Fixed Income Clearing Corporation (FICC)

The Fixed Income Clearing Corporation (FICC) is a financial services company that provides clearing and settlement services for the fixed income market. It was founded in 2007 as a joint venture between the Depository Trust & Clearing Corporation (DTCC) and the Securities Industry and Financial Markets Association (SIFMA).

The FICC is responsible for clearing and settling trades in U.S. Treasury securities, agency debt, mortgage-backed securities, and other fixed income products. It also provides a variety of other services to the fixed income market, such as custody, collateral management, and data services.

The FICC is a critical part of the fixed income market. It provides the infrastructure that allows for the efficient trading and settlement of fixed income securities. The FICC also plays an important role in reducing risk in the fixed income market.

The FICC is governed by a board of directors that is composed of representatives from the fixed income industry. The board is responsible for setting the FICC's policies and procedures.

The FICC is a self-funded organization. It generates revenue from its clearing and settlement services. The FICC also charges fees for its other services, such as custody, collateral management, and data services.

The FICC is a major player in the fixed income market. It plays an important role in the efficient trading and settlement of fixed income securities. The FICC also helps to reduce risk in the fixed income market.