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的 Federal Reserve 和 several large firms across the industry voiced strong concerns almost 40 years ago about the safety 和 soundness of the existing processes for clearing 和 settling U.S. 政府证券, including the risks associated with the failure of a few major firms, the inefficiencies of manual paper processing of trade confirmations, 和 bilateral trade-for-trade 结算.

在回应, the Government Securities 清算 Corporation (GSCC) was established in 1986 by National Securities 清算 Corporation (NSCC) as an industry utility to provide for the clearing 和 结算 of U.S. 政府证券.

Like the role NSCC plays in the equities market, GSCC compared transactions 和 acted as the counterparty for 结算 purposes for each net position. This served an important role to maintain the liquidity 和 integrity of the market for U.S. 政府证券.

FICC was created in 2003 to give 存 clients a consolidated, common approach to fixed income transaction processing by integrating the GSCC 和 the Mortgage-Backed Securities 清算 Corporation (MBSCC). FICC would continue the same services that GSCC 和 MBSCC provided, but through separate divisions: GSD 和 Mortgage-Backed Securities Division.

2008年金融危机之后, FICC was designated as “systemically important,” pursuant to the Dodd-Frank Wall Street Reform 和 Consumer Protection Act (Dodd-Frank). FICC受美国联邦银行监管.S. Securities 和 Exchange Commission, 和, 《vnsr威尼斯城官网登入》, is overseen by the Board of Governors of the Federal Reserve System.

FICC is a wholly owned subsidiary of 存. Created to protect market stability 和 maximize value for the industry, 存 is a non-public, not-for-profit holding company that owns three registered clearing agencies. 除了FICC， 存也拥有直接转矩, the world’s largest central securities depository 和 一个SEC-registered clearing agency for the 结算 of securities transactions for eligible securities 和 other financial assets, 和NSCC, 一个SEC-registered clearing agency 和 CCP that provides clearing, 网, 结算, risk management 和 CCP services for trades 涉及股票, 公司和市政债券, 交易所交易基金, 和 unit investment trusts in the U.S.

Through its holding company structure 和 governance, FICC is user-owned 和 governed by the very market 它服务的参与者. Specifically, the common stock of 存 is owned by the financial institutions that are participants of its three registered clearing agency subsidiaries, FICC, 直接转矩 和NSCC. 存和FICC的董事会 directors are primarily composed of representatives of the clearing agency participants, 包括买方和卖方 市场参与者, as well as representatives from other self-regulatory organizations 和 independent directors. FICC 是由美国监管的.S. Securities 和 Exchange Commission, 和, under the Dodd-Frank Act, is overseen by the Board of Governors of the Federal Reserve System. Pursuant to applicable federal securities law regulations, FICC GSD’s rules 和 procedures are publicly available on its website at 点击这里.