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Journal Article
The development of the Government Securities Clearing Corporation
Despite its vast size, liquidity, and global importance, the U.S. government securities market was one of the last major securities markets to benefit from centralized clearance and settlement services. The development of these services began in 1986 with the establishment of the Government Securities Clearing Corporation (GSCC)?now part of the Fixed Income Clearing Corporation, a unit of the Depository Trust & Clearing Corporation. This article traces the history of the GSCC. The author describes the state of the government securities market in the 1980s and the events that led to GSCC?s ...