Expanded Access to Central Clearing
Broadens participation in centrally cleared U.S. Treasury repo by extending the Sponsored GC Service, enabling more institutional cash providers to access standardized clearing.
Sponsored General Collateral (GC) Collateral in Lieu (CIL)
A More Capital-Efficient Path to Central Clearing
Help maximize capital efficiency without compromising risk management. By eliminating the need for eligible cash-lenders to post initial margin to the Fixed Income Clearing Corporation (FICC), Sponsored General Collateral (GC) Collateral in Lieu (CIL) lowers the cost of participation while preserving the benefits of central clearing.
Through done-away trading, Sponsored Members can execute trades with counterparties beyond their Sponsoring Member, helping to reduce cost barriers and improve market access while maintaining robust risk management.
Key Features & Benefits
Capital-Efficient Model
Eliminates the need for cash lenders to post initial margin and removes Sponsoring Member guarantee requirements, reducing capital pressure across participants.
Support for Regulatory Compliance
Provides a more efficient path to meet mandatory Treasury clearing requirements, helping firms adapt to evolving regulatory mandates without added cost burden.
Collateral-Based Risk Management
Applies a minimum 2% haircut and secures trades through FICC’s lien on U.S. Treasury collateral, replacing traditional margin and Funds-Only Settlement payments.
Expanded Done-Away Trading
Enables Sponsored Members to transact with Netting Members and Indirect Participants, increasing flexibility beyond their Sponsoring Member network.
Extended Settlement Window
Extends settlement deadlines to 7:00 p.m. ET, aligning with Fedwire Funds Service hours and providing greater operational flexibility.
Related Resources
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Important GSD Documents
This centralized resource page provides direct access to essential materials about FICC’s GSD business.
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12 Months Volume for Government Securities
Aggregate transaction volume cleared through the Government Securities Division (GSD) over the past 12 months.
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DTCCLearning
DTCCLearning provides access to training materials, educational resources and documentation designed to help users understand DTCC products, services and operational processes.
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Reference Documentation
Explore important notices, regulatory rule filings, bylaws, risk management information and operational requirements from DTCC and its clearing agencies.