Government Securities Clearing Corporation (GSCC)

The Government Securities Clearing Corporation (GSCC) is a private, not-for-profit corporation that provides clearing and settlement services for the government securities market. It was established in 1973 by the Securities and Exchange Commission (SEC) to help reduce risk and systemic risk in the government securities market.

The GSCC is owned by its member firms, which are primarily banks, broker-dealers, and government securities dealers. The GSCC provides a variety of services to its members, including:

* Clearing and settlement of government securities transactions
* Custody of government securities
* Safekeeping of government securities
* Delivery versus payment (DVP) services
* Risk management services

The GSCC is a critical part of the government securities market. It helps to ensure the smooth and efficient operation of the market, and it helps to reduce risk for market participants.

The GSCC is governed by a board of directors, which is composed of representatives from its member firms. The board of directors is responsible for setting the GSCC's policies and procedures.

The GSCC is subject to the oversight of the SEC. The SEC has the authority to review the GSCC's operations and to take action if it believes that the GSCC is not operating in a manner that is consistent with the public interest.

The GSCC is a vital part of the government securities market. It helps to ensure the smooth and efficient operation of the market, and it helps to reduce risk for market participants. The GSCC is a critical part of the financial system, and it plays an important role in supporting the U.S. economy.