Most FICC Netting Members surveyed by the Depository Trust & Clearing Corporation (DTCC) say they are prepared, or completing final steps, ahead of the US Treasury cash clearing deadline on 31 December 2026.
According to the survey, 79 per cent of respondents already have the required FICC account set-up. Nearly all firms that require an account have either established one or entered FICC’s onboarding process.
More than US$1.2 trillion of average daily Treasury cash activity is already being cleared through FICC. Respondents estimate that another US$300–400 billion remains outside central clearing.
Around one-third of respondents expect to offer Treasury cash clearing services to clients, broadly in line with the share of dealers currently providing client clearing for Treasury repo or cash activity at FICC.
The survey covers FICC Government Securities Division Netting Members and was published by DTCC on 27 July. The separate compliance deadline for Treasury repo clearing is 30 June 2027.
