Welcome to the Fixed Income New Learner Training Section

This section is dedicated to the new learner who is looking to advance their knowledge and skills in the topics and tasks involved in the post-trade processing of the products, services, and systems provided by the Fixed Income Clearing Corporation, namely around Government Securities (GS), Mortgage-Backed Securities (MBS), Corporate Securities, Municipal Securities, and Unit Investment Trusts (CMU). 

In this section prospective learners are introduced to the typical learning paths that are recommended by DTCC™ Learning to master prior to utilizing any product, service, or system.

Your journey here should be the result of a comprehensive learning needs analysis that determines the business context in which your knowledge and skills should be built.  If this is not the case, please contact fixed income securities subject-matter training experts at This email address is being protected from spambots. You need JavaScript enabled to view it. at DTCC Learning before getting started.

The below learning paths were developed to provide instruction on the typical roles performed for Government Securities Division, Mortgage-Backed Securities Division, and CMU Services of FICC.

Before you begin, please note that the learning solutions contained in these learning paths assumes prior securities industry experience, basic knowledge of financial products, a familiarity of securities processing, as well as knowledge gained from the prerequisite courses contained herein.

 

Welcome to the Fixed Income New Learner Training Section

This section is dedicated to the new learner who is looking to advance their knowledge and skills in the topics and tasks involved in the post-trade processing of the products, services, and systems provided by the Fixed Income Clearing Corporation, namely around Government Securities (GS), Mortgage-Backed Securities (MBS), Corporate Securities, Municipal Securities, and Unit Investment Trusts (CMU). 

In this section prospective learners are introduced to the typical learning paths that are recommended by DTCC™ Learning to master prior to utilizing any product, service, or system.

Your journey here should be the result of a comprehensive learning needs analysis that determines the business context in which your knowledge and skills should be built.  If this is not the case, please contact fixed income securities subject-matter training experts at This email address is being protected from spambots. You need JavaScript enabled to view it. at DTCC Learning before getting started.

The below learning paths were developed to provide instruction on the typical roles performed for Government Securities Division, Mortgage-Backed Securities Division, and CMU Services of FICC.

Before you begin, please note that the learning solutions contained in these learning paths assumes prior securities industry experience, basic knowledge of financial products, a familiarity of securities processing, as well as knowledge gained from the prerequisite courses contained herein.

 

CMU New Learner Training Learning Paths

 

New CMU Learner – CMU Business Knowledge

The list below contains the learning solutions that contain the most basic knowledge that all learners should know before utilizing any of the product, services, or systems involved in processing CMU post-trade activities at FICC, NSCC, and DTC.

Approximate learning time: 23 hours



The CMU team here at DTCC™ Learning have compiled a list of frequently asked questions that you yourself may be asking.  Please read the CMU FAQs and let us know if you have any questions.

Click here to see the CMU FAQs online; or

Click here to download a copy in a guide format.


 

New CMU Learner – CMU RTTM Web User

The list below contains the learning solutions that contain the knowledge that all learners should know before utilizing FICC's CMU RTTM® system.  It is strongly recommended that learners learn this content after mastering the knowledge contained in the "New CMU Learner - CMU Business Knowledge" learning path.

Approximate learning time: 6 hours



The Real-Time Trade Matching System (RTTM) increases the efficiency of trade operations and reduces your firm’s clearing and settlement risk. All activity is validated and matched in real-time, so processing time is reduced to a fraction of what it had taken in the past.

The latest development in the evolution of Real-Time Trade Matching is CMU RTTM Web. This browserbased interface is user-friendly, well organized, and can run under most of today's commonly used operating systems. Log on to CMU RTTM Web via the DTCC Portal, from any computer that is equipped with Internet Explorer 11 and login into DTCC Portal.

This User Guide provides step-by-step procedures for all CMU RTTM Web functions related to Corporate Bonds, Municipal Bonds, and Unit Investment Trusts, covering such topics as:

• Entering trades

• Affirming trades

• Modifying trades

• Canceling trades

• DKing trades

• Querying Trades

• Exception processing

• Reporting Trades to MSRB

Also included in this User Guide are general descriptions of business processes or concepts that are unique to CMU RTTM. The guide assumes that the user has prior securities industry experience and a basic knowledge of NSCC fixed-income processing.

 

Click here to download a copy of this guide in PDF format.

In extraordinary situations, when a participant who submits MQ MT515 trade messages is not able to submit trades to RTTM® via interactive messaging, DTCC™ CNS Operations will enable access to the CSV Trade Batch Upload screen.  This screen will allow for trades, stored in a CSV file, to be uploaded to the CMU website and submitted to RTTM®.

This guide will review the CSV upload screen, accepted formats, and will walk through how to upload a file to the CMU website.

 

Click here to download a copy of this guide in PDF format.

