Strengthening the U.S. Treasuries Market

The U.S. Treasury Market is the largest and most liquid sovereign debt market in the world, with transactions cleared through DTCC’s Fixed Income Clearing Corporation's (FICC) Government Securities Division (GSD) surpassing $10 trillion in daily activity.

Currently, U.S. Treasury Market activity is split between two disparate clearing processes: bilaterally cleared transactions and centrally cleared transactions via FICC.

Treasuries, which are backed by the "full faith and credit” of the U.S. government, are widely held and actively traded by institutional investors, central banks, corporations, individuals, and many other private and public institutions. Because the Federal Reserve uses the U.S. Treasury Market as a key tool to implement monetary policy and the federal government relies on the sale of Treasuries to finance essential services, the smooth and uninterrupted functioning of these markets is critically important to the strength and stability of the entire U.S. economy.