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The Government Securities Division (GSD) of FICC 

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.

Get Started with the latest GSD Learning Solutions

FICC Loss Allocation Overview

Click on FICC Loss Allocation Overview in the What Members Need To Know section (below) to access the 3-part eLearning course explaining FICC loss allocation practices as they apply to both Defaulting Member and Declared Non-Default Loss events, and which presents hypothetical scenarios demonstrating how these concepts are applied during an Event Period in the case of single- or- multiple-member default 

Looking for information about GSD Enhancements?

Click on GSD Enhancements - 2018 in the What Members Need To Know section (below) to watch several short informational videos explaining the enhancements. If you have questions after watching the videos you may contact the FICC Product Risk team (This email address is being protected from spambots. You need JavaScript enabled to view it.) or speak with your Relationship Manager to set up a meeting with them. 

To support the enhancements, FICC is updating guides, webcasts and other learning resources on the learning center. Watch this space for announcements about these updates in the near future. 

GSD Risk Reporting Guide (RTTM Reports)

The GSD Risk Reporting Guide (RTTM Reports) is meant to help members understand the reports available to them within the RTTM® Report Center. Within this document we present and describe Clearing Fund related reports, define their line items and provide an image of each report for reference. You may also find this document in the Documents tab at the top of this page.

What Members Need To Know

This section is intended to provide GSD clients with quick access to information considered timely, important and/or recently posted to the Learning Center. Currently you may choose from the following topics:

  • FICC Loss Allocation Overview (eLearning)
  • GSD Enhancements - 2018 (videos)
  • Requests for Trade Input Extensions (guidelines and contact information)

You must log in to view all available content - content which requires a log in to view will not be visible unless you are logged in.

Login then Scroll Down to Learn More

 

What Members Need To Know Topics (3)



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The FICC Loss Allocation Overview eLearning is divided into three parts. The eLearning assumes you will watch all three parts in order as the information in each builds on the part which precedes it. The Resources link provides access to transcripts for each part, and a Knowledge Check is included in Part 3 to solidify your comprehension of the concepts. You will also have the opportunity to share feedback for this eLearning at the end of Part 3.

The topics covered in the FICC Loss Allocation Overview, Parts 1 - 3, include:

  • FICC loss allocation practices as they apply to both Defaulting Member and Declared Non-Default Loss events,
  • loss allocation rule enhancements implemented in 2018,
  • the look back period,
  • pro rata share of losses calculation for FICC members,
  • the Loss Allocation Cap,
  • the member withdrawal process,
  • the Event Period, and
  • hypothetical scenarios demonstrating how these concepts are applied during an Event Period in the case of single- or- multiple-member default.

Links to videos appear below. You will need to be logged in to view them.

Part 1 (of 3)

Part 2 (of 3)

Part 3 (of 3)

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The FICC Government Securities Division (GSD) has implemented a number of enhancements as of June 25, 2018 to benefit Members. GSD invites you to view a few short videos created to acquaint you with the enhancements, why we’ve implemented them and how they benefit you. 

Note: Please give the videos a moment to load. If you see an error message in place of a video, simply refresh this page in your browser (press F5 key).

1. The GSD Clearing Fund Calculation & Other Enhancements in 2018

2. The Value at Risk Model & Other GSD Enhancements 

3. The Blackout Period Exposure Adjustment


To learn more about GSD products and services, select a topic from the menu to the left of this article.


