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!
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.
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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.