US – SEC adopted rule amendments about mandatory treasury and repo clearing
On December 13, 2023, the Securities and Exchange Commission adopted rule amendments that will make mandatory, when it involves a Fixed Income Clearing Corporation member, the clearing of U.S. Treasury securities and the clearing of All repo and reverse repo trades that include U.S. Treasuries.
It also amends the broker-dealer customer protection rule to permit margin required and on deposit at a covered clearing agency for U.S. Treasury securities to be included as a debit item in the customer reserve formula, subject to certain conditions.
Implementation Timeline
March 31, 2025: Clearinghouses must comply with the new rules.
December 31, 2025: The Treasury clearing mandate goes into effect.
June 30, 2026: The repo clearing mandate goes into effect.