Welcome to the Government Securities Division (GSD) section of the Learning Center!DTCC FICC GSD thumbl

The GSD Learning Center is designed as an educational resource to better equip Fixed Income Clearing Corporation's (FICC's) Government Securities Division (GSD) Netting Members and stakeholders with the tools needed to best use GSD's services.

US Government Securities is the largest sector of the fixed income market. The GSD acts as a CCP providing clearance, settlement and risk management services to its’ Netting Members in the U.S. Government Securities market. In addition to Netting Member services, GSD services another category of members known as Comparison-only members. GSD’s comparison services for Comparison-only members, does not include netting or settlement services for their trades. 

Participating members include banks, Inter-Dealer Brokers (IDBs), dealers, Government Securities Issuers, Foreign Persons and Registered Clearing Agencies who meet GSD’s membership requirements.

Currently GSD supports two primary products, Delivery vs. Payment (DVP) and GCF Repo®. GSD processes several types of transactions including buy/sell trades of U.S. Government securities, both dealer to dealer and broker to dealer Repos including overnight, forward-start and term Repo trades, Treasury Auction Takedown trades and GCF Repo transactions.

To learn more about GSD products and services, please select a topic that you would like to learn about from the dropdown menu located to the left of this article. 

 

  • SR-FICC-2017-001

    This document refers to the submission of a rule filing on a proposed change to amend the GSD margin ...
    In GSD Legal Docs Downloads: 77

  • SR-FICC-2017-801

    This document refers to an advanced notice filing for the proposed change to amend the GSD margin me ...
    In GSD Legal Docs Downloads: 83

  • GSD Important Notice: GOV213-17

    This document refers to the Submission of Rule Filing (SR-FICC-2017-001) and Advance Notice Filing ( ...
    In GSD Legal Docs Downloads: 71

  • GSD Important Notice: GOV210-17

    On February 17, 2017 Hourly VaR CUSIP Detail Report in RTTM will be decommissioned. ...
    In GSD Legal Docs Downloads: 75

  • DTCC Important Notice: z0136

    This important notice refers to an advisory to all DTCC Clients regarding modifications to DTCC&rsqu ...
    In GSD Legal Docs Downloads: 76

  • DVP RTTM WFE Home Page Reference Guide

    Thise guide provides a quick reference to the home page on the DVP Real-Time Trade Matching applicat ...
    In RTTM Downloads: 134

  • GSD GCF Participant Reporting User Guide

    This guide provide GCF Reporting details to participants. ...
    In RTTM Downloads: 148

  • GSD Important Notice: GOV200-16

    This important notice referes to an update on TMPG Fails Charges and the Fed Funds Rate. ...
    In GSD Legal Docs Downloads: 33

  • GSD Important Notice: GOV191-16

    This important notice refers an update on the proposed GSD Capped Contingent Liquidity Facility (&qu ...
    In GSD Legal Docs Downloads: 35

  • SR-FICC-2016-004

    Proposed rule change to add the Clearing Fund Maintenance Fee to the rules of the Government Securit ...
    In GSD Legal Docs Downloads: 84

  • GSD Important Notice: GOV165-16

    Important Notice re: Submission of Rule Filing SR-FICC-2016-004 Clearing Fund Maintenance Fee ...
    In GSD Legal Docs Downloads: 95

  • FICC GSD Rulebook

    This document lays out FICC GSD procedures and obligations and governs in all respects the relations ...
    In GSD Legal Docs Downloads: 171

  • Schedule of Timeframes

    GSD Schedule of Timeframes ...
    In GSD Legal Docs Downloads: 104

  • GOV 163-16 GCF Repo® Index - Important Update

    This document is provides an update on the DTCC GCF Repo® Index. ...
    In GSD Legal Docs Downloads: 19

  • IM Part Specs Comparison Input Output Appendix F

    This appendix provides additions and modifications to the Interactive Messaging Participant ...
    In Trade Matching Downloads: 68

  • IM Part Specs Comparison Input Output Appendix E

    This appendix provides additions and modifications to the Interactive Messaging Participant ...
    In Trade Matching Downloads: 81

  • IM Part Specs Comparison Input Output Appendix B

    This appendix provides additions and modifications to the Interactive Messaging Participant ...
    In Trade Matching Downloads: 64

  • IM Part Specs Comparison Input Output Appendix A

    This appendix provides additions and modifications to the Interactive Messaging Participant Specific ...
    In Trade Matching Downloads: 62

  • IM Part Specs Comparison Input Output Appendix D

    This appendix provides additions and modifications to the Interactive Messaging Participant ...
    In Trade Matching Downloads: 67

