The SEC is in the process of assisting broker-dealers and other market participants on the path to central clearing in the U.S. Treasury market. The Commission and its staff are committed to working with stakeholders to ensure implementation is done properly and the rules ultimately enhance the functioning of the Treasury markets.
"It is critical that the transition to clearing U.S. Treasury securities goes smoothly."
SEC Chairman Paul Atkins has announced that Commissioner Mark Uyeda is leading the agency's continuing efforts related to central clearing of U.S. Treasury securities.
Latest Updates
Commissioner Uyeda issued a statement in December 2025 about the continuing work toward Treasury clearing implementation, emphasizing that "Commission staff continues to actively consider several implementation issues where market participant input remains valuable."
Prior updates from Commissioner Uyeda:
- Remarks at the 2025 U.S. Treasury Market Conference (Nov. 12, 2025)
- Statement on Working Toward Treasury Clearing Implementation (Sept. 30, 2025)
Questions?
Market participants can contact staff in the Division of Trading and Markets to discuss issues identified during implementation.
Compliance Dates
The Commission has extended the original compliance dates for these rules by one year to Dec. 31, 2026, for eligible cash market transactions and June 30, 2027, for eligible repo market transactions.
The materials on this webpage provide background, guidance, and other information from the SEC to help those considering the implementation of this rule.
Background
In December 2023, the Commission adopted rule changes designed to protect investors, reduce risk, and increase operational efficiency by requiring covered clearing agencies to maintain written policies and procedures that are reasonably designed to require their direct participants to centrally clear all “eligible secondary market transactions” in U.S. Treasury securities to which they are a counterparty.
Staff Guidance and FAQs
Market participants can review the latest guidance from SEC staff, including answers to frequently asked questions to facilitate clarity, transparency, and efficiency during the transition process.
Mixed CUSIP Triparty Repos
The Division of Trading and Markets has issued answers to Frequently Asked Questions regarding the applicability of the Treasury clearing rule to certain general collateral triparty repos.
Broker-Dealers: Financial Responsibility Requirements
The Division of Trading and Markets has issued answers to Frequently Asked Questions that broker-dealers have posed to SEC staff regarding the financial responsibility requirements related to U.S. Treasury clearing.
- Credits in Customer Reserve Formula Related to Item 15 Debit
- Prefunding Customer Margin Requirements with Cash or U.S. Treasury Securities Owned by the Broker-Dealer
- Use of Customers’ Securities to Meet a Margin Requirement
- Excess Margin Collateral
- Mark-to-Market or Variation Margin Payments
- Customers Borrowing Against Other Customer Collateral to Meet a Margin Requirement of a Qualified Clearing Agency
- PAB Account Holders and the PAB Reserve Formula
Staff Engagements
SEC staff are consulting with market participants to discuss issues identified during the implementation process.
Commission Notices
The Commission published a notice that broker-dealers may include a debit in their customer and/or PAB reserve computations when depositing cash, U.S. Treasury securities, and/or qualified customer securities to meet a margin requirement of FICC resulting from positions in U.S. Treasury securities of the customers of the broker-dealer.
Self-Regulatory Organization Materials
These proposed rule changes were filed by self-regulatory organizations related to the Treasury clearing rule. Any received public comments are accessible in the "Details" column for that proposed rule change.
Fixed Income Clearing Corporation (FICC)
- Proposed Rule Change to Amend and Restate the Second Amended and Restated Cross Margining Agreement Between FICC and CME and Amend Related GSD Rules (to allow for cross-margining at the customer level)
- Proposed Rule Change Relating to a New Service Offering Called the ACS Triparty Service (Approved by the Commission on Dec. 22, 2025)
- Proposed Rule Change to Establish a New Collateral-in-Lieu Offering Within the Sponsored GC Service, and Expand the Sponsored GC Service to Allow Done-Away Trade Submission (Approved by the Commission on Dec. 12, 2025)
- Proposed Rule Change Relating to Default Management and Porting with Respect to Indirect Participant Activity (Approved by the Commission on Dec. 16, 2025)
- Proposed Rule Change to Amend and Restate the Cross-Margining Agreement Between FICC and the Chicago Mercantile Exchange (CME) (Related to Affiliate Activity; Approved by the Commission on July 8, 2025)
- Proposed Rule Change to Modify its Rules (i) Regarding the Separate Calculation, Collection, and Holding of Margin for Proprietary Transactions and That for Indirect Participant Transactions, and (ii) to Address the Conditions of Note H to rule 15c3-3a (Approved by the Commission on Nov. 21, 2024)
- Proposed Rule Change to Amend the Clearing Agency Risk Management Framework (Approved by the Commission on Nov. 21, 2024)
- Proposed Rule Change to Facilitate Access to Clearance and Settlement of All Eligible Secondary Market Transactions in U.S. Treasury Securities (Approved by the Commission on Nov. 21, 2024)
Applications to Provide Treasury Clearing Services
These applications have been filed by entities that seek registration as clearing agencies to provide central counterparty services for the U.S. Treasury market.
Additional Information
Last Reviewed or Updated: Jan. 16, 2026