About the Guaranty Fund
The proposed Guaranty Fund is a new prefunded all cash default fund that Fixed Income Clearing Corporation (FICC)'s Government Securities Division (GSD) would establish to cover losses arising from (i) a Member default or (ii) certain non-default loss events. The Guaranty Fund would be separate from Members' existing Clearing Fund and would replace the Clearing Fund as GSD's mutualized loss-absorbing resource. In establishing a Guaranty Fund, FICC aims to improve transparency around Members' potential loss mutualization exposures, support the bankruptcy-remote treatment of Clearing Fund Deposits, and align GSD's risk management framework more closely with other systemically important Central Counterparties (CCPs).
Guaranty Fund Resources
Guaranty Fund Rule Filing: SR-FICC-2026-008
Tools: FICC provides clients and the public with Risk management tools, used to effectively manage and mitigate various types of risks, including credit risk, market risk, and liquidity risk. Tools outlined below and via the listed URL provide comprehensive services and applications that help to understand, monitor and control risk exposure.
Click to access Tools for Managing Risk
Stress Test Analytics Portal: The Stress Test Analytics portal provides clients insight into stress testing metrics used to monitor for potential impact under extreme, but plausible market conditions.
Click to view the Stress Test Analytics Portal
For questions pertaining to the Guaranty Fund, please:
- Contact
This email address is being protected from spambots. You need JavaScript enabled to view it. , or - Call 212-855-2020.