Our Role as a Central Counterparty
FICC’s multilateral netting reduces cost and risk by replacing numerous bilateral trades with a single net position per participant — significantly lowering settlement volume and complexity.
Government Securities Division (GSD)
At The Center Of The Treasury Market
As the backbone of U.S. Treasury clearing, FICC safeguards the fixed income market, unlocking capital, liquidity and stability for members. FICC’s scale underscores our importance: in 2025, FICC’s Government Securities Division (GSD) processed $3.28 quadrillion in transactions about 110 times the entire U.S. GDP highlighting our central role in this critical global market.
FICC brings decades of expertise, providing clearing, netting and settlement services to the U.S. Treasury market since 1986. Following the 2008 financial crisis, FICC was designated as systemically important under the Dodd-Frank Act. Regulated by the SEC and overseen by the Federal Reserve, FICC operates with a user-owned governance model, ensuring alignment, accountability and resilience across the markets we serve.
- Quadrillion
GSD: Total $ Value in Net (2025)
- Trillion
Average Daily Transactions Cleared by GSD
Number of GSD Sponsored Members
- Trillion
Average daily Volume of Sponsored Service
Data as of Q2 2026
Key Features & Benefits
Balance Sheet Netting Optimizes Capital
FICC’s efficient and systematic novation of financing transactions helps clients optimize capital by freeing up over a trillion dollars that they can use for other investment purposes.
Flexible Access Models
With several flexible access models, FICC is committed to bringing all segments voluntarily into central clearing, with direct and indirect membership types that include both done-away and done-with clearing.
How FICC Protects the Markets
FICC protects markets through layered controls, collecting margin twice daily with real-time adjustments. Members maintain Clearing Fund deposits to cover losses, while FICC monitors activity and stress-tests the fund for extreme conditions.
CME-FICC Cross Margining
The CME-FICC cross-margining framework offsets exposures across cash Treasuries, repo and rate futures, reducing margin and now delivering over $1 billion in savings every day for clients.
Explore Our Services
FICC’s Government Securities Division (GSD) automates trade comparison, netting and settlement, improving efficiency and risk management in the U.S. Treasury market.
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Agent Clearing Service (ACS)
The Agent Clearing Service (ACS) provides broader access to central clearing through a trusted agent model that reduces risk, improves flexibility and supports market resilience. - Learn More
Agent Clearing Service (ACS) Tri-party Repo Service
The ACS Tri-party Repo Service enables agent clearing members to centrally clear client repo transactions, improving liquidity, compliance and capital efficiency while supporting both done-with and done-away execution. - Learn More
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. - Learn More
CME-FICC Cross Margining Program
Reduce margin requirements by recognizing offsetting risk across U.S. Treasury securities and interest rate futures. Cross-margining programs help firms optimize capital while strengthening risk management. - Learn More
Full (Direct) Netting Membership
Full Netting Membership enables firms to participate directly in FICC’s Government Securities Division (GSD). Members operate within a centralized clearing environment where trades are novated and consolidated into a single net position.1 - Learn More
GCF Repo® Service
Trade general collateral repos with greater speed, flexibility and confidence. GCF Repo® enables continuous intraday trading, centralized clearing and balance sheet efficiency,without trade-by-trade settlement. - Learn More
Sponsored Service
Access centrally cleared U.S. Treasury and Agency repo markets with reduced risk, improved capital efficiency and greater flexibility through FICC’s Sponsored Service. - Learn More
Sponsored General Collateral (GC) Collateral in Lieu (CIL)
Enable broader participation in centrally cleared U.S. Treasury repo with a capital-efficient model designed to reduce double margining, broaden participation and support strong risk management. - Learn More
Sponsored General Collateral (GC) Service
The Sponsored General Collateral (GC) Service expands access to centrally cleared tri-party repo by enabling general collateral transactions across a broader asset set supporting term activity, enhancing liquidity and strengthening market resiliency.