FICC GCF Repo Service data (dealer-level, restricted access)

Confidential data: not exercised here

This is confidential FICC repo data. It is not for sale and not publicly downloadable: it carries no provenance badge because there is no access path we can run here. Researchers obtained dealer-level GCF data under a restricted licence through the Federal Reserve Bank of New York. The page documents what the data is and the gotchas; treat it as unverified. This is the honest grade under the institute’s Verified discipline.

FICC GCF Repo Service data is the dealer-level record of the General Collateral Finance (GCF) repo segment: an interdealer, blind-brokered, general-collateral repo market cleared by the Fixed Income Clearing Corporation (FICC, part of DTCC). The data gives daily interdealer repo and reverse-repo amounts by asset class at the dealer level, a view of the interdealer GC segment that the published aggregate series does not resolve. A paper we distill uses it: Copeland & Martin use the dealer-level FICC GCF data for interdealer GC repo and reverse repo by asset class, alongside FR 2004C primary-dealer positions, to study the repo market over the financial crisis.

• Cost: not for sale. Restricted-access confidential data, licensed via the FRBNY.
• Source: DTCC / FICC (the GCF Repo Service), reached through the Federal Reserve Bank of New York under restricted terms.
• Coverage: the interdealer GCF (general-collateral) repo segment by asset class, daily, at the dealer level; it is one segment of the broader repo market.

Access (restricted)

• No public download. The dealer-level data is confidential; only aggregate GCF statistics are public.
• Through a restricted FRBNY arrangement. Access to the dealer-level data is licensed through the New York Fed under confidential terms; there is no standing way for a third party to reach it.

Gotchas (the ones that bite pipelines)

These are the failure modes to expect; they are documented, not verified here.

• GCF is one segment, not the whole repo market. The repo market has tri-party, bilateral/DVP, and GCF segments; GCF is the interdealer general-collateral slice. Do not read GCF activity as total repo. Combine segments deliberately.
• General collateral, not specific securities. GCF trades general-collateral baskets by asset class, not individual CUSIPs; you cannot identify a specific security’s repo rate from it. Match the question to the GC level.
• Blind-brokered and netted through FICC. Trades are intermediated and novated to FICC as central counterparty; dealer-level positions reflect that netting, so gross bilateral exposure is not directly visible. Account for central clearing.
• Asset-class definitions and segment changes. The GCF product and its asset-class buckets have changed over time (and interact with tri-party reform); a series across the change needs reconciliation. Read the definitions for your window.
• Dealer identity and entry/exit. The set of GCF participants changes, especially around 2008; dealer identifiers must be tracked across mergers and exits. Verify the dealer roster.
• Not redistributable. Results can be reported but the microdata cannot be shared or re-pulled by others. Plan for non-reproducibility of the raw inputs.

Citation

Cite the source and arrangement, e.g.: FICC GCF Repo Service data (DTCC/FICC), confidential; licensed via the Federal Reserve Bank of New York, YYYY-MM-DD. State the asset class, the sample window, and that it is the interdealer GCF segment only.