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.

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.

 Hover over a topic on the left to read a brief description of that area. Click the topic to visit that page.

An Overview of the GSD - GCF Repo® Service

This course provides an overview of the FICC GSD GCF Repo® Service.

GSD Portfolio VaR CUSIP Detail Report: MRO Format

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GSD Clearing Fund Summary: MRO Format

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Overview of the Clearing Fund Methodology

View a list of documents on the Treasury Clearing microsite to illustrate the ways in which GSD, as part of FICC, provides trade matching, novation, risk management, netting and settlement services for a wide variety of trades in U.S. government debt securities.
March 20, 2023

GSD RTTM® Web User Guide

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DVP RTTM WFE Member Reporting User Guide

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GCF RTTM® WFE Member Reporting User Guide

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CCIT™ Transaction RTTM® Flow

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GCF Repo Funds-Only Settlement (FOS) Scenario: Forward-Starting CCIT™ Transaction

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CCIT Fact Sheet

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GSD GCF Repo FOS Scenario for Overnight CCIT™ Transaction

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GSD GCF Repo FOS Scenario for Term CCIT™ Transaction

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GSD DVP Repo Collateral Substitution FAQs

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GCF Repo Billing FAQs

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DVP Repo Collateral Substitution Examples Reference Guide

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DVP Repo Forward Mark Calculation Quick Reference Guide

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DVP Funds-Only Settlement (FOS) Scenario: Bilateral Overnight SDS DVP Repo Matched before 12 PM EST

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DVP Funds-Only Settlement (FOS) Scenario: Bilateral Term SDS DVP Repo

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DVP FOS Forward-Settling DVP Buy-Sell Matched after 12 PM EST

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GSD GCF Repo Funds-Only Settlement (FOS) Key Terms

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GSD DVP Funds-Only Settlement (FOS) FAQs

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GSD DVP Funds-Only Settlement (FOS) Key Terms

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GSD GCF Repo Funds-Only Settlement (FOS) FAQs

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Brokered GCF Repo RTTM Flow

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