Fixed Income Clearing Events

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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 customers with RTTM - a single pipeline, a common processing platform, and a standardized message format for the U.S. fixed income markets. RTTM reduces execution and settlement risk as well as costs because it allows customers to maximize the volume of trades that match on trade date, and ensures that trades are locked in and ready for settlement, moments after they've been submitted. It also allows firms to fix any processing problems the same day when an error occurs, rather than waiting for the following morning, as in the previous batch processing system.

 

 

Government Securities Division (GSD)

The Government Securities Division (GSD) is the leading provider of trade comparison, netting and settlement for the Government securities marketplace. GSD offers a suite of services to support and facilitate the submission, comparison, risk management, netting and settlement of trades executed by its Members in the U.S. Government securities market. GSD clients include the nation's major brokers and dealers, as well as a wide range of entities that trade U.S. Government securities.

 

Mortgage-Backed Securities (MBS)

The Mortgage-Backed Securities Division (MBSD) is the sole provider of automated post-trade comparison, netting, electronic pool notification, pool comparison, pool netting and pool settlement services to the mortgage-backed securities market thus providing greater efficiency, transparency and risk mitigation to this specialized market.

 

  • FICC GSD Rulebook

    This document lays out FICC GSD procedures and obligations and governs in all respects the relations ...
    In GSD Legal Docs Downloads: 341

This simulation is designed to help you navigate through the process of accessing reports in Report Center. 

Category: DVP Service
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This simulation is designed to help you navigate through the process of affirming a DVP Trade as a Dealer or a...

Category: DVP Service
Views: 13

This simulation is designed to help you navigate through the process of entering a DVP Repo or Reverse Repo Trade...

Category: DVP Service
Views: 14

This simulation is designed to help you navigate through the Dealer Login Home Page. 

Category: GCF Repo Service
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Category: DVP Service
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Category: DVP Service
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Category: DVP Service
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Category: GCF Repo Service
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If you are interested in learning more about membership to DTCC or any of its' subsidiaries (FICC or NSCC for...

Category: Government Securities Division (GSD)
Views: 22

If you are interested in learning more about FICC's GSD Netting Member benefits, check out this video.

Category: Government Securities Division (GSD)
Views: 15

If you are interested in learning more about FICC's GSD services or have plans to apply for membership, check out this...

Category: Government Securities Division (GSD)
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Category: GSD Risk Management
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Category: GSD Risk Management
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Category: GSD Risk Management
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This video provides and overview of the Clearing Fund Components which are apart of GSD's Risk...

Category: GSD Risk Management
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Category: GSD Risk Management
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Category: GSD Risk Management
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Category: GSD Risk Management
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This video presentation explains the loss allocation methodology for the Government Securities Division (GSD).

Category: GSD Risk Management
Views: 28

This simulation is designed to help you navigate through the process of disaffirming a pending affirm GCF...

Category: GCF Repo Service
Views: 15

This simulation is designed to help you navigate through the process of modifying a GCF Repo® Trade as a Dealer.

Category: GCF Repo Service
Views: 10

This simulation is designed to help you navigate through the process of searching for a GCF Repo® Trade as a...

Category: GCF Repo Service
Views: 13

This simulation is designed to help you navigate through the process of canceling an affirmed GCF Repo® Trade as...

Category: GCF Repo Service
Views: 10

This simulation is designed to help you navigate through the Dealer View Overall Position Monitor screen.

Category: GCF Repo Service
Views: 16

This simulation is designed to help you navigate through the Broker View Overall Position Monitor screen.

Category: GCF Repo Service
Views: 15

This simulation is designed to help you navigate through the process of modifying a GCF Repo® Trade as a Broker.

Category: GCF Repo Service
Views: 10

This simulation is designed to help you navigate through the process of searching for a GCF Repo® Trade as a...

Category: GCF Repo Service
Views: 8

This simulation is designed to help you navigate through the process of entering a GCF Repo® Trade as a Broker.

Category: GCF Repo Service
Views: 33

This simulation is designed to help you navigate through the process of canceling a GCF Repo® Trade as a...

Category: GCF Repo Service
Views: 8

This simulation is designed to help you navigate through the Broker Login Home Page. 

Category: GCF Repo Service
Views: 8

This simulation is designed to help you navigate through the process of affirming a GCF Repo® Trade as a...

Category: GCF Repo Service
Views: 16

This simulation is designed to help you navigate through the Login Home Page. 

Category: DVP Service
Views: 8

This simulation is designed to help you navigate through the the Obligations Query screen.

Category: DVP Service
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This simulation is designed to help you navigate through the process of searching for a DVP Repo Substitution as...

Category: DVP Service
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This simulation is designed to help you navigate through the Advisories Split-View Query screen. 

Category: DVP Service
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This simulation is designed to help you navigate through the process of searching for a DVP Trade. 

Category: DVP Service
Views: 4

This simulation is designed to help you navigate through the process of modifying a DVP Repo Trade as a...

Category: DVP Service
Views: 8

This simulation is designed to help you navigate through the process of modifying a DVP Cash (Buy / Sell) Trade...

