Bylaws, Rules & Procedures
Bylaws, Rules & Procedures
Clearing Agency Risk Frameworks
The Depository Trust Company ("DTC")
DTC is registered with and regulated by the U.S. Securities and Exchange Commission.
DTC is a limited-purpose trust company organized under the New York Banking Law and is a member of the Federal Reserve System.
DTC Fee Guide and Fine Schedule
DTC Procedures
- ClaimConnect™ Service Guide
- Custody Service Guide
- Deposits Service Guide
- Distributions Service Guide
- Redemptions Service Guide
- Reorganizations Service Guide
- Settlement Service Guide
- Underwriting Service Guide
- Operational Arrangements
DTC Other
Outside Counsel Legal Memorandum: Uncleared Swap Margin Rules: Custodial Risk and the Enforceability of Rights with Respect to Securities Posted as Initial Margin at The Depository Trust Company — Available to DTC Participants and Pledgees. Please contact abandler@dtcc.com to obtain a copy.
Fixed Income Clearing Corporation ("FICC")
FICC is registered with and regulated by the U.S. Securities and Exchange Commission.
FICC Government Securities Division ("GSD") Rulebook and Other
- GSD Rulebook
- FICC and CME Cross-Margining Agreement (as incorporated in the GSD Rules)
- U.S. Department of the Treasury: Reaffirmation of Relief Relating to Certain Capital and Customer Protection Rule
GSD Netting, Novation, and Bankruptcy Remoteness Opinions – Memorandums of Law – Available to GSD Netting Members. Please contact FICCNettingOpinions@dtcc.com to obtain a copy.
- Netting with Respect to Transactions, Including Repos, Cleared Through the Government Securities Division of Fixed Income Clearing Corporation (September 1, 2021)
- Effectiveness and Enforceability of Novation of Sponsored Member Trades Under the Sponsored Member Program (September 1, 2021)
- Treatment of Segregated Customer Margin in the Event of a Netting Member Insolvency (May 23, 2024)
- Characterization of the Role of an Agent Clearing Member in Submitting, Carrying, and Clearing Agent Clearing Transactions for an Executing Firm Customer (July 1, 2025)
- Effectiveness and Enforceability of Novation of Agent Clearing Transactions under the Agent Clearing Service (February 6, 2026)
GSD Fee Guide
FICC Mortgage-Backed Securities Division ("MBSD") Clearing Rules and Other
MBSD Netting, Novation, and Bankruptcy Remoteness Opinions – Memorandums of Law – Available to MBSD Clearing Members. Please contact FICCNettingOpinions@dtcc.com to obtain a copy.
- Enforceability of the Termination and Netting Provisions of Rules 17A and 17 and the Loss Allocation Rules of Rule 4 Upon the Occurrence of a Corporation Default (January 7, 2022)
- Enforceability of a Clearing Member's Default Rights Under a Master Repurchase Agreement Entered into Pursuant to the Capped Contingency Liquidity FacilityTM Upon the Occurrence of a Corporation Event of Default (March 8, 2012)
- Update to Memorandum of Law, dated March 8, 2012, Regarding the Enforceability of a Clearing Member's Default Rights Under a Master Repurchase Agreement Entered into Pursuant to the Capped Contingency Liquidity FacilityTM Upon the Occurrence of a Corporation Event of Default (December 13, 2016)
MBSD Fee Guide
National Securities Clearing Corporation ("NSCC")
NSCC is registered with and regulated by the U.S. Securities and Exchange Commission.