The Fixed Income Clearing Corp. (FICC) has launched its Collateral-in-Lieu (CIL) service via the Sponsored General Collateral (GC) offering of BNY’s Global Collateral Platform, which introduces a way to clear repo transactions that is margin and capital-efficient, officials say. BNY Securities Finance and Federated Hermes, Inc. have executed the first repo trade on the new… Read More >>
DTCC & CME Push to Extend Cross-Margining Pact
The Depository Trust & Clearing Corp. (DTCC), a post-trade market infrastructure provider, and derivatives exchanges company CME Group have announced “continued progress on their efforts to extend their existing cross-margining arrangement to end-user clients,” officials say. “Specifically, the Fixed Income Clearing Corp. (FICC) has now formally filed with the Securities and Exchange Commission (SEC) to… Read More >>
FICC Seeks SEC Approval for Triparty Clearing for Treasuries
The Fixed Income Clearing Corp. (FICC) may be able to offer triparty clearing in time for expanded U.S. Treasury clearing rules via a new offering, dubbed the ACS Triparty Service, within its Agent Clearing Service (ACS) capabilities. However, the Securities and Exchange Commission (SEC) must agree to a rule change requested by FICC officials. “As… Read More >>
Key Firms Want Self-Clearing for Derivatives
Hedge funds and proprietary trading firms that participate in derivatives markets are embracing new ways of self-clearing and taking greater control of their margining because they have achieved “huge financial firepower, influence, and resources,” and need to fill a vacancy caused by capital-constrained, heavily regulated banks and other sell-side firms. This is according to a… Read More >>
FICC Reports New Clearing Peak of $11.8 Trillion
The Fixed Income Clearing Corp. (FICC), a subsidiary of the Depository Trust & Clearing Corp. (DTCC), processed a new peak volume of $11.8 trillion in cleared transactions through its Government Securities Division (GSD) on June 30, the highest GSD volume recorded since April 9, when peak volume reached $11.4 trillion, officials say. “FICC’s Sponsored Service… Read More >>
Baton Systems Builds Links to FICC & NSCC
Officials at Baton Systems report that the provider of connectivity and networks for settlement and collateral management has established direct links to the DTCC’s Fixed Income Clearing Corp. (FICC) and to its other clearing subsidiary, the National Securities Clearing Corp. (NSCC). The new links are “in response to client demand and the anticipated surge in… Read More >>
DTCC Reports Record Volumes As Tariffs Roil Markets
Post-trade market infrastructure provider the Depository Trust and Clearing Corp. (DTCC) has quantified recent market volatility, spurred by tariff turmoil and other factors, with reports of record volumes via its platforms and services. DTCC officials report peak values and volumes across: The National Securities Clearing Corp. (NSCC): “On April 9, NSCC achieved a new peak… Read More >>
FICC Processes $11 Trillion in UST Transactions
Financial markets endured turbulence last week as Trump’s tariffs policy triggered sell-offs in equity markets. At the same time, the Depository Trust & Clearing Corp. (DTCC) and its Fixed Income Clearing Corp. (FICC) subsidiary processed an all-time high in volumes of U.S. Treasury transactions. On April 9, FICC reports that it posted more than $11… Read More >>
The Treasury Clearing Reprieve Could Prevent Pitfalls
The SEC’s decision to move key deadlines for its own rule requiring centralized clearing for U.S. Treasuries and Treasury-backed repurchase contracts that were formerly cleared bilaterally has been met with approval by major industry participants. However, major market players acknowledge that the industry needs a breather to catch up to the regulator’s requirements. In particular,… Read More >>
SEC Revises ‘Living Wills’ for Clearinghouses
The Securities and Exchange Commission (SEC) is revising the “living will” for covered clearing agencies (CCAs) through rule amendments and a new rule —approved late last month — all intended to boost the resilience, recovery, and wind-down planning for CCAs, officials say. “CCAs are registered clearing agencies that act as central counterparties, meaning that they… Read More >>