  • IM Part Specs Comparison Input Output Appendix C

    This appendix provides additions and modifications to the Interactive Messaging Participant ...
    In Trade Matching Downloads: 81

  • IM Part Specs Comparison Input Output

    This guide provides an overview of interactive messaging for real-time trade comparison along with t ...
    In Trade Matching Downloads: 90

  • GSD GCF Participant User Guide

    This user guide provides information (including GCF report details) to participants who utilize FICC ...
    In RTTM Downloads: 162

  • DVP RTTM WFE RAC User Guide

    This user guide provides information specific to the Remote Access Coordinators of FICC's RTTM® ...
    In RTTM Downloads: 116

  • GCF RTTM WFE RAC User Guide

    This user guide provides information specific to the Remote Access Coordinators of FICC's RTTM® ...
    In RTTM Downloads: 116

  • DVP RTTM WFE User Guide

    This user guide provides information to participants who utilize FICC's DVP RTTM® Web applicatio ...
    In RTTM Downloads: 110

This simulation is designed to help you navigate through the process of accessing reports in Report Center. 

Category: DVP Service
Views: 5

This simulation is designed to help you navigate through the process of affirming a DVP Trade as a Dealer or a...

Category: DVP Service
Views: 6

This simulation is designed to help you navigate through the process of entering a DVP Repo or Reverse Repo Trade...

Category: DVP Service
Views: 6

This simulation is designed to help you navigate through the Dealer Login Home Page. 

Category: GCF Repo Service
Views: 5

Category: DVP Service
Views: 2

This video discusses the process of trade netting that occurs as part of GSD's DVP Service.

Category: DVP Service
Views: 1

This video discusses the process of trade comparison that occurs as part of GSD's DVP Service.

Category: DVP Service
Views: 4

This video discusses the process of trade novation of obligations that occurs as part of GSD's DVP Service.

Category: DVP Service
Views: 2

Category: DVP Service
Views: 1

Category: DVP Service
Views: 5

Category: GCF Repo Service
Views: 0

This video presents a brief overview of the GCF Repo Index data that is published in the Wall Street Journal.

Category: GCF Repo Service
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Category: GCF Repo Service
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If you are interested in learning more about membership to DTCC or any of its' subsidiaries (FICC or NSCC for...

Category: Government Securities Division (GSD)
Views: 6

If you are interested in learning more about FICC's GSD Netting Member benefits, check out this video.

Category: Government Securities Division (GSD)
Views: 2

If you are interested in learning more about FICC's GSD services or have plans to apply for membership, check out this...

Category: Government Securities Division (GSD)
Views: 3

Category: GSD Risk Management
Views: 2

Category: GSD Risk Management
Views: 1

Category: GSD Risk Management
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This video provides and overview of the Clearing Fund Components which are apart of GSD's Risk...

Category: GSD Risk Management
Views: 1

Category: GSD Risk Management
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Category: GSD Risk Management
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Category: GSD Risk Management
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This video presentation explains the loss allocation methodology for the Government Securities Division (GSD).

Category: GSD Risk Management
Views: 21

This simulation is designed to help you navigate through the process of disaffirming a pending affirm GCF...

Category: GCF Repo Service
Views: 2

This simulation is designed to help you navigate through the process of modifying a GCF Repo® Trade as a Dealer.

Category: GCF Repo Service
Views: 0

This simulation is designed to help you navigate through the process of searching for a GCF Repo® Trade as a...

Category: GCF Repo Service
Views: 1

This simulation is designed to help you navigate through the process of canceling an affirmed GCF Repo® Trade as...

Category: GCF Repo Service
Views: 2

This simulation is designed to help you navigate through the Dealer View Overall Position Monitor screen.

Category: GCF Repo Service
Views: 6

This simulation is designed to help you navigate through the Broker View Overall Position Monitor screen.

Category: GCF Repo Service
Views: 10

This simulation is designed to help you navigate through the process of modifying a GCF Repo® Trade as a Broker.

Category: GCF Repo Service
Views: 2

This simulation is designed to help you navigate through the process of searching for a GCF Repo® Trade as a...

Category: GCF Repo Service
Views: 0

This simulation is designed to help you navigate through the process of entering a GCF Repo® Trade as a Broker.

Category: GCF Repo Service
Views: 20

This simulation is designed to help you navigate through the process of canceling a GCF Repo® Trade as a...

Category: GCF Repo Service
Views: 0

This simulation is designed to help you navigate through the Broker Login Home Page. 

