On November 19, SIFMA hosted an industry briefing on the new US Treasury Central Clearing Industry Considerations Report.
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.  A new report from SIFMA and EY details the critical activities that institutions should consider as they design and implement a process for Treasury clearing.Â
A replay of the briefing is now available. It includes an overview of the SEC's mandate, reviews the new report, and discusses next steps for the industry to meet the aggressive timeline for implementation.
Surface key issues, open questions, and gaps in market structure and provide recommendations on the path to resolution.
Stephen Byron, Managing Director, Head of Technology, Operations and Business Continuity, SIFMA
Brendan Maher, Managing Director, Financial Services Consulting, Ernst & Young LLP
Robert Toomey, Head of Capital Markets, Managing Director and Associate General Counsel, SIFMA
William C. Thum, Managing Director and Associate General Counsel, Asset Management Group, 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.
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.