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Fixed Income Clearing

For more than 40 years, Fixed Income Clearing Corporation (FICC) has helped market participants manage risk, improve efficiency and support liquidity across the U.S. Treasury and agency mortgage-backed securities markets through trusted clearing and post-trade infrastructure.
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Fixed Income Clearing (FICC)

The Infrastructure Behind the Fixed Income Markets

The U.S. Treasury and agency mortgage-backed securities markets play a foundational role in the global financial system. They help governments raise capital, support housing finance, provide liquidity and enable the movement of capital throughout the economy. 

At FICC, we provide the centralized clearing and post-trade infrastructure that helps these markets operate with greater efficiency, transparency and resilience. By connecting market participants through a common risk management and processing framework, we help reduce operational friction, support stability and create the confidence market participants rely on every day. 

  • Quadrillion

    Government securities transactions processed

  • Trillion

    Average daily volume of government securities cleared

  • Trillion

    Balance sheet capacity created for clients

  • Sponsored GSD members

Data as of Q2 2026

Delivering Value

A Central Counterparty Framework

Managing obligations bilaterally can increase operational complexity and counterparty exposure. As a central counterparty (CCP), FICC steps between buyers and sellers to help manage risk, streamline settlement and create a consistent processing framework.

Navigate Risk with Greater Confidence

FICC's comprehensive risk management framework includes monitoring, margining and controls designed to help support orderly markets and participant confidence.

Improve Capital Efficiency

Netting and margin efficiencies help firms better manage balance sheet constraints, optimize capital usage and support business growth.

Flexible Participation Models That Fits Your Business

Multiple participation options allow firms to access central clearing in ways that align with their operational, regulatory and business objectives.

Built for Capacity

Designed for scale, FICC processes large transaction volumes across market conditions, helping ensure continuity, stability and performance during periods of volatility.

A Diverse Market Community

FICC supports a wide range of market participants operating across fixed income markets, including broker-dealers, banks, asset managers, institutional investors, insurance companies and hedge funds.

Explore Our Services

While Treasury securities and mortgage-backed securities serve different purposes, both depend on trusted market infrastructure to operate efficiently. FICC supports these markets through two specialized divisions designed to meet their distinct clearing, settlement, financing and risk management needs. Together, these divisions help streamline post-trade activity, support liquidity and create a consistent operational foundation across two of the world's most important fixed income markets. 

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