Access Central Clearing

FICC offers a variety of both direct and indirect membership models for buy-side and sell-side market participants. These different models have the flexibility to allow market participants to access central clearing at FICC in the way that best meets their business and regulatory needs, while also ensuring impartiality and fairness. The different pathways make it possible to bring a much larger percentage of the market into clearing, while maintaining robust risk management standards. This creates needed capacity for the market, while at the same time, reducing systemic risk.

Direct and Indirect Participants

Direct Participants

The members of GSD include dealers, inter-dealer brokers, registered investment companies, government securities issuers, banks, foreign entities, registered clearing agencies and members of the Centrally Cleared Institutional Triparty (CCIT™) Service that meet GSD's membership requirements. GSD's central counterparty services provide its members with operationally efficient processing, collateral management and reduced risk.

Direct Participant

Netting Membership
CCIT Membership

Indirect Participants

To further support the U.S. government securities market, GSD continues to expand its capabilities by offering its central clearing services to eligible clients (i.e., entities that are not full members or direct members of FICC). GSD offers such clearing services to eligible clients through the Sponsoring/Sponsored Member Service and the Agent Clearing Service*, all of which allows for a larger range of market participants to benefit from FICC's risk management practices.

Indirect Participant

Sponsoring Membership
Sponsored Membership
Agent Clearing Membership

*Subject to the review and approval of proposed rule change fillings by the SEC.

Determine Your Access Method

Covered Treasury Clearing Activity Decision Tree

Learn More

DTCC T+1 Test Approach: Detailed Testing Framework

FICC GSD Client Clearing Models Comparison

Segments Profiles & Recommended Access Models

The statements and other information available on and through this page, including information in any links and documents available on this page, is for informational purposes only. Please refer to the GSD Rules for descriptions of the rules, procedures, and all rights, obligations, and other requirements of both FICC and its participants in connection with their use of GSD’s services. In the case of any discrepancy between the information available here and the GSD Rules, the GSD Rules govern.

U.S. Treasury Clearing