Category: DVP Service
Views: 5

This simulation is designed to help you navigate through the process of entering a multiple allocation DVP Repo...

Category: DVP Service
Views: 10

This simulation is designed to help you navigate through the process of entering a single allocation DVP Repo...

Category: DVP Service
Views: 5

This simulation is designed to help you navigate through the process of entering a DVP Repo or Reverse Repo Trade...

Category: DVP Service
Views: 10

This simulation is designed to help you navigate through the process of entering a when issued DVP Trade as a...

Category: DVP Service
Views: 9

This simulation is designed to help you navigate through the process of entering a DVP Cash (Buy / Sell) Trade as...

Category: DVP Service
Views: 10

This simulation is designed to help you navigate through the process of canceling a DVP Trade as a Dealer or a...

Category: DVP Service
Views: 4

This simulation is designed to help you navigate through the process of saving column sets in the Trade Search Query...

Category: DVP Service
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This simulation is designed to help you navigate through the process of saving query searches and column sets in the...

Category: DVP Service
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This video shows Broker users how to use the Broker Checkout screen within MBSD RTTM for TBA processing purposes.

Category: Mortgage-Backed Securities (MBS)
Views: 22

This video shows Broker users how to enter trades within MBSD RTTM for TBA processing purposes.

Category: Mortgage-Backed Securities (MBS)
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This video shows Broker users how to search for a TBA trade within MBSD RTTM for TBA processing purposes.

Category: Mortgage-Backed Securities (MBS)
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This video shows Dealer users how to enter TBA trades within MBSD RTTM for TBA processing purposes.

Category: Mortgage-Backed Securities (MBS)
Views: 28

This video shows Dealer users how to search for a TBA trade within MBSD RTTM for TBA processing purposes.

Category: Mortgage-Backed Securities (MBS)
Views: 26

This video shows users how to use the Exception Recap screen within MBSD RTTM for TBA processing purposes.

Category: Mortgage-Backed Securities (MBS)
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This video shows users how to login and review the homepage with regards to TBA processing.

Category: Mortgage-Backed Securities (MBS)
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This video shows users how to review some of the reports during the TBA Netting cycle.  This is Part Two of a two...

Category: Mortgage-Backed Securities (MBS)
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This video shows users how to review some of the reports during the TBA Netting cycle.  This is Part One of a Two...

Category: Mortgage-Backed Securities (MBS)
Views: 18

This video shows users how to perform trade actions for users utilizing MBSD RTTM for TBA processing.

Category: Mortgage-Backed Securities (MBS)
Views: 22

This video shows users how to access and review reports in the Report Center for users utilizing MBSD RTTM for TBA...

Category: Mortgage-Backed Securities (MBS)
Views: 28

This video shows learners how to perform the different trade actions the can perform in MBS RTTM fro TBA trades.

Category: Mortgage-Backed Securities (MBS)
Views: 18

This video shows dealers how to search for TBA trades in MBS RTTM.

Category: Mortgage-Backed Securities (MBS)
Views: 26

This video shows Dealer's how to enter TBA trades in MBS RTTM.

Category: Mortgage-Backed Securities (MBS)
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MBS New Account Training: Clearing Services New Account Training Exam

Remove once we fix with setting text for each course description. This is else static part.

MBS 202: Introduction to Pool Netting in the MBS RTTM System - Part 2 Webcast

This webcast provides an overview of how to manage To-Be-Announced (TBA) pools through the Real-Time-Trade Matching (RTTM) system. Topics include pool instructs, advisories and actions taken. This webcast leverages extensive screenshots to detail processing specifics; it is not a demonstration of the live system.

MBS Certification: MBS Electronic Pool Notification Certification Exam

This exam will test you competence in topics such as: Being able to define and understand the different methods are for achieving pool notification; Understanding and explaining Electronic Pool Notification; Differentiate between EPN and EaSy Pool; Explain EPN messaging; Explain how to use EaSy Pool to manage TBA Allocation needs; Explaining the pool notification process; Understanding and explaining what the SIFMA Calendar represents; Explaining the concept of SIFMA Good Delivery Guidelines

MBS Certification: MBS Pool Netting Certification Exam

This exam will test you competance in topics such as: Being able to define and understand how pool netting fits into the life cycle of a TBA trade; Determining when and how to submit pool instruct via RTTM; Idenitfying when transactions have matched; Reviewing advisory and uncompared pool instructs; Explaining actions that may be taken on previously submitted pool instructs such as affirmations, DKs, modifies, cancels, CDRs and substitutions; Reviewing conditions in which pool instructs would be pending pool adds; Discussing the pool netting and settlement process; Differentiating between PMAT and FMAT transactions; Explaining the netting process; Discussing the locations, functions, and outputs of reports; Identifying MBSD margins, cash settlements and MBS settlement dates

