateral.

Auction Takedown

The Auction Takedown service reduces settlement risk and costs for participants in GSD that purchase securities through the U.S. Treasury Department’s auction programs.

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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