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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

Real Time Trade Matching (RTTM®) Web Modernization — New!rttm_web_resources

Be sure to click GSD RTTM Web Modernization Learning in the What Members Need To Know section (below) to access the “Using the New GSD RTTM Web Interface” series of eLearning courses. The first five training solutions focus on:

  • Accessing FICC GSD RTTM Web via MyDTCC Portal & Direct URL,
  • Entering a DVP Trade in FICC GSD RTTM Web (for Brokers),
  • Entering a DVP Trade in FICC GSD RTTM Web (for Dealers), 
  • Entering a Substitution (Specific CUSIP) in FICC GSD RTTM Web (for Dealers), and
  • Entering a Bulk Substitution in FICC GSD RTTM Web - Broker Edition.

Each includes a downloadable .pdf containing screenshots of the walkthroughs available via a Resources link at the top of the course.

More eLearning solutions are planned in support of the launch of the new RTTM Web design on such topics as "Using Quick and Advanced Search," and "Using the FICC GSD RTTM Web Dashboard." Check back often to access the training and prepare for when the new system design goes live in the RTTM Production environment later this year.

What GSD Members Need To Know

This section provides GSD clients with quick access to information considered timely, important and/or recently posted to the Learning Center. 

Login to access all topics below



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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)



  • pdf
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    Entering a Bulk Substitution in FICC GSD RTTM - Broker Edition


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    Entering a Substitution in FICC GSD RTTM Web - Dealer Edition Transcript


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    Entering a DVP Trade in FICC GSD RTTM Web - Dealer Edition Transcript


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    Accessing FICC GSD RTTM Web - Transcript


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    Entering a DVP Trade in FICC GSD RTTM Web - Broker Edition Transcript


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    FICC Government Securities Division (GSD) Rulebook

    In GSD Legal Docs Downloads: 886

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    GSD DVP RTTM® Web Trade Active Search - SDS Settlement Status Quick Reference Guide


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    GSD Interactive Messaging (IM) Member Specifications for Netting Output


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    GSD Interactive Messaging (IM) Member Specifications for Comparison Input & Output


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    GSD Same-Day Settling Operational Best Practices Reference Guide


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    GSD Same-Day Settling Service & Pair-Off Service Overview


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    Initial Haircut Report Guide


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    Frequently Asked Questions - Floating Rate Notes (FRN)


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


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    DVP FOS FAQs


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    FICC Risk Reporting Guide (FIR Application)


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


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


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    GSD CCIT™ & GCF RTTM® WFE Participants User Guide


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    DVP RTTM Web CCLF Obligations Screen Guide


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    GSD Risk Reporting Guide (RTTM Reports)


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    DVP RTTM WFE Participant Reporting User Guide


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    Forward Mark Calculation for DVP Repos


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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: 36

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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 (DVP) Downloads: 301

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    GSD GCF Participant Reporting User Guide

    This guide provide GCF Reporting details to participants. ...
    In RTTM (GCF Repo) Downloads: 371

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    DVP FOS Dealer View Term Cash Trade - Example


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    DVP FOS Dealer View Overnight Cash Trade - Example


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    DVP FOS Dealer View Overnight Repo Trade - Example


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    DVP FOS Dealer View Term Repo Trade - Example


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    DVP FOS Sponsored Account View Overnight Repo Trade - Example 1


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    DVP FOS Key Terms FAQs


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    DVP FOS Sponsored Account View Overnight Repo Trade - Example 2


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    Example 5 - Finding cash on deposit details in the FIR


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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: 37

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    Generic GCF Cusip List


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    RTTM Web Common Elements


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    Example 3 - Finding VaR component details in the FIR


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    Example 1 - Finding Clearing Fund requirement details in the FIR


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    Example 2 - Finding Clearing Fund deposit details in the FIR


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


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    GCF Repo Billing FAQs


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    GCF Repo FOS FAQs


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    GCF Repo FOS Key Terms FAQs


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    GCF FOS Dealer View Term Trade - Example


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    GCF FOS Dealer View Overnight Trade - Example


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    Broker to Dealer GCF Repo® RTTM Flow Chart


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    DVP RTTM Key Function Pathways


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    GCF RTTM Key Function Pathways


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    Broker to Dealer DVP Repo RTTM Flowcharts


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    Dealer to Dealer DVP Repo RTTM Flowcharts


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    Clearing Fund Management (CFM) Quick Reference Guide


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    GCF Comparison MRO and Print Image Output Format


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


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


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


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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 (DVP) Downloads: 360

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    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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