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The Government Securities Division (GSD) of FICC 

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 market. The GSD acts as a CCP providing clearance, settlement and risk management services to its’ Netting Members in the U.S. Government Securities market. In addition to Netting Member services, GSD services another category of members known as Comparison-only members. GSD’s comparison services for Comparison-only members, does not include netting or settlement services for their trades.

Participating members include banks, Inter-Dealer Brokers (IDBs), dealers, Government Securities Issuers, Foreign Persons and Registered Clearing Agencies who meet GSD’s membership requirements.

Currently GSD supports two primary products, Delivery vs. Payment (DVP) and GCF Repo®; GSD processes several types of transactions including buy/sell trades of U.S. Government securities, both dealer to dealer and broker to dealer Repos including overnight, forward-start and term Repo trades, Treasury Auction Takedown trades and GCF Repo® transactions.

Get Started with the latest GSD Learning Solutions

FICC Loss Allocation Overview

Click on FICC Loss Allocation Overview in the What Members Need To Know section (below) to access the 3-part eLearning course explaining FICC loss allocation practices as they apply to both Defaulting Member and Declared Non-Default Loss events, and which presents hypothetical scenarios demonstrating how these concepts are applied during an Event Period in the case of single- or- multiple-member default 

Looking for information about GSD Enhancements?

Click on GSD Enhancements - 2018 in the What Members Need To Know section (below) to watch several short informational videos explaining the enhancements. If you have questions after watching the videos you may contact the FICC Product Risk team (This email address is being protected from spambots. You need JavaScript enabled to view it.) or speak with your Relationship Manager to set up a meeting with them. 

To support the enhancements, FICC is updating guides, webcasts and other learning resources on the learning center. Watch this space for announcements about these updates in the near future. 

GSD Risk Reporting Guide (RTTM Reports)

The GSD Risk Reporting Guide (RTTM Reports) is meant to help members understand the reports available to them within the RTTM® Report Center. Within this document we present and describe Clearing Fund related reports, define their line items and provide an image of each report for reference. You may also find this document in the Documents tab at the top of this page.

What Members Need To Know

This section is intended to provide GSD clients with quick access to information considered timely, important and/or recently posted to the Learning Center. Currently you may choose from the following topics:

  • FICC Loss Allocation Overview (eLearning)
  • GSD Enhancements - 2018 (videos)
  • Requests for Trade Input Extensions (guidelines and contact information)

You must log in to view all available content - content which requires a log in to view will not be visible unless you are logged in.

Login then Scroll Down to Learn More

 

What Members Need To Know Topics (3)



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The FICC Loss Allocation Overview eLearning is divided into three parts. The eLearning assumes you will watch all three parts in order as the information in each builds on the part which precedes it. The Resources link provides access to transcripts for each part, and a Knowledge Check is included in Part 3 to solidify your comprehension of the concepts. You will also have the opportunity to share feedback for this eLearning at the end of Part 3.

The topics covered in the FICC Loss Allocation Overview, Parts 1 - 3, include:

  • FICC loss allocation practices as they apply to both Defaulting Member and Declared Non-Default Loss events,
  • loss allocation rule enhancements implemented in 2018,
  • the look back period,
  • pro rata share of losses calculation for FICC members,
  • the Loss Allocation Cap,
  • the member withdrawal process,
  • the Event Period, and
  • hypothetical scenarios demonstrating how these concepts are applied during an Event Period in the case of single- or- multiple-member default.

Links to videos appear below. You will need to be logged in to view them.

Part 1 (of 3)

Part 2 (of 3)

Part 3 (of 3)

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The FICC Government Securities Division (GSD) has implemented a number of enhancements as of June 25, 2018 to benefit Members. GSD invites you to view a few short videos created to acquaint you with the enhancements, why we’ve implemented them and how they benefit you. 

Note: Please give the videos a moment to load. If you see an error message in place of a video, simply refresh this page in your browser (press F5 key).

1. The GSD Clearing Fund Calculation & Other Enhancements in 2018

2. The Value at Risk Model & Other GSD Enhancements 

3. The Blackout Period Exposure Adjustment


To learn more about GSD products and services, select a topic from the menu to the left of this article.


