FICC: Best Practices and Trading Guide


The Fixed Income Clearing Corporation (FICC) is a clearinghouse for certain fixed-income securities traded in the U.S. The FICC began operating in 2003 as a result of the merger of the Government Securities Clearing Corporation and the Mortgage-Backed Security Clearing Corporation.

The Fixed Income Clearing Corporation (FICC) is a regulatory agency that deals with the confirmation, settlement, and delivery of fixed-income assets in the U.S. The FICC ensures the systematic and efficient settlement and clearing of U.S. government securities and mortgage-backed security (MBS) transactions in the market.

It includes buying and selling of securities in both cash and derivative instruments for interest-rate products, credit products, mortgages, currencies and commodities. Investment banks usually maintain a portfolio of FICC securities to meet clients’ trading demand.

Participating members include banks, Inter-Dealer Brokers (IDBs), dealers, Government Securities Issuers, Foreign Persons and Registered Clearing Agencies who meet GSD’s membership requirements.

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