UST repo clearing: considerations for ‘done-away’ implementation
Citi’s Mariam Rafi sets out the drivers for sponsored and agent clearing of Treasury repo and reverse repo
The deadline for US Treasury repo clearing is fast approaching. Central clearing of selected secondary cash market transactions and broader clearing of repo and reverse repo transactions will be required by the Securities and Exchange Commission (SEC) from June 30, 2026. It’s the biggest fixed income market shift since the adoption of mandatory over-the-counter derivatives clearing.
Mandated in December 2023, the rule represents a material change in market structure for US Treasuries and will
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