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Fixed Income Clearing

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The Fixed Income Clearing Corporation (FICC) was created in 2003 to reduce costs and give DTCC customers a common approach to fixed income transaction processing by integrating the Government Securities Clearing Corporation and the Mortgage-Backed Securities Clearing Corporation.

 

Corporate, Municipals, and UITs (CMU)

The Corporate, Municipal, and UITs (CMU) system provides all of its customers with RTTM - a single pipeline, a common processing platform, and a standardized message format for the U.S. fixed income markets. RTTM reduces execution and settlement risk as well as costs because it allows customers to maximize the volume of trades that match on trade date, and ensures that trades are locked in and ready for settlement, moments after they've been submitted. It also allows firms to fix any processing problems the same day when an error occurs, rather than waiting for the following morning, as in the previous batch processing system.

 

 

Government Securities Division (GSD)

The Government Securities Division (GSD) is the leading provider of trade comparison, netting and settlement for the Government securities marketplace. GSD offers a suite of services to support and facilitate the submission, comparison, risk management, netting and settlement of trades executed by its Members in the U.S. Government securities market. GSD clients include the nation's major brokers and dealers, as well as a wide range of entities that trade U.S. Government securities.

 

Mortgage-Backed Securities (MBS)

The Mortgage-Backed Securities Division (MBSD) is the sole provider of automated post-trade comparison, netting, electronic pool notification, pool comparison, pool netting and pool settlement services to the mortgage-backed securities market thus providing greater efficiency, transparency and risk mitigation to this specialized market.