DTCC’s FICC has expanded its agency clearing services as volumes skyrocket ahead of the mandatory clearing deadline for US Treasuries.
The company is also providing margin segregation to those choosing to post margin to FICC, along with services to separate house and customer activity.
The SEC’s mandatory clearing rule deadline was extended earlier this year, the original dates of 31 December 2025 for cash market transactions and 30 June 2026 for repo market transactions pushed back by a year.
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Laura Klimpel, managing director and head of fixed income and financing solutions at DTCC, commented: “With the additional time granted by the SEC on the expanded clearing deadlines, FICC remains firmly committed to supporting the cleared U.S. Treasury market as it continues to evolve and grow, including by collaborating with the industry to roll out enhancements to FICC’s done-away capabilities for Treasury cash and repo activity.”
The company noted that client onboarding and volumes have continued to grow despite the delay to implementation.
Average daily clearing volumes at FICC have more than doubled since the SEC proposed mandatory clearing, DTCC reported, exceeding US$10.4 trillion in February.
Between February 2024 and 2025, cleared buy side activity in FICC’s sponsored service was up 85%.
The corporation estimates that it is clearing approximately half of the outstanding Treasury repo covered by the clearing mandate, and shared its intentions to further expand its sponsored and agency clearing services to grow this share.
