New milestone follows the previous peak value of USD$8.8 trillion on July 31, an increase of 4.5 percent.
Continued growth in this dynamic market fueled GSD's overall activity increasing 42 percent year-over-year.
New York/London/Hong Kong/Singapore/Sydney, September 9, 2024 ‒ The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced that its Fixed Income Clearing Corporation’s (FICC’s) Government Securities Division (GSD) successfully cleared a record-setting USD$9.2 trillion in daily activity on September 3. This new milestone follows the previous peak volume of USD$8.8 trillion in daily activity on July 31, a 4.5 percent increase. In the past 12 months, GSD's total activity increased 42 percent year-over-year.
“The continued and persistent volume growth that we are seeing across GSD, as well as across access models, is a testament to the value of central clearing with FICC, including reduced risk and capital and balance sheet relief,” said Laura Klimpel, Managing Director and Head of DTCC’s Fixed Income and Financing Solutions. “FICC’s GSD has become a crucial component to the smooth functioning of the U.S. Treasury market, a responsibility we take very seriously. Our recent achievements in daily transaction volumes underline FICC’s strong capacity to accommodate increasing volumes and market volatility, and well position us to support clients for the SEC’s new rules for expanded U.S. Treasury Clearing.”
In addition to this growth, on September 3, GSD’s Sponsored Service reached a peak volume of USD$1.414 trillion in cleared U.S. Treasury activity.
In operation since 2005, the Sponsored Service permits full-service Netting Members of GSD to participate as Sponsoring Members, providing access to FICC’s central clearing services to intermediated Sponsored Members. The Sponsored Service has experienced growth of 98% year-over-year, now with over 2,500 Sponsored Members across 51 approved jurisdictions.
Klimpel added, "We are constantly refining our strategies and access models to meet the unique needs of a diverse set of clients in an expanding market."
FICC’s GSD is the leading provider of trade comparison, netting and settlement for the Government securities marketplace providing automated comparison and settlement services, risk-management benefits and operational efficiencies to the Government securities industry while offering a variety of services and access models that deliver numerous benefits to participants, including opportunities to reduce counterparty risk, obtain balance sheet and capital relief and increase their transaction capacity.
About DTCC
With over 50 years of experience, DTCC is the premier post-trade market infrastructure for the global financial services industry. From 20 locations around the world, DTCC, through its subsidiaries, automates, centralizes, and standardizes the processing of financial transactions, mitigating risk, increasing transparency, enhancing performance and driving efficiency for thousands of broker/dealers, custodian banks and asset managers. Industry owned and governed, the firm innovates purposefully, simplifying the complexities of clearing, settlement, asset servicing, transaction processing, trade reporting and data services across asset classes, bringing enhanced resilience and soundness to existing financial markets while advancing the digital asset ecosystem. In 2023, DTCC’s subsidiaries processed securities transactions valued at U.S. $3 quadrillion and its depository subsidiary provided custody and asset servicing for securities issues from over 150 countries and territories valued at U.S. $85 trillion. DTCC’s Global Trade Repository service, through locally registered, licensed, or approved trade repositories, processes more than 20 billion messages annually. To learn more, please visit us at www.dtcc.com or connect with us on LinkedIn, X, YouTube, Facebook, and Instagram.