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 >>
Morgan Stanley Uses Bloomberg’s US Treasury Dealer Algos
Morgan Stanley and “a leading buy-side firm” have completed a U.S. Treasury trade using Bloomberg’s U.S. Treasury (UST) Dealer Algos, which offer buy-side clients access “to wide pools of liquidity usually available only on dealer-to-dealer trading platforms,” officials say. Beyond Morgan Stanley, the new UST Dealer Algos are supported by Citi, JPMorgan, and RBC Capital… Read More >>
SEC Backs FICC’s Changes for U.S. Treasury Securities
The Securities and Exchange Commission (SEC) has officially approved a rule change proposed by the Fixed Income Clearing Corp. (FICC) to amend the margin framework applicable to covered clearing agencies for U.S. Treasury securities. FICC officials have been actively collecting margin on U.S. government securities transactions for some time now, but the newly approved rule… Read More >>
Many Firms Unclear About Treasury Clearing Mandate
Almost half of the participants in a recent survey do not yet understand that the U.S. Securities and Exchange Commission (SEC) has issued regulations that have mandated centralized clearing of key U.S. Treasury transactions, according to the study commissioned by specialist professional services provider Davies Consulting. The SEC has decided that “a treasury central counterparty… Read More >>
FICC Debuts Risk Tool for U.S. Treasury Clearing
Industry players in U.S. Treasury transaction markets can now access a free, public-facing Value at Risk (VaR) calculator that will help them comply with SEC rules that will expand clearing requirements for them. The DTCC’s Fixed Income Clearing Corp. (FICC) has launched the new tool, accessible via a web browser, which provides “the ability to… Read More >>
FICC Launches Calculator for U.S. Treasury Clearing
The DTCC’s Fixed Income Clearing Corp. (FICC) is launching an interactive, public-facing calculator, dubbed the Capped Contingency Liquidity Facility (CCLF), to help financial services firms comply with SEC requirements to come for expanded U.S. Treasury clearing, officials say. The “novel tool simulates estimated CCLF obligations associated with FICC GSD [Government Securities Division] membership,” officials say…. Read More >>
U.S. Treasury Clearing Rules Jolt Firms Into Action
Clearing is coming the U.S. Treasury market and buy- and sell-side firms are beginning to get the message. New SEC clearing rules for the U.S. Treasury market, which take effect next year and in 2026, will spur more sell-side firms to offer Treasury clearing via prime brokerage, agency clearing, and futures commission merchant (FCM) services… Read More >>
