What is the '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.
BREAKING DOWN 'Fixed Income Clearing Corporation (FICC)'
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.