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Definition: Fixed Income Clearing Corporation (FICC)
Fixed Income Clearing Corporation (FICC) is an agency (established in 2003) in the U.S. that deals with the confirmation, settlement and delivery of fixed income securities. It is the role of the agency to ensure the systematic and efficient settlement of transactions pertaining to the United States Government securities and other mortgage-backed securities.
The agency was created as a merger of the Government Securities Clearing Corporation and the Mortgage-Backed Security Clearing Corporation. Although the corporation is still divided into two sections: government securities division and the mortgage-backed securities division. The corporation works as a subsidiary of the The Depository Trust and Clearing Corporation.