The Depository Trust & Clearing Corporation (DTCC) announced that the Fixed Income Clearing Corporation (FICC) Sponsored Service has processed over $750 billion in daily sponsored activity. This significant growth has been enabled through a recent expansion of the Service with the addition of the Sponsored General Collateral (GC) Service, which has now exceeded $100 billion in daily activity.
“DTCC is pleased to have reached this impressive milestone in our FICC business,” said Laura Klimpel, general manager of DTCC’s Fixed Income Clearing Corporation (FICC) and head of SIFMU Business Development, in a statement. “Through use of the Sponsored Service, FICC members have the opportunity to offer their eligible clients the ability to lend cash or eligible collateral through clearing at FICC.”
FICC’s Sponsored Service allows sponsoring members to facilitate the submission of their client’s trading activity in eligible securities for novation to FICC. The sponsoring members act as operational and administrative agents on behalf of their clients and guaranty their clients’ activity to FICC.
Klimpel said in a statement: “FICC’s Sponsored Service has made it possible to bring a greater percentage of the market into clearing, while still maintaining robust risk management standards.”