The CMU team here at DTCC™ Learning have compiled a list of frequently asked questions that you yourself may be asking.  Please read the CMU FAQs and let us know if you have any questions.

Click here to see the CMU FAQs online; or

Click here to download a copy in a guide format.


New CMU Learner – CMU RTTM Super Access Coordinator

The learning solutions below contain the knowledge that all learners should know who will be filling the role as Access Coordinator at your firm.

Approximate learning time: 2 hours



The purpose of this document is to describe how to use the Customer Registration System (CRS) as a Super Access Coordinator or Access Coordinator to provision Operator ID’s with CMU RTTM® products.

  • Super Access Coordinator- You are able to create/modify/delete Super Access Coordinator, Access Coordinator or Operator ID’s.
  • Access Coordinator- You are able to create/modify/delete Operator ID’s
  • Operator - You are able to use the product itself.

 

Click here to download this guide in PDF format.


 

GS New Learner Training Learning Paths

 

New GS Learner – DVP RTTM Web User

The list below contains the learning solutions that contain the knowledge that all learners should know before utilizing FICC's DVP RTTM® system.  It is strongly recommended that learners learn this content after mastering the knowledge contained in the "New GS Learner - GS Business Knowledge" learning path.

Approximate learning time: 3 hours



Course Description

The DVP Service offered by FICC’s Government Securities Division (GSD) supports and facilitates the submission, comparison, risk management, netting and settlement of trades executed by its Members in the U.S. Government securities market.  This webinar includes overview of the Fixed Income Clearing Corporation, FICC’s Government Securities Division and related DVP Services.

 

What You Will Learn:

At the completion of the course students should be able to:

  • Describe GSD’s core services and functions
  • Identify securities eligible for comparison and netting
  • List DVP trade types
  • Define/describe Real-Time Trade Matching (RTTM®)
  • Describe the various DVP trade process flows
  • Explain the DVP Netting and Settlement process
  • Describe the Funds-Only Settlement process
  • Explain GSD’s fail management practices

Prerequisite Knowledge

  • This webinar assumes prior government securities industry experience, basic knowledge of RTTM, familiarity of GSD processing, as well as knowledge gained from the prerequisite courses listed below.
  • Introduction to Government Securities Division (GSD) Overview Webinar
  • FICC GSD Risk Management Overview Course

 

 

Tutorial Level

Introduction

 

Duration

1 hour

 

Self-Paced Option

This course is also available as a self-paced elearning course.  Click here to begin.

 

Follow-up Learning Recommendations

  • DVP RTTM® System Navigation Webinar
  • DVP Service Reports Webinar
  • DVP Web Interactive Guide

Related Certification

  • None

Course Description

The DVP Service offered by FICC’s Government Securities Division (GSD) supports and facilitates the submission, comparison, risk management, netting and settlement of trades executed by its Members in the U.S. Government securities market.  This webinar shows learners how to use FICC’s RTTM® system for DVP processing. 

What You Will Learn:

At the completion of the course students should be able to:

  • Describe GSD’s core services and functions
  • Define/describe Real-Time Trade Matching (RTTM®)
  • Navigate to various FICC DVP RTTM® screens
  • Perform key functions in the FICC DVP RTTM® system
  • Access DVP Reports in Reports Center
  • Identify primary DVP Reports
  • Manage Admin functions in FICC DVP RTTM®

Prerequisite Knowledge

  • This webinar assumes prior government securities industry experience, basic knowledge of RTTM, familiarity of GSD processing, as well as knowledge gained from the prerequisite courses listed below.
  • Introduction to Government Securities Division (GSD) Overview Webinar
  • Delivery vs. Payment (DVP) Service Overview Webinar
  • FICC GSD Risk Management Overview Course

 

Tutorial Level

Intermediate

 

Duration

1 hour

Self-Paced Option

This course is also available as a self-paced elearning course.  Click here to begin Part One, Part Two, and Part Three.

 

Follow-up Learning Recommendations

  • DVP Service Reports Webinar
  • DVP Web Interactive Guide

Related Certification

  • None

Course Description

The DVP Service offered by FICC’s Government Securities Division (GSD) supports and facilitates the submission, comparison, risk management, netting and settlement of trades executed by its Members in the U.S. Government securities market.  This webinar shows learners how to access, identify, and explain all elements of DVP reporting provided by FICC’s GSD. 

