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, Digital Asset & Canton Network Tackle Tokenization
Post-trade infrastructure provider The Depository Trust & Clearing Corp. (DTCC) is partnering with Digital Asset Holdings and the Canton Network to launch the tokenization of custodied assets from the Depository Trust Co. (DTC) on the Canton Network, officials say. The collaboration “creates a roadmap to bring real-world, high-value tokenization use cases to market, starting with… 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 >>
SEC Tackles Big Questions About U.S. Treasury Clearing
For nearly everything that broker-dealers and other market participants want to know about the clearing of U.S. Treasury securities, officials at the Division of Trading and Markets of the Securities and Exchange Commission (SEC) have compiled a set of Frequently Asked Questions (FAQs). The level of interest in the clearing of U.S. Treasuries is peaking… 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 >>
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 >>
