The Fixed Income Clearing Corporation’s (FICC) sponsored service volumes reached US$2 trillion at the end of 2024, reports the Depository Trust and Clearing Corporation (DTCC). This represents a new peak volume and a year-on-year (YoY) increase of 83 per cent.

FICC’s indirect clearing relationships also grew, increasing 20 per cent YoY to 7,200. DTCC credits this to more firms getting prepared to meet the requirements of the expanded US treasury clearing mandate.

DTCC reminds market participants that indirect access models to FICC are “a key enabler to access central clearing”. FICC currently offers two indirect access models – the sponsored service and the agent clearing service.

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The first allows sponsoring members to act as operational and administrative agents on behalf of their clients, enabling them to “facilitate the submission of their client’s trading activity in eligible securities for novation to FICC”. The second enables agent clearing service members to submit transactions to FICC for novation on behalf of their executing firm customers.