What You Will Learn:

At the completion of the course students should be able to:

  • Login to RTTM® Web & access FICC Report Center
  • Identify and explain relevant Billing Reports
  • Identify DVP Reports applicable to your firm
  • Explain relevant DVP Comparison Reports
  • Explain relevant DVP Netting Reports
  • Explain relevant DVP Other Reports
  • Identify and explain relevant Funds-Only Settlement Reports

Prerequisite Knowledge

  • This webinar assumes prior government securities industry experience, basic knowledge of RTTM, familiarity of GSD processing, as well as knowledge gained from the prerequisite courses listed below.
  • Introduction to Government Securities Division (GSD) Overview Webinar
  • Delivery vs. Payment (DVP) Service Overview Webinar
  • DVP RTTM® System Navigation Webinar
  • FICC GSD Risk Management Overview Course

 

Tutorial Level

Intermediate

 

Duration

1 hour

 

Self-Paced Option

This course is also available as a self-paced elearning course.  Click here to begin.

 

Follow-up Learning Recommendations

  • DVP Web Interactive Guide

Related Certification

  • None

New GS Learner – GCF Repo RTTM User

The list below contains the learning solutions that contain the knowledge that all learners should know before utilizing FICC's GCF Repo® RTTM® system.  It is strongly recommended that learners learn this content after mastering the knowledge contained in the "New GS Learner - GS Business Knowledge" learning path.

Approximate learning time: 3 hours



Course Description

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.  This webinar shows learners how to use FICC’s RTTM® system for DVP processing. 

 

What You Will Learn:

At the completion of the course students should be able to:

  • Explain how the GCF Repo® service works
  • Highlight the benefits of FICC GCF RTTM®
  • Navigate to various FICC GCF RTTM® screens
  • Perform key functions within FICC GCF RTTM®
  • Access GCF Reports in Reports Center
  • Identify primary GCF Reports
  • Manage Admin functions in FICC GCF RTTM®

Prerequisite Knowledge

  • This webinar assumes prior government securities industry experience, basic knowledge of RTTM®, familiarity of GSD processing, as well as knowledge gained from the prerequisite courses listed below.
  • Introduction to Government Securities Division (GSD) Overview Webinar
  • FICC GSD Risk Management Overview Course
  • General Collateral Finance (GCF) Repo® Service Overview Webinar

 

Tutorial Level

Intermediate

 

Duration

1 hour

 

Self-Paced Option

This course is also available as a self-paced elearning course.  Click here to begin.

 

Follow-up Learning Recommendations

  • GCF Reports Service Reports Overview Webinar
  • GCF Repo Web Interactive Guide

Related Certification

  • None

Course Description

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.  This webinar shows learners how to access, identify, and explain all elements of GCF reporting provided by FICC’s GSD. 

 

What You Will Learn:

At the completion of the course students should be able to:

  • Login to RTTM® Web & access FICC Report Center
  • Identify and explain important Billing Reports
  • Identify GCF Repo® Reports relevant to your firm
  • Explain important GCF Comparison Reports
  • Explain important GCF Netting Reports

Prerequisite Knowledge

  • This webinar assumes prior government securities industry experience, basic knowledge of RTTM, familiarity of GSD processing, as well as knowledge gained from the prerequisite courses listed below.
  • Introduction to Government Securities Division (GSD) Overview Webinar
  • FICC GSD Risk Management Overview Course
  • General Collateral Finance (GCF) Repo® Service Overview Webinar
  • GCF Repo® RTTM® System Navigation Webinar

 

Tutorial Level

Intermediate

 

Duration

1 hour

 

Self-Paced Option

This course is also available as a self-paced elearning course.  Click here to begin.

 

Follow-up Learning Recommendations

  • GCF Repo® Web Interactive Guide

Related Certification

  • None

Course Description

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.  This webinar includes overview of the Fixed Income Clearing Corporation, FICC’s Government Securities Division and GCF Repo® Services. 

 

What You Will Learn:

At the completion of the course students should be able to:

  • Explain how the GCF Repo® Service works
  • List the GCF Repo® Service eligible collateral types
  • Detail the phases of the GCF Repo® lifecycle
  • Define/describe Real-Time Trade Matching (RTTM®)
  • Explain GCF Repo® Netting and Settlement Process
  • Explain GCF Funds-Only Settlement Process
  • Describe some key GSD Risk Management practices

Prerequisite Knowledge

  • This webinar assumes prior government securities industry experience, basic knowledge of RTTM®, familiarity of GSD processing, as well as knowledge gained from the prerequisite courses listed below.
  • Introduction to Government Securities Division (GSD) Overview Webinar
  • FICC GSD Risk Management Overview Course

 

Tutorial Level

Intermediate

 

Duration

1 hour

 

Self-Paced Option

This course is also available as a self-paced elearning course.  Click here to begin.

 

Follow-up Learning Recommendations

  • GCF RTTM® System Navigation Overview Webinar
  • GCF Reports Service Reports Overview Webinar
  • GCF Repo Web Interactive Guide

Related Certification

  • None

New GS Learner – GSD Risk Manager

The items listed below contains the learning solutions that contain the knowledge that all learners should know who will be performing the various risk management roles at your firm with regards to FICC GS processing.

