• Fixed Income Clearing Learning Center

    The Fixed Income Clearing Corporation (FICC) was created in 2003 to reduce costs and give DTCC customers a common approach to fixed income transaction processing by integrating the Government Securities Clearing Corporation and the Mortgage-Backed Securities Clearing Corporation.   Corporate, Municipals, and UITs (CMU) The Corporate, Municipal, and UITs (CMU) system provides all of its...
  • Government Securities Division (GSD)

    Welcome to the Government Securities Division (GSD) section of the Learning Center! The GSD Learning Center is designed as an educational resource to better equip Fixed Income Clearing Corporation's (FICC's) Government Securities Division (GSD) Netting Members and stakeholders with the tools needed to best use GSD's services. US Government Securities is the largest sector of the fixed income...
  • GCF Repo® Service

    Welcome to the GCF Repo® Service section of the Learning Center! The GCF Repo® Service enables dealers to trade general collateral repos, based on rate, term, and underlying product, throughout the day without requiring intra-day, trade-for-trade settlement on a Delivery-versus-Payment (DVP) basis.   To participate, dealers must be netting members of FICC’s Government Securities...
  • FICC GSD Membership Onboarding

    Welcome to the FICC GSD Membership Onboarding section of the Government Securities Division's Learning Center! If you are interested in learning more about FICC's GSD services or have plans to apply for membership, you may bookmark this page and refer to it when necessary. Outlined in this section you will find the steps you can expect to complete during the onboarding process. This...
  • Part One: Preliminary Onboarding Engagement

    What does it mean to become an FICC member? What are the services such membership offers? What is required of you to become an FICC member? What are the steps involved in the onboarding process for FICC membership?  You will find the answers to these and other questions in this area of the FICC Membership Onboarding Learning Center!   Part One: Preliminary Onboarding Engagement...
  • FICC GSD Services & Benefits

    What types of memberships does DTCC offer?  DTCC itself is a holding company and does not offer memberships directly. It does, however, offer various types of memberships through its subsidiary entities and joint venture entities, which cater to various business needs. These entities include, but are not limited to The Depository Trust Company ("DTC"), National Securities Clearing...
  • Prequalification and the Onboarding Process

    Before you can begin the "Official Onboarding Process" there are some preliminary steps you must take. In addition to reviewing the information in Part One of this Learning Center, all candidates for membership must complete the "Prequalification Wizard". This is a short online form designed to reduce the time it takes to determine a candidate's membership eligibility and connect them with an...
  • Preliminary Qualification Wizard

    The Prequalification Wizard is designed to reduce the time it takes to determine your membership eligibility and connect you with an Onboarding Specialist. We've identified some of the commonly asked questions about the "Preliminary Qualification Wizard" and answered them here. If you are already a DTCC Member you do not have to complete the 'Wizard; instead, please call Customer Service at...
  • Membership Requirements: What You Should Know

    There are some basic requirements that your Onboarding Specialist will need to verify with you right away. We want you to understand these requirements now to ensure you will be able to complete the process once you begin. Even if you don't meet them at the present time, armed with this knowledge you can return here once you meet the requirements and are ready to begin the membership process....
  • Commonly Asked Questions

    Beyond the requirements for membership listed in the previous article, there are many questions candidates ask when they are interested in becoming FICC Members. We've collected and answered them here to help you. Read on to learn more! What is the FICC GSD Membership Needs Assessment? The FICC GSD Membership Needs Assessment is a verbal inquiry that expands on the questions and...
  • Risk Management (GSD)

    Welcome to the Risk Management (GSD) section of the Learning Center! As a CCP for eligible trades submitted by its Netting Members, GSD mitigates credit, market and liquidity risks in the financial services sector by standardizing and implementing risk management practices. GSD manages these risks that arise from outstanding obligations through various processes like mark-to-market, margining...
  • DVP Real-Time Trade Matching (RTTM®)

    Real-Time Trade Matching (RTTM®) enables dealers, brokers and other market participants to automate the processing of fixed income securities trades throughout the trading day. The core of GSD’s comparison system is its' RTTM® service. This is an interactive tool that enables members to automate the processing of their securities trades throughout the trading day. Using...
  • How would the issuance of floating rate notes have an impact on GSD processing?

    GSD has modified its DVP RTTM® Web application to accept Floating / Adjustable Rate Notes, allow for changing rates. This data will be reflected in the output to participants. 
  • What are floating rate notes?

    Traditionally government notes pay a fixed rate of interest to investors. A floating rate note would pay interest that would be adjusted to match market rates aligned by a market index.   
  • Are there US Treasury Bonds with a negative yield?

    The US Treasury is considering auctioning T-Bills at negative yields. This is due to T-Bills trading at a negative yield in the secondary market. The Fed decided at its May 2012 refunding meeting to not go forward at that time.    

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