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Fixed Income Clearing Corporation’s (FICC) Automated Funds-Only Settlement Service provides a standardized, automated method for settling non-trade, funds-only obligations each day between FICC and its customers’ settling banks.

FICC’s service eliminates manual processing and reduces costs by aggregating payments due to or from a customer and then automatically transferring the funds into or out of the customer’s settling bank.

For U.S. Government securities the service covers non-trade obligation cash payments to reflect changes in the value of securities when they’re marked to market, cash adjustments related to securities trades, and the pass-through of bond coupon payments for term repos or trade obligations that cross a coupon date. For mortgage-backed securities, non-trade cash obligations can include the net settlement balance order market differential (SBOMD) derived from the TBA Netting process on the days of the month when mortgage-backed securities trades traditionally settle, cash adjustments related to net pool obligation settlements, principal and interest payments for failing net pool settlement obligations, (to the extent that they are not handled by the Fedwire Securities Service Automated Claims Adjustment Process (ACAP) ), charges assessed by the Federal Reserve Bank of New York, the Treasury Market Practices Group (TMPG) for delivery fails, as well as other items, such as , interest income rebates and routine billing matters.


  • Who Can Use the Service

  • Benefits

  • How the Service Works

  • What the Service Covers

  • For More Information

Additional Resources

  • News

    See the latest updates about the DTCC’s Automated Funds-Only Settlement service which is mandatory for FICC members that have funds-only settlement obligations.

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  • Legal

    Download legal notices about the DTCC’s Automated Funds-Only Settlement service. Visit our website to learn more about what this service covers.

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DTCC Learning

Helping Clients Optimize DTCC Services Every Day

DTCC Learning offers comprehensive, fast-track training for DTCC customers of financial services organizations who are looking to expand their expertise and abilities in using the post-trade processing products and services provided by DTCC’s subsidiaries.