Centralized Trade Novation
Once trades are matched, FICC becomes the central counterparty, replacing bilateral exposures with a single obligation. This simplifies risk management and creates greater consistency across participants.
Full (Direct) Netting Membership
Direct Access to Centralized Netting and Settlement
By connecting to GSD as a Netting Member, firms operate within a standardized, governed infrastructure designed to reduce operational friction, improve settlement efficiency, and support the safe movement of capital across the U.S. government securities market.
Eligible participants include banks, broker-dealers, inter-dealer brokers, futures commission merchants, clearing agencies and investment companies. Firms that do not meet membership requirements can access clearing through sponsored or agent arrangements.
Key Features & Benefits
Trade Guarantee Protection
As a central counterparty, FICC guarantees eligible transactions once accepted for clearing, reducing counterparty exposure and providing greater certainty throughout the settlement process.
Multilateral netting efficiency
All trades are consolidated into a single net position, reducing settlement volume and operational complexity while freeing capital that would otherwise remain tied up in gross exposures.
Integrated Settlement via Fedwire
Settlement occurs through Fedwire with the simultaneous exchange of securities and funds. This delivery-versus-payment model reduces settlement risk and increases certainty.
Flexible Clearing Participation
Firms can clear their own trades or act as clearing agents for indirect participants, supporting a broader participant ecosystem without introducing operational inconsistency.
Standardized Market Infrastructure
Participants connect to a centralized, governed infrastructure built to support high-volume activity with resilience, transparency and operational consistency.
Related Resources
- Learn More
Important GSD Documents
This centralized resource page provides direct access to essential materials about FICC’s GSD business.
- Learn More
12 Months Volume for Government Securities
Aggregate transaction volume cleared through the Government Securities Division (GSD) over the past 12 months.
- Learn More
DTCCLearning
DTCCLearning provides access to training materials, educational resources and documentation designed to help users understand DTCC products, services and operational processes.
- Learn More
Reference Documentation
Explore important notices, regulatory rule filings, bylaws, risk management information and operational requirements from DTCC and its clearing agencies.