Looking for information about GSD Enhancements implemented in 2018?
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) - Now Available
Updated 7/25/2018: 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.
Welcome to the Government Securities Division (GSD) section of the Learning Center!
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.
What Members Need To Know
Fixed Income Clearing Corporation (“FICC”) would like to remind the Government Securities Division (“GSD”) and the Mortgage Backed Securities Division (“MBSD”) member firms of the guidelines that should be followed in the event that they are experiencing internal system issues and require an end-of-day extension to submit trade input.
In the event that members are experiencing system issues and require an extension beyond the 8:00 p.m. EST cutoff, please contact the IT Operations Group at 888-382-2721 (option 5-5).
Please note the following important key points:
- Members must contact the IT Operations Group by 7:30 pm EST to request a trade submission extension.
- Any request received after 7:30 p.m. EST will be handled on a best efforts basis.
- Upon request by a member, an automatic extension will be granted for a period of up to 30 minutes through 8:30 p.m. EST.
- If a member requires an additional 30 minute extension through 9:00 p.m. EST, FICC Operational staff may request additional information (i.e. volume, system status, etc.) in order to assess the request.
- If FICC Operations agrees to grant an additional 30 minute extension through 9 p.m. EST, an email notice will be sent to all members alerting them of the delay in the transmission of end-of-day output beyond typical distribution timeframes. FICC will send status update alerts to member every 15 minutes thereafter with the estimated timeframe for publishing the end-of-day data output.
If you have any questions, please contact your Relationship Manager.
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 will benefit you now and in the future. Look for additional videos in this series, coming soon!
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, please select a topic that you would like to learn about from the menu located to the left of this article.