The Fixed Income Clearing Corporation (FICC) treasury clearing volumes of the Depository Trust & Clearing Corporation (DTCC) have grown 31 per cent over the past year, processing a daily average volume of $7 trillion US dollars.
DTCC describes the growth as coming at a time when market participant firms are assessing the impact of the U.S. Securities and Exchange Commission’s (SEC) new requirements that expand the application of central clearing to certain U.S. Treasury repo and secondary market cash transactions.
Brian Steele, managing director, president, Clearing & Securities Services expects the increase in clearing activities to continue as DTCC moves toward go-live for the expanded treasury clearing requirement.
In addition to the increase in overall clearing volumes, FICC’s Sponsored Service has also experienced growth with an increase in volumes of 74 per cent to a daily average of $938 billion US dollars. The number of sponsored members participating in FICC increased 60 per cent to 2,414 firms.