  • pdf
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    GSD Interactive Messaging (IM) Member Specifications for Netting Output


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    GSD Interactive Messaging (IM) Member Specifications for Comparison Input & Output


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    GSD Same-Day Settling Operational Best Practices Reference Guide


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    GSD Same-Day Settling Service & Pair-Off Service Overview


  • pdf
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    Initial Haircut Report Guide


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    Frequently Asked Questions - Floating Rate Notes (FRN)


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    FICC Government Securities Division (GSD) Rulebook

    In GSD Legal Docs Downloads: 494

  • pdf
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    GSD RTTM® Web Front End (WFE) Advanced Query Function Quick Reference User Guide


  • pdf
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    DVP FOS FAQs


  • pdf
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    FICC Risk Reporting Guide (FIR Application)


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    GSD GCF RTTM® Web Front End (WFE) Remote Access Coordinator (RAC) User Guide


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    GSD DVP RTTM® Web Front End (WFE) Remote Access Coordinator (RAC) User Guide


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    GSD CCIT™ & GCF RTTM® WFE Participants User Guide


  • pdf
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    DVP RTTM Web CCLF Obligations Screen Guide


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    GSD Risk Reporting Guide (RTTM Reports)


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    DVP RTTM WFE Participant Reporting User Guide


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    Forward Mark Calculation for DVP Repos


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    CCIT Fact Sheet

    This document speaks to DTCC's subsidiary FICC, extending its' repo clearing capabilities tothe inst ...
    In CCIT Service Downloads: 32

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    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 (DVP) Downloads: 285

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    GSD GCF Participant Reporting User Guide

    This guide provide GCF Reporting details to participants. ...
    In RTTM (GCF Repo) Downloads: 349

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    DVP FOS Dealer View Term Cash Trade - Example


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    DVP FOS Dealer View Overnight Cash Trade - Example


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    DVP FOS Dealer View Overnight Repo Trade - Example


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    DVP FOS Dealer View Term Repo Trade - Example


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    DVP FOS Sponsored Account View Overnight Repo Trade - Example 1


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    DVP FOS Key Terms FAQs


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    DVP FOS Sponsored Account View Overnight Repo Trade - Example 2


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    Example 5 - Finding cash on deposit details in the FIR


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    GCF Repo® Index - One Pager

    This document speaks to the publishing of the DTCC GCF Repo® Index by FICC's GSD. ...
    In GCF Repo Service Downloads: 33

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    Generic GCF Cusip List


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    RTTM Web Common Elements


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    Example 3 - Finding VaR component details in the FIR


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    Example 1 - Finding Clearing Fund requirement details in the FIR


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    Example 2 - Finding Clearing Fund deposit details in the FIR


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    Example 6 - Finding Funds-Only Settlement details in the FIR


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    GCF Repo Billing FAQs


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    GCF Repo FOS FAQs


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    GCF Repo FOS Key Terms FAQs


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    GCF FOS Dealer View Term Trade - Example


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    GCF FOS Dealer View Overnight Trade - Example


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    Broker to Dealer GCF Repo® RTTM Flow Chart


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    DVP RTTM Key Function Pathways


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    GCF RTTM Key Function Pathways


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    Broker to Dealer DVP Repo RTTM Flowcharts


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    Dealer to Dealer DVP Repo RTTM Flowcharts


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    Clearing Fund Management (CFM) Quick Reference Guide


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    GCF Comparison MRO and Print Image Output Format


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    GSD Netting MRO formats- End of Day- for 240 byte records (file 1019)


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    GSD Netting MRO formats- Intraday- for 240 byte records (file 1018)


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    GSD Comparison MRO formats for 240 byte records (file 1017)


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    DVP RTTM WFE User Guide

    This user guide provides information to participants who utilize FICC's DVP RTTM® Web applicatio ...
    In RTTM (DVP) Downloads: 332

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    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 the FAQs in this section you must first be logged in. 

    DVP FOS FAQs

    DVP FOS Key Terms FAQs

    FICC Customer Reporting (FIR) FAQs

    Floating Rate Notes FAQs

    GCF Repo® Billing FAQs

    GCF Repo® FOS FAQs

    GCF Repo® FOS Key Terms FAQs

    GCF Repo® Risk Management FAQs

    You may also wish to review the  pdf GSD Risk Reporting Guide (RTTM Reports) (19.92 MB) .

    General GSD Risk Management FAQs

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