The Government Securities Division (GSD) of the Depository Trust & Clearing Corporation’s (DTCC) Fixed Income Clearing Corporation (FICC) cleared US$9.2 trillion in daily activity on 3 September, beating the US$8.8 trillion recorded on 31 July to set a new record.
A 4.5% increase in activity between the two peaks reflects continued growth of total GSD activity, which has increased by 42% year-on-year, DTCC reported.
Laura Klimpel, managing director and head of fixed income and financing solutions at DTCC, commented: “The continued and persistent volume growth that we are seeing across GSD, as well as across access models, is a testament to the value of central clearing with FICC, including reduced risk and capital and balance sheet relief.
“FICC’s GSD has become a crucial component to the smooth functioning of the US Treasury market. Our recent achievements in daily transaction volumes underline FICC’s strong capacity to accommodate increasing volumes and market volatility, and well position us to support clients for the SEC’s new rules for expanded US Treasury Clearing.”
On the same day, GSD’s Sponsored Service reached a peak volume of US$1.414 trillion in cleared US Treasury activity.
Sponsored Service, part of GSD, allows full-service GSD netting members to participate as sponsored members and provide access to FICC’s central clearing services to intermediated sponsored members. The offering has grown almost twofold (98%) in the last year, and now operates across 51 jurisdictions with more than 2,500 sponsored members.
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