Fixed Income Clearing Corporation (FICC)

An agency that deals with the confirmation, settlement and delivery of fixed-income assets in the U.S. The agency ensures the systematic and efficient settlement of  U.S. Government securities and mortgage-backed security transactions in the market. 



|||The FICC started operations at the start of 2003 and was created when the Government Securities Clearing Corporation and the Mortgage-Backed Security Clearing Corporation merged. The clearing corporation is divided into two sections: the government securities division and the mortgage-backed securities division.