DTCC Wins SEC Approval for New Triparty Clearing Service as Treasury Volumes Hit Records
DTCC has received approval from the U.S. Securities and platform Commission to launch a new Agent Clearing (ACS) Triparty Service within the Fixed Income Clearing Corporation’s (FICC) existing Agent Clearing Service framework. The approval follows a rule filing submitted to the SEC in September 2025 and marks a significant expansion of cleared triparty repo capabilities.
The new service will be delivered using BNY’s Global Collateral Platform, enabling both “done-with” and “done-away” triparty repo transactions to be centrally cleared. This development comes as market participants prepare for the SEC’s expanded U.S. Treasury clearing mandate, which takes effect in 2026 and 2027.
Alongside the regulatory approval, DTCC reported record volumes at FICC’s Government Securities Division (GSD), underscoring growing adoption of market.
Expanded Triparty Repo Clearing via BNY Infrastructure
With SEC approval secured, FICC can now offer cleared triparty repo services to Agent Clearing Members and their Executing Firm Customers. Eligible transactions include repos executed directly with the Agent Clearing Member (“done-with”) or with another GSD Netting Member or its client (“done-away”).
The ACS Triparty Service leverages BNY’s Global Collateral infrastructure, allowing triparty repo transactions to benefit from centralized clearing while continuing to use established collateral management workflows. This integration is designed to support a broad range of market participants without disrupting existing operational models.
By combining FICC’s clearing framework with BNY’s collateral platform, the service aims to deliver operational efficiency, greater scalability, and for triparty repo activity.
Preparing the Market for Expanded Treasury Clearing Rules
The new ACS Triparty Service was developed in anticipation of the SEC’s expanded U.S. Treasury clearing requirements, which will mandate central clearing for cash Treasury trades beginning in December 2026 and for repo transactions begining in June 2027.
DTCC said the service is designed to broaden access to central clearing, particularly for market participants that rely on agent clearing models. For Agent Clearing Members, the offering may deliver enhanced margin efficiency, reduced capital requirements, and balance sheet relief.
As regulatory timelines approach, the service provides a pathway for firms to adapt their repo activity to a cleared environment while maintaining flexibility in how trades are executed and intermediated.
FICC Volumes Reach New Highs
In parallel with the service launch, FICC Division. Overall GSD volumes reached a new peak of $13.2 trillion on December 1, 2025, reflecting elevated trading and financing activity in U.S. government securities.
purchaseside participation also hit new highs. On December 31, 2025, FICC recorded a peak of $3.1 trillion in purchaseside activity across its Sponsored and Agent Clearing Services, highlighting growing engagement from .
DTCC said the combination of rising volumes and expanded clearing services underscores the industry’s shift toward greater central clearing, improved risk management, and enhanced resilience in the U.S. Treasury market.