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    Frequently Asked Questions - Floating Rate Notes (FRN)

    This document answers frequently asked questions about GSD Floating Rate Notes. ...
    In Government Securities Division (GSD) Downloads: 17

  • pdf
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    FICC Government Securities Division (GSD) Rulebook

    In GSD Legal Docs Downloads: 28

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    GSD RTTM® Web Front End (WFE) Advanced Query Function Quick Reference User Guide

    This RTTM® Web Front End (WFE) Quick Reference User Guide provides information on the advanced q ...
    In RTTM Downloads: 88

  • pdf
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    DVP FOS FAQs

    This document provides answers to a list of frequently asked questions relating to the DVP Funds-Onl ...
    In FAQs Downloads: 86

  • pdf
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    FICC Risk Reporting Guide (FIR Application)

    FICC Members should use this guide to better understand the reports available within the Risk FICC C ...
    In GSD Risk Management Downloads: 1

  • pdf
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    GSD GCF RTTM® Web Front End (WFE) Remote Access Coordinator (RAC) User Guide

    The primary purpose of this guide is to familiarize RACs with the Site Administration functions of t ...
    In RTTM Downloads: 8

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    GSD DVP RTTM® Web Front End (WFE) Remote Access Coordinator (RAC) User Guide

    The primary purpose of this guide is to familiarize RACs with the Site Administration functions of t ...
    In RTTM Downloads: 15

  • pdf
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    CCIT™ & GCF RTTM® WFE Participants User Guide

    The GSD CCIT™/GCF RTTM® Web Front End (WFE) Participants User Guide is provided as a conve ...
    In RTTM Downloads: 348

  • pdf
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    DVP RTTM Web CCLF Obligations Screen Guide

    The DVP RTTM® Web CCLF® Obligations Screen Guide provides an interactive representation of t ...
    In RTTM Downloads: 26

  • pdf
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    GSD Risk Reporting Guide (RTTM Reports)

    Updated 7/25/2018: This training guide is meant to help members understand the reports available to ...
    In GSD Risk Management Downloads: 99

  • pdf
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    DVP RTTM WFE Participant Reporting User Guide

    This user guide provides information on reports available to external users (participants) of the GS ...
    In RTTM Downloads: 145

  • pdf
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    Forward Mark Calculation for DVP Repos

    This document explains how to calculate Forward Mark on a DVP Repo trade. ...
    In Funds-Only Settlement Downloads: 53

  • pdf
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    CCIT Fact Sheet

    This document speaks to DTCC's subsidiary FICC, extending its' repo clearing capabilities tothe inst ...
    In CCIT Service Downloads: 27

  • pdf
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    DVP RTTM WFE Home Page Reference Guide

    Thise guide provides a quick reference to the home page on the DVP Real-Time Trade Matching applicat ...
    In RTTM Downloads: 270

  • pdf
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    GSD GCF Participant Reporting User Guide

    This guide provide GCF Reporting details to participants. ...
    In RTTM Downloads: 322

  • pdf
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    DVP FOS Dealer View Term Cash Trade - Example

    This example will explain the components of FOS for the DVP Service, identify the calculations invol ...
    In Funds-Only Settlement Downloads: 56

  • pdf
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    DVP FOS Dealer View Overnight Cash Trade - Example

    This example will explain the components of FOS for the DVP Service, identify the calculations invol ...
    In Funds-Only Settlement Downloads: 56

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    DVP FOS Dealer View Overnight Repo Trade - Example

    This example will explain the components of FOS for the DVP Service, identify the calculations invol ...
    In Funds-Only Settlement Downloads: 103

  • pdf
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    DVP FOS Dealer View Term Repo Trade - Example

    This example will explain the components of FOS for the DVP Service, identify the calculations invol ...
    In Funds-Only Settlement Downloads: 78

  • pdf
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    DVP FOS Sponsored Account View Overnight Repo Trade - Example 1

    This example will explain the components of FOS for the DVP Service, identify the calculati ...
    In Funds-Only Settlement Downloads: 55

  • pdf
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    DVP FOS Key Terms FAQs

    This document provides descriptions of key terms associated with the DVP Funds-Only Settlement proce ...
    In FAQs Downloads: 62

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    DVP FOS Sponsored Account View Overnight Repo Trade - Example 2

    This example will explain the components of FOS for the DVP Service, identify the calculations invol ...
    In Funds-Only Settlement Downloads: 40