MBS Certification: MBS Risk Certification Exam

This exam will test your competance in topics such as: Being able to define and understand the different types of risk mitigation efficiencies afforded to members of the FICC/MBSD; Understanding and explaining the different types of risks facing the MBS marketplace and how those risks are mitigated; Explaining transaction types; Understanding and explaining trade submission; Explaining what novation is and how it works; Giving examples the different risk management regimes that exist; Understanding the different components of the clearing fund; Understanding liquidity risk management; Walking through what events occur during a termination of membership of a member; Defining steps of the loss allocation process; Understanding and being able to explain the components of cash settlement

MBS Certification: MBS Settlement Services Certification Exam

This exam will test your competance in topics such as: Explaining the notification process within the context of the TBA processing lifecycle; Defining and explaining to others the notification of settlement process and why it exists; Identifying and reviewing reports applicable to the notification of settlement process; Processing notification of settlement through the FICC/MBSD's RTTM system; Understanding and explaining what the SIFMA Calendar represents; Explaining the concept of SIFMA Good Delivery Guidelines; Walking through the typical life-cycle of a TBA trade from execution and comparison through pool netting to CSD delivery vs. payment; Understanding and prioritizing notification of settlement compliance and associated processing fees Risks facing post-trade MBS settlement processing

MBS Certification: MBS TBA Trade Processing Certification Exam

This exam will test your competance in topics such as: Being able to define and understand the different types of mortgage-backed securities that are out there; Understanding and explaining how mortgage backed securities are traded; Explaining the securitization process; Understanding and explaining what the SIFMA Calendar represents; Explaining the concept of SIFMA Good Delivery Guidelines; Giving examples of TBA's with STIPS and SPTs; Explaining what the MBSD is and its role in the industry; Walking through the typical life-cycle of a TBA trade from execution and comparison through pool netting to CSD delivery vs. payment; Defining the TMPG charge

MBS 201: Introduction to Pool Netting in the MBS RTTM System - Part 1 Webcast

This course provides an overview of how to manage To-Be-Announced (TBA) pools through the Real-Time-Trade Matching (RTTM) system.

MBS 102: Introduction to Mortgage-Backed Securities (MBS) II Seminar

The objective of this seminar is to provide students with the fundamentals of mortgage-backed securities trade processing through the MBS Division of the Fixed Income Clearing Corporation (FICC). Attendees will gain an understanding of To-Be-Announced (TBA) trade processing, including clearing, trade comparison and notification of settlement (NOS).

MBS 101: Introduction to Mortgage-Backed Securities (MBS) I Seminar

This seminar provides an overview of how and why Mortgage-Backed Securities are securitized.

MBS 103: Introduction to Electronic Pool Notification (EPN) and EaSyPool Seminar

This seminar provides attendees with an understanding of how mortgage-backed securities (MBS) pool information is transmitted. Topics include EPN messaging, EPN master files and how to process pool substitutions using the Fixed Income Clearing Corporation’s (FICC) EasyPool application.

Corporate, Municipal, and UITs (CMU)

 


You can arrange training by calling DTCC at (800) 422-0582, e-mailing This email address is being protected from spambots. You need JavaScript enabled to view it..

For CMU matching questions, please enter an inquiry into the DTC PBS WINS system or call (888) 382-2721. Press 2 (Settlement), then select option 2 (CNS).

For RTTM Web Password resets: If you are not an access coordinator at your firm, please contact your firm’s access coordinator to reset your password.

If you are an access coordinator for your firm, please call the Customer Support Center (CSC) at (888) 382-2721 and press 1 (Password Issues), then 3. You can also refer to the pdf CMU RTTM Web User Guide (10.34 MB) .

For problems with data communication or RTTM Web access, call the Customer Support Center at (888) 382-2721. Press 5 (Technical Services), then 5 (Other Technical Issues).


 

Government Securities Division (GSD)

General DVP FAQs


It will affect forward cash trades (Buy / Sell) of floating rate issues that have not reached settlement date. It will also affect trades of floating rate issues when the reset date has occurred between submission date and settlement date. The system modification will accommodate and support Agency Floating / Adjustable Rate debt debentures issued by FNMA, Freddie Mac and / or GNMA. The GSD currently supports the fixed income issues of these products and is seeking to expand its product offerings to support floating and / or adjustable rates securities as well. 

 

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. 

 

The interest rate (or the yield) on a bond falls when prices rise. A negative yield means investors are effectively paying the bond issuer to borrow money from them if held to maturity. 

To learn more, check out the video on negative rate yields.

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. 

No. A negative real rate of interest occurs when the rate of inflation exceeds the nominal interest received whereas a negative bond yield means that the returns you will receive are negative in nominal terms. 

 

 

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.

 

 

GSD would need to be able to accept negative yield cash trades for When Issued TBills, TIPS, Notes and Bonds submitted by FICC GSD Members using existing input methods, mitigate risk on these instruments and report the same back on all current output. However, because of the current low rate environment several other instruments have recently traded at a negative yield, GSD has decided to investigate modifying its systems to include negative yield trades for other instruments. 

 

 


GCF Repo® Billing FAQs

GCF Repo® FOS Key Terms FAQs

GCF Repo® FOS FAQs

GCF Repo® Risk Management FAQs

FICC Customer Reporting (FIR) FAQs

 

Mortgage-Backed Securities (MBS)

 

 

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