DTCC Secures SEC Approval for Triparty Clearing

The Depository Trust & Clearing Corporation (DTCC) secured SEC approval for its ACS Triparty Service, enabling the Fixed Income Clearing Corporation to expand its Agent Clearing Service. This approval broadens access to cleared triparty repo transactions and strengthens central clearing for the U.S. Treasury market ahead of upcoming regulatory changes. FICC had submitted the rule filing to the SEC in September 2025.

Consequently, FICC can begin offering cleared triparty repo functionality to Agent Clearing Members and their Executing Firm Customers. Under this structure, Agent Clearing Members can submit eligible triparty repo transactions for clearing that are executed either directly with their own Executing Firm Customers, commonly referred to as “done-with” trades, or with another Government Securities Division Netting Member or that member’s client, known as “done-away” trades. 

DTCC Secures SEC Approval for Triparty Clearing

Moreover, FICC will deliver the ACS Triparty Service by leveraging BNY’s Global Collateral infrastructure, which will support both “done-with” and “done-away” cleared triparty repo transactions. By using this established collateral platform, the service aims to ensure operational efficiency, scalability, and consistency across cleared triparty repo activity. Importantly, FICC developed the ACS Triparty Service to broaden access to central clearing as the market prepares for the SEC’s expanded U.S. Treasury clearing requirements. 

These rules will take effect in December 2026 for cash Treasury transactions and in June 2027 for repo transactions. Therefore, the new service positions Agent Clearing Members to adapt more smoothly to the regulatory transition while optimizing their clearing and settlement processes. In addition, the service is expected to deliver several benefits to Agent Clearing Members. These include the potential for improved margin efficiency, lower capital requirements, and meaningful balance sheet relief. As a result, firms may gain greater flexibility in managing liquidity and risk while participating more actively in the cleared repo market. 

Alongside the service approval, FICC also reported record-breaking activity within its Government Securities Division. Specifically, the division reached a new overall peak daily volume of $13.2 trillion on December 1, 2025. Furthermore, on December 31, 2025, FICC recorded a new peak in buy-side activity of $3.1 trillion across its Sponsored and Agent Clearing Services. Together, these milestones highlight continued growth in cleared activity and underscore the increasing role of central clearing in the U.S. Treasury market.

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