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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.

The service helps foster a highly liquid market for securities financing. To participate, dealers must be netting members of FICC’s Government Securities Division (GSD).

Dealers execute GCF Repos through Repo Brokers, who are also members of FICC, on an anonymous, or “blind,” basis. FICC guarantees settlement as soon as it receives the data from the broker and compares the transaction. GCF Repo transactions settle on a tri-party basis, which requires dealer participants to have an account with the participating clearing bank: The Bank of New York Mellon.

GCF Repo participants can trade in generic CUSIP numbers throughout the day and then, after the netting process at the end of the day, allocate specific securities to their net settlement obligations.

 

  • Who Can Use the Service

  • Benefits

  • How the Service Works

  • Eligible Collateral Types

  • For More Information

DTCC Learning

Helping Clients Optimize DTCC Services Every Day

DTCC Learning offers comprehensive, fast-track training for DTCC customers of financial services organizations who are looking to expand their expertise and abilities in using the post-trade processing products and services provided by DTCC’s subsidiaries.

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