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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.

GSD DVP Repo Collateral Substitution FAQs

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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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Entering a Substitution (Specific CUSIP) in FICC GSD RTTM® Web - Dealer Edition

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GCF Repo FOS Scenario for Overnight GCF Repo: Dealer View

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GCF Repo FOS Scenario for Term GCF Repo: Dealer View

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GCF Repo Billing FAQs

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

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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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GSD DVP Funds-Only Settlement (FOS) Key Terms

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GSD DVP Funds-Only Settlement (FOS) FAQs

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