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,
- 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.