On Wednesday, October 10, SIFMA held an industry briefing on its new Master Treasury Securities Clearing Agreement.
New rules from the U.S. Securities Exchange Commission (SEC) will require most market participants to centrally clear cash and repo U.S. Treasuries, imposing significant changes to market structure. Treasury cash clearing is required to go into effect by the end of 2025, and repo clearing is required to go into effect by June 30, 2026.
This briefing was open to all industry participants. It included an overview of the SEC's mandate, reviewed the new model documentation, and discussed next steps for the industry to meet the aggressive timeline for implementation.
Deborah North, Partner, Cleary Gottlieb
Lauren E. Semrad, Partner, Cleary Gottlieb
William C. Thum, Managing Director and Associate General Counsel, Asset Management Group, SIFMA
Robert Toomey, Head of Capital Markets / Managing Director and Associate General Counsel, SIFMA
This briefing will be hosted on the Zoom Webinar platform. View instructions on joining and participating in Zoom Webinars.
Access instructions will be sent from SIFMAAVSupport; please check your inbox. Didn't receive? Contact us.
Participation is complimentary and for SIFMA members only. Pre-registration is required and closes one hour prior to the start of the Briefing.
It is a priority to make our briefings inclusive and accessible for all. For questions or requests, contact SIFMA Member Relations.
This briefing is open to media participation. Please contact Katrina Cavalli to register.
Both SIFMA and SIFMA's Asset Management Group have long supported efforts to increase the resiliency of the Treasury market and stressed the need to ensure the Treasury market remains resilient and deeply liquid.
On behalf of our members, SIFMA is working to advance multiple workstreams and short-term deliverables that will set the stage for long-term implementation. These include development of market standard documentation, enhancements to market structure, further needed regulatory reforms, and an operations timeline.