  • pdf
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    Example 5 - Finding cash on deposit details in the FIR

    This document provides a usage scenario outlining how a participating Member would find out their Ca ...
    In GSD Risk Management Downloads: 35

  • pdf
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    GCF Repo® Index - One Pager

    This document speaks to the publishing of the DTCC GCF Repo® Index by FICC's GSD. ...
    In GCF Repo Service Downloads: 29

  • pdf
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    Generic GCF Cusip List

    This document shows the GCF Product Types and their corresponding Generic GCF CUSIPs. ...
    In GCF Repo Service Downloads: 109

  • pdf
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    RTTM Web Common Elements

    This reference document provides information on the common elements within FICC's RTTM® Web appl ...
    In RTTM Downloads: 120

  • pdf
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    IM Part Specs Comparison Input Output Appendix F

    This appendix provides additions and modifications to the Interactive Messaging Participant ...
    In Trade Matching Downloads: 170

  • pdf
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    Example 3 - Finding VaR component details in the FIR

    This document provides a usage scenario outlining how a participating Member would find out their Va ...
    In GSD Risk Management Downloads: 108

  • pdf
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    Example 1 - Finding Clearing Fund requirement details in the FIR

    This document provides a usage scenario outlining how a participating Member would find out their Cl ...
    In GSD Risk Management Downloads: 171

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    IM Part Specs Comparison Input Output Appendix E

    This appendix provides additions and modifications to the Interactive Messaging Participant ...
    In Trade Matching Downloads: 212

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    IM Part Specs Comparison Input Output Appendix B

    This appendix provides additions and modifications to the Interactive Messaging Participant ...
    In Trade Matching Downloads: 175

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    IM Part Specs Comparison Input Output Appendix A

    This appendix provides additions and modifications to the Interactive Messaging Participant Specific ...
    In Trade Matching Downloads: 179

  • pdf
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    Example 2 - Finding Clearing Fund deposit details in the FIR

    This document provides a usage scenario outlining how a participating Member would find out their Cl ...
    In GSD Risk Management Downloads: 34

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    Example 6 - Finding Funds-Only Settlement details in the FIR

    This document provides a usage scenario outlining how a participating Member would find out their Fu ...
    In GSD Risk Management Downloads: 47

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    IM Part Specs Comparison Input Output Appendix D

    This appendix provides additions and modifications to the Interactive Messaging Participant ...
    In Trade Matching Downloads: 172

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    IM Part Specs Comparison Input Output Appendix C

    This appendix provides additions and modifications to the Interactive Messaging Participant ...
    In Trade Matching Downloads: 193

  • pdf
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    GCF Repo Billing FAQs

    This document provides a list of frequently asked questions and answers relating to the GCF Repo® ...
    In FAQs Downloads: 47

  • pdf
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    GCF Repo FOS FAQs

    This document provides a answers to a list of frequently asked questions relating to the GCF Funds-O ...
    In FAQs Downloads: 55

  • pdf
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    GCF Repo FOS Key Terms FAQs

    This document provides descriptions of key terms associated with the GCF Funds-Only Settlement proce ...
    In FAQs Downloads: 41

  • pdf
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    GCF FOS Dealer View Term Trade - Example

    This example will explain the components of FOS for the GCF Repo® Service, identify the calculat ...
    In Funds-Only Settlement Downloads: 71

  • pdf
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    GCF FOS Dealer View Overnight Trade - Example

    This example will explain the components of FOS for the GCF Repo® Service, identify the calculat ...
    In Funds-Only Settlement Downloads: 77

  • pdf
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    Broker to Dealer GCF Repo® RTTM Flow Chart

    This document provides a Dealer Member with information relating to the trade matching process of a ...
    In RTTM Downloads: 139

  • pdf
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    DVP RTTM Key Function Pathways

    This document provides participants with the navigational pathways to key functions within the DVP R ...
    In RTTM Downloads: 79

  • pdf
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    GCF RTTM Key Function Pathways

    This document provides participants with the navigational pathways to key functions within the GCF R ...
    In RTTM Downloads: 66

  • pdf
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    Broker to Dealer DVP Repo RTTM Flowcharts

    This document provides a Dealer Member with information relating to the trade matching process of a ...
    In RTTM Downloads: 161