Category: GCF Repo Service
Views: 1

This simulation is designed to help you navigate through the process of affirming a GCF Repo® Trade as a...

Category: GCF Repo Service
Views: 5

This simulation is designed to help you navigate through the Login Home Page. 

Category: DVP Service
Views: 1

This simulation is designed to help you navigate through the the Obligations Query screen.

Category: DVP Service
Views: 2

This simulation is designed to help you navigate through the process of searching for a DVP Repo Substitution as...

Category: DVP Service
Views: 0

This simulation is designed to help you navigate through the Advisories Split-View Query screen. 

Category: DVP Service
Views: 2

This simulation is designed to help you navigate through the process of searching for a DVP Trade. 

Category: DVP Service
Views: 0

This simulation is designed to help you navigate through the process of modifying a DVP Repo Trade as a...

Category: DVP Service
Views: 0

This simulation is designed to help you navigate through the process of modifying a DVP Cash (Buy / Sell) Trade...

Category: DVP Service
Views: 0

This simulation is designed to help you navigate through the process of entering a multiple allocation DVP Repo...

Category: DVP Service
Views: 0

This simulation is designed to help you navigate through the process of entering a single allocation DVP Repo...

Category: DVP Service
Views: 0

This simulation is designed to help you navigate through the process of entering a DVP Repo or Reverse Repo Trade...

Category: DVP Service
Views: 2

This simulation is designed to help you navigate through the process of entering a when issued DVP Trade as a...

Category: DVP Service
Views: 0

This simulation is designed to help you navigate through the process of entering a DVP Cash (Buy / Sell) Trade as...

Category: DVP Service
Views: 0

This simulation is designed to help you navigate through the process of canceling a DVP Trade as a Dealer or a...

Category: DVP Service
Views: 0

This simulation is designed to help you navigate through the process of saving column sets in the Trade Search Query...

Category: DVP Service
Views: 1

This simulation is designed to help you navigate through the process of saving query searches and column sets in the...

Category: DVP Service
Views: 3

This section provides a central location for all the GSD related FAQs and their answers as found throughout the Government Securities Division (GSD) section of the Learning Center.  To view most of the FAQs in this section you must first be logged in.

 

GCF Repo® Billing FAQs

GCF Repo® FOS FAQs

GCF Repo® FOS Key Terms FAQs

GCF Repo® Risk Management FAQs

General DVP FAQs

 


8 22 2016 2 53 42 PMIt will affect forward cash trades (Buy / Sell) of floating rate issues that have not reached settlement date. It will also affect trades of floating rate issues when the reset date has occurred between submission date and settlement date. The system modification will accommodate and support Agency Floating / Adjustable Rate debt debentures issued by FNMA, Freddie Mac and / or GNMA. The GSD currently supports the fixed income issues of these products and is seeking to expand its product offerings to support floating and / or adjustable rates securities as well.

 

8 22 2016 2 53 42 PMTraditionally government notes pay a fixed rate of interest to investors. A floating rate note would pay interest that would be adjusted to match market rates aligned by a market index.

To learn more, check out the video on floating rate notes.

8 22 2016 2 53 42 PMThe interest rate (or the yield) on a bond falls when prices rise. A negative yield means investors are effectively paying the bond issuer to borrow money from them if held to maturity.

To learn more, check out the video on negative rate yields.

8 22 2016 2 53 42 PMGSD has modified its DVP RTTM® Web application to accept Floating / Adjustable Rate Notes, allow for changing rates. This data will be reflected in the output to participants.

8 22 2016 2 53 42 PMNo. A negative real rate of interest occurs when the rate of inflation exceeds the nominal interest received whereas a negative bond yield means that the returns you will receive are negative in nominal terms.

 

 

8 22 2016 2 53 42 PMThe US Treasury is considering auctioning T-Bills at negative yields. This is due to T-Bills trading at a negative yield in the secondary market. The Fed decided at its May 2012 refunding meeting to not go forward at that time.

 

 

8 22 2016 2 53 42 PMGSD would need to be able to accept negative yield cash trades for When Issued TBills, TIPS, Notes and Bonds submitted by FICC GSD Members using existing input methods, mitigate risk on these instruments and report the same back on all current output. However, because of the current low rate environment several other instruments have recently traded at a negative yield, GSD has decided to investigate modifying its systems to include negative yield trades for other instruments.

 

 


DVP FOS FAQs 

DVP FOS Key Terms FAQ 

General GSD Risk Management FAQs

FICC Customer Reporting (FIR) FAQs

 

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