GCF Repo® Service
- Category: GCF Repo® Service
GCF Repo participants trade in pdf GCF Generic CUSIP numbers (33 KB) throughout the day and then, after the cutoff of trading, GSD conducts an afternoon net exclusively for GCF Repo activity. For each such CUSIP, a Dealer Member is either a net securities borrower (i.e. money lender) or a net securities lender (i.e. money borrower). The participant bank(s) provide the mechanism for allowing a chain of simultaneous collateral and cash movements to occur between GSD and its Dealer Members and also to allow those securities to be available for various purposes, including tri-party processing and bank loans. The service helps foster a highly liquid market for securities financing.
We encourage you to review the GCF reporting, training and RTTM® user gudes listed below. These documents provide visual representations of the GCF RTTM Web application, explain FOS calculations, trade matching, etc., and provide details about GCF reports.
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GCF Training Guides
GCF RTTM User Guides
Within the GCF Repo® Service section of the Learning Center, you can learn about:
- GCF Repo Service generic CUSIPs,
- the GCF Repo Index®,
- GCF Trade Matching,
- GCF Netting and Settlement,
- GCF Funds Only Settlement (FOS), and
- the GCF Schedule of Timeframes.
You may also review GCF Repo Service-related reference documents and GCF Repo Service Frequently Asked Questions.
Select topics from the GCF Repo® Service menu at left to learn more. Please log in to view this content.
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.
To participate, dealers must be netting members of FICC’s Government Securities Division (GSD).
Dealers execute GCF Repos through Inter-Dealer Brokers, who are also Members of GSD on an anonymous or “blind” basis. Brokers are then required to submit trade data on GCF Repo transactions to FICC shortly after trade execution. Upon receipt of the data, FICC immediately reports the transaction details to the dealers. The most recent trades and position information are displayed simultaneously. Position information is available both at the individual CUSIP level and at the cumulative, overall level.
When GSD receives the trade data from the locked-in trade source, it becomes the settlement counterparty to each dealer and guarantees settlement of the transactions. GCF Repo transactions are settled on a tri-party basis, which requires dealer participants to have an account with the participant clearing bank(s).
Eligible Collateral Types
Collateral currently accepted for GCF Repos include:
- U.S. Treasury Bills, Bonds and Notes,
- U.S. Treasury Inflation Protected Securities (TIPS),
- Fixed-and-adjustable-rate mortgage-backed securities issued by Fannie Mae, Ginnie Mae and Freddie Mac,
- Non-mortgage backed securities issued by government-sponsored enterprises, such as the Federal Home Loan Bank, Federal Farm Credit Banks and Federal Home Loan Mortgage Corporation (Freddie Mac), and
- STRIPS (STRIPS are U.S. Treasury and agency securities that have had the interest-payment coupons separated or “stripped” from the principal, creating zero-coupon securities and separate payment securities from what was originally a single Treasury bond or note).