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 Clearing Fund Summary: MRO Format

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GCF Repo FOS Scenario for Term GCF Repo: Dealer View

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GSD's DVP Service Overview – About the Service

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GSD's DVP Service Overview – DVP Information Flows

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GSD GCF RTTM Reporting User Guide

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GSD DVP RTTM Reporting User Guide

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GSD RTTM® Web Online Help

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Clearing Fund Required Deposits and Funds on Deposit Record - Clearing Fund Letter - Page 1

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Clearing Fund Required Deposits and Funds on Deposit Record - Clearing Fund Letter - Page 2

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Clearing Fund Required Deposits and Funds on Deposit Record - Clearing Fund Letter (FYI)

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Clearing Fund Deposit EOD Summary Report

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GSD CFM Daily Deposit Summary Report

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GSD Repo Volatility Report

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Intraday Funds Settlement Statement Page 1

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Intraday Funds Settlement Statement Page 2

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Open Position Mark

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Consolidated SOD Funds Settlement Statement (Page 1)

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GSD SOD Funds Settlement Statement (Page 2)

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DVP VaR CUSIP Detail Report

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GCF VaR CUSIP Detail Report

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Portfolio VaR CUSIP Detail Report

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GSD Account Summary Report

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GSD RTTM® Web User Guide

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GSD Risk Reporting Guide (RTTM® Reports)

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