Government Securities Division

US Government Securities is the largest sector of the fixed income market. The GSD Learning Center is designed as an educational resource to better equip Fixed Income Clearing Corporation's (FICC's) Government Securities Division (GSD) Members and stakeholders with tools needed to use GSD's products and services.

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The GSD acts as a central counterparty (CCP), providing trade comparison, novation, and guarantee services along with its netting, settlement, and risk management services to its Members in the U.S. Government Securities market.

Currently, GSD supports the following primary services:

  • Delivery vs. Payment (DVP),
  • General Collateral Finance Repo (GCF Repo®)/Centrally Cleared Institutional Tri-Party (CCIT™), and
  • Sponsored Membership.

GSD processes several types of transactions including:

  • Buy/sell transactions of U.S. Government securities,
  • Dealer-to-dealer and broker-to-dealer DVP Repos (including overnight, same-day settling, forward-starting and term Repo trades),
  • Treasury Auction Takedown trades,
  • GCF Repo transactions,
  • CCIT Transactions, and
  • Sponsored GC transactions.

GSD offers the following types of membership:

  • Netting Membership,
  • Sponsored Membership,
  • CCIT Membership,
  • Comparison-Only Membership, and
  • Funds-Only Settling Bank Membership.

GSD’s comparison service for Comparison-Only Members provides trade comparison services but does not provide trade novation and guarantee of settlement, nor does it provide its netting, settlement or risk management services to Comparison-Only Members.

Participating Members include:

  • Repo brokers,
  • Banks,
  • Dealers,
  • Government securities issuers,
  • Foreign persons,
  • Registered clearing agencies, and
  • Qualified institutional buyers (QIBs) who meet GSD’s membership requirements.

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FICC Capped Contingency Liquidity Facility (CCLF) Annual Test (Recorded Webinar)

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GSD Risk Reporting Guide (RTTM® Reports)

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FICC Risk Reporting Portal User Guide

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Overview of the MBSD Clearing Fund Methodology

This document provides a high-level introduction to the components of the Required Fund Deposit, the calculation and collection of which serves as a key tool that FICC uses to manage market risk.
May 14, 2025

GSD Clearing Fund Summary: MRO Format

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GSD Clearing Fund Summary for Segregated Indirect Participants MRO

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MBSD Clearing Fund Summary MRO

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Sponsored Service Mark-to-Market (Haircut) MRO File Format: Intraday and EOD

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GSD Omnibus Account Summary Report

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Capped Contingency Liquidity Facility® (CCLF®) Annual Test

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Capped Contingency Liquidity Facility® (CCLF®) Annual Test Webinar Deck

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MBSD CCP Fails Report

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MBSD Operational Clearing Reports Guide

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Clearing Fund Management - FICC Help

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FICC-GSD Clearing Fund Wire Instructions (Non-Segregated)

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FICC-GSD Clearing Fund Wire Instructions (Segregated Indirect)

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FICC-MBSD Clearing Fund Wire Instructions

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Onboarding Executing Firm Customers via MyDTCC

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Clearing Fund Required Deposits and Funds on Deposit Record - Clearing Fund Letter - Page 2

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Omnibus Account Summary MRO Specification (OmniAcctSummary)

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Sponsored Account VaR CUSIP Detail MRO Specification (SponsoredCusipDtl)

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FICC Risk Reporting Guide (FIR Application)

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GSD Netting MRO Format (EOD) – File 1019 – 240 Byte

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Overview of the Sponsored Membership Onboarding Process

Are you a Sponsored Member being onboarded to Treasury Clearing? This introductory video explains what's going on. 
November 22, 2024
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