Fixed Income Clearing - Government Securities Division

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The Government Securities Division (GSD) of Fixed Income Clearing Corporation (FICC) is the leading provider of trade comparison, netting and settlement for the Government securities marketplace. FICC was established in 1986 to provide automated comparison and settlement services, risk-management benefits and operational efficiencies to the Government securities industry. GSD clients include the nation's major brokers and dealers, as well as a wide range of entities that trade U.S. Government securities.

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Products and Services

Real-Time Trade Matching


Real-Time Trade Matching (RTTM®) enables dealers, brokers and other market participants to automate the processing of fixed income securities trades throughout the trading day.

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Repo Services


GSD matches and nets Repo Transactions as part of its netting process for other government securities trading activity, including all buy/sell transactions and auction purchases.

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Repo Collateral Substitution


GSD's repo services include an automated facility that supports the Substitution of Repo Collateral. 

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Auction Takedown


The Auction Takedown service reduces settlement risk and costs for participants in GSD that purchase securities through the U.S. Treasury Department’s auction programs.

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CCIT Service™


The CCIT Service extends CCP services and guarantee of completion of eligible trades to tri-party repo transactions between GSD dealer members and eligible tri-party money lenders.

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GCF Repo®


The GCF Repo® service enables dealers to trade general collateral repos, based on rate, term, and underlying product, throughout the day without requiring intra-day, trade-for-trade settlement on a Delivery-versus-Payment (DVP) basis.

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Sponsored Membership


Sponsored Membership at GSD offers eligible clients the ability to lend cash or eligible collateral via FICC-cleared DVP repo throughout the day.

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Netting and Settlement Services


The Netting and Settlement service of GSD provides centralized, automated clearance and guaranteed settlement of eligible U.S. Treasury bills, notes, bonds, strips and book-entry non-mortgage-backed agency securities.

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Automated Funds-Only Settlement Service


FICC's Automated Funds-Only Settlement Service provides a standardized, automated method for settling non-trade, funds-only obligations each day between FICC and its customers' settling banks.

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