Dedicated Membership Model
The membership model allows eligible institutional cash lenders to participate directly as principal counterparties to FICC, expanding access to central clearing.
Centrally Cleared Institutional Triparty (CCIT™) Service
By bringing eligible institutional cash lenders into central clearing for the first time, CCIT enhances risk management, improves balance sheet efficiency and supports liquidity in the repo market. Expanded access to CCP clearing helps reduce risk and strengthen market stability, particularly during periods of stress.
Centrally Cleared Institutional Triparty (CCIT™) Service
Expanding Central Clearing for Triparty Repo
Market participants are facing increasing pressure to manage risk, optimize capital, and maintain access to liquidity. Built on the foundation of FICC's GCF Repo® Service, the CCIT Service extends FICC’s central counterparty (CCP) model to tri-party repo transactions between dealer members and institutional cash lenders. FICC remains the only CCP in the U.S. that clears both tri-party repo and transactions, bringing cash lenders directly into a centrally cleared structure, enabling greater stability, transparency, and efficiency across the U.S. repo market.
Key Features & Benefits
Flexible Account Structures
Participants can structure accounts at the legal entity or joint level, with authorized agents submitting trades on their behalf.
Tri-Party Account Requirement
Participants are required to maintain tri-party accounts at the applicable tri-party bank.
Counterparty risk management
FICC’s settlement guarantee helps protect participants and promotes stability in the event of a member default.
Balance Sheet Efficiency
Netting through central clearing supports improved capital treatment and more efficient balance sheet usage for dealers.
Growth Opportunities for Lenders
As activity shifts toward cleared markets, institutional lenders can expand participation and capture additional income potential.
Related Resources
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Important GSD Documents
This centralized resource page provides direct access to essential materials about FICC’s GSD business.
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12 Months Volume for Government Securities
Aggregate transaction volume cleared through the Government Securities Division (GSD) over the past 12 months.
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DTCCLearning
DTCCLearning provides access to training materials, educational resources and documentation designed to help users understand DTCC products, services and operational processes.
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Reference Documentation
Explore important notices, regulatory rule filings, bylaws, risk management information and operational requirements from DTCC and its clearing agencies.