  • pdf
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    Dealer to Dealer DVP Repo RTTM Flowcharts

    This document provides a Dealer Member with information relating to the trade matching process of a ...
    In RTTM Downloads: 127

  • pdf
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    IM Part Specs Comparison Input Output

    This guide provides an overview of interactive messaging for real-time trade comparison along with t ...
    In Trade Matching Downloads: 257

  • pdf
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    Clearing Fund Management (CFM) Quick Reference Guide

    This document provides a quick reference guide to Risk Management's Clearing Fund Management (CFM) a ...
    In GSD Risk Management Downloads: 106

  • pdf
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    GCF Comparison MRO and Print Image Output Format

    This documents outlines the Comparison MRO output files. ...
    In GSD Technical Docs Downloads: 27

  • pdf
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    GSD Netting MRO formats- End of Day- for 240 byte records (file 1019)

    This document outlines the GSD Netting MRO file formats for all types of transmission systems. ...
    In GSD Technical Docs Downloads: 27

  • pdf
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    GSD Netting MRO formats- Intraday- for 240 byte records (file 1018)

    This document outlines the GSD Intraday MRO file formats for all types of transmission systems. ...
    In GSD Technical Docs Downloads: 20

  • pdf
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    GSD Comparison MRO formats for 240 byte records (file 1017)

    This document outlines the GSD Comparison MRO file formats for all transmission systems. ...
    In GSD Technical Docs Downloads: 25

  • pdf
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    DVP RTTM WFE User Guide

    This user guide provides information to participants who utilize FICC's DVP RTTM® Web applicatio ...
    In RTTM Downloads: 290


This video explains the Blackout Period Exposure Adjustment as it relates to the GSD Clearing Fund in 2018. It is the...

Category: Government Securities Division (GSD)
Views: 624

This video explains the GSD Clearing Fund Calculation and the sensitivity-based VaR model implemented in 2018 along...

Category: Government Securities Division (GSD)
Views: 637

This video explains how the GSD Clearing Fund requirements calculation and other GSD-related enhancements implemented...

Category: Government Securities Division (GSD)
Views: 599

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

Category: DVP Service
Views: 27

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: 26

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

Category: DVP Service
Views: 28

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

Category: GCF Repo Service
Views: 22

Category: DVP Service
Views: 26

Category: DVP Service
Views: 16

Category: DVP Service
Views: 22

Category: GCF Repo Service
Views: 20

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: 344

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

Category: Government Securities Division (GSD)
Views: 47

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)
Views: 64

Category: GSD Risk Management
Views: 32

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

Category: GCF Repo Service
Views: 21

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: 13

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: 16

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

Category: GCF Repo Service
Views: 12

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

Category: GCF Repo Service
Views: 21

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

Category: GCF Repo Service
Views: 19

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: 13

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: 11

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: 35

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

Category: GCF Repo Service
Views: 11

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

Category: GCF Repo Service
Views: 10

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

Category: GCF Repo Service
Views: 24

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

Category: DVP Service
Views: 16

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

Category: DVP Service
Views: 18

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

Category: DVP Service
Views: 32

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

Category: DVP Service
Views: 14

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

Category: DVP Service
Views: 10

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

Category: DVP Service
Views: 10

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

Category: DVP Service
Views: 11

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

Category: DVP Service
Views: 21

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

Category: DVP Service
Views: 14

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

Category: DVP Service
Views: 19

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

Category: DVP Service
Views: 12

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

Category: DVP Service
Views: 24

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: 7

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

Category: DVP Service
Views: 6

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

Category: DVP Service
Views: 12

This section provides a central location for all the GSD related FAQs and their answers as found throughout the Government Securities Division (GSD) section of the Learning Center.

To view the FAQs in this section you must first be logged in. 

DVP FOS FAQs

DVP FOS Key Terms FAQs

FICC Customer Reporting (FIR) FAQs

Floating Rate Notes FAQs

GCF Repo® Billing FAQs

GCF Repo® FOS FAQs

GCF Repo® FOS Key Terms FAQs

GCF Repo® Risk Management FAQs

You may also wish to review the  pdf GSD Risk Reporting Guide (RTTM Reports) (19.92 MB) .

General GSD Risk Management FAQs

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