Approximate learning time: 3 hours



The Clearing Fund Management (CFM) application allows you to view your clearing fund requirements and to calculate the effect on the fund of depositing a specific security.

GSD and MBSD customers can access real-time information. The benefits include:

  • Real-time access to the Clearing Fund requirement and deposits
  • Ability to calculate the Clearing Fund required deposit value based on various combinations of eligible securities
  • Ability to initiate and submit on-line requests to change Clearing Fund composition (e.g. deposit/w ithdraw al/substitution). This eliminates the need to fax changes to composition requests to FICC.

The purpose of this guide is to familiarize learners with how to navigate the CRM application.

 

Click here to download a PDF copy of this guide.

Course Description

The services offered by GSD provides risk mitigation benefits and operational efficiencies to GSD’s members by offering automated, binding comparison of trades, multilateral netting of trades, and guaranteed settlement of all compared trades submitted by netting members.  This webinar provides an overview of key risk management points they need to know. 

 

What You Will Learn:

At the completion of the course students should be able to:

  • Outline the primary risks to GSD and its Members
  • Describe GSD’s layered approach to risk management
  • Define the individual elements of GSD’s risk management regime, including how it mitigates:
  • Credit Risk, Market Risk & Liquidity Risk
  • Explain the Clearing Fund and its components
  • Understand GSD Netting Member CF requirements
  • Describe the benefits of the CFM application
  • Access FICC Customer Reporting

Prerequisite Knowledge

  • This webinar assumes prior government securities industry experience, basic knowledge of RTTM®, familiarity of GSD processing, as well as knowledge gained from the prerequisite courses listed below.
  • Introduction to Government Securities Division (GSD) Overview Webinar

 

 

Tutorial Level

Introduction

 

Duration

1 hour

 

Self-Paced Option

This course is also available as a self-paced elearning course.  Click here to begin.

 

Follow-up Learning Recommendations

  • Continual learning of enhancements to GSD risk management processing

 

Related Certification

  • None

New GS Learner – GSD RTTM Super Access Coordinator

The list below contains the learning solutions that contain the knowledge that all learners should know who will be filling the role as Access Coordinator at your firm.

Approximate learning time: 2 hours



Each firm must delegate at least one Remote Access Coordinator to provide initial access and privileges for all employees who will use the GSD RTTM® Web Front End (WFE) application.

This document should be reviewed by the Remote Access Coordinator (RAC). It explains, in detail, the User Security function in the GSD DVP RTTM® WFE, including how to:

  • Add a New User
  • Reset a Password
  • Inquire or Update an existing user
  • Delete a User, and
  • Change a Password

Click here to download a PDF version of this guide.

Each firm must delegate at least one Remote Access Coordinator to provide initial access and privileges for all employees who will use the GCF RTTM® Web Front End (WFE) application

This document should be reviewed by the Remote Access Coordinator (RAC). It explains, in detail, the User Security function in the GCF RTTM® WFE, including how to:

  • Add a New User
  • Reset a Password
  • Inquire or Update an existing user
  • Delete a User, and
  • Change a Password.

Click here to download a PDF version of this guide.


 

MBS New Learner Training Learning Paths

 

New MBS Learner – MBS Risk Manager

The list below contains the learning solutions that contain the knowledge that all learners should know who will be performing the various risk management roles at your firm with regards to FICC MBS processing.

Approximate learning time: 2 hours



The Clearing Fund Management (CFM) application allows you to view your clearing fund requirements and to calculate the effect on the fund of depositing a specific security.

GSD and MBSD customers can access real-time information. The benefits include:

  • Real-time access to the Clearing Fund requirement and deposits
  • Ability to calculate the Clearing Fund required deposit value based on various combinations of eligible securities
  • Ability to initiate and submit on-line requests to change Clearing Fund composition (e.g. deposit/w ithdraw al/substitution). This eliminates the need to fax changes to composition requests to FICC.

The purpose of this guide is to familiarize learners with how to navigate the CRM application.

 

Click here to download a PDF version of this guide.


New MBS Learner – MBS RTTM Super Access Coordinator

The list below contains the learning solutions that contain the knowledge that all learners should know who will be filling the role as Access Coordinator at your firm.

Approximate learning time: 2 hours



Each firm must delegate a Remote Access Coordinator(s) to provide initial access and privileges for all employees who require access to the MBS RTTM® Web Front End (WFE) application.

This document should be reviewed by the Remote Access Coordinator (RAC). It explains, in detail, the User Security function in MBS RTTM WFE, including how to:

  • Add a New User
  • Reset a Password
  • Inquire or Update an existing user
  • Delete a User, and
  • Change a Password

Click here to download a PDF copy of this guide.