Fixed Income Clearing Corporation
Fixed Income Clearing Corp. (FICC) is a subsidiary of the Depository Trust & Clearing Corporation (DTCC). It facilitates fixed income transaction processing by integrating the Government Securities Clearing Corporation and the Mortgage-Backed Securities Clearing Corporation.
The Government Securities Division (GSD) of FICC provides real-time trade matching, clearing, risk management and netting for trades in US Government debt issues, including repurchase agreements or repos.
In July, 2012, the Financial Stability Oversight Council designated FICC as a systemically important nonbank financial company or financial market utility (SIFMU). The designation means FICC is subject to heightened risk management, financial resource, and other standards, but also gains access to the Federal Reserve's emergency lending facilities.