The U.S. Treasury market is about to go through one of the largest structural transformations in decades. Under the US Securities and Exchange Commission (SEC) central clearing rules, a massive influx of cash and repo market transactions must migrate to central counterparties (CCPs) such as the Fixed Income Clearing Corp. (FICC), ICE Clear Credit, and… Read More >>
DTCC & CME Push to Expand Treasuries Deal & Other News
DTCC, CME Need Regulators to Allow Cross-Margining Expansion Post-trade infrastructure system and services provider DTCC and derivatives exchanges company CME Group report that they would like to improve their cross-margining arrangement so that clearing members of CME and the Government Securities Division of DTCC’s Fixed Income Clearing Corp. (FICC) can trade and clear U.S. Treasury… Read More >>
Is the U.S. Treasury Market Ready for Change?
The U.S. Treasury market could see “rapid and dramatic change” that could result in a clearing monopoly being replaced by “a more competitive European model,” according to a new report from market research firm Greenwich Associates. The report, dubbed “Invisible Frontiers: How Clearing Shapes U.S. Treasury Market Structure,” argues that “the market structure for U.S…. Read More >>
