The Fixed Income Clearing Corporation (FICC), a subsidiary of the Depository Trust & Clearing Corporation (DTCC), has asked the U.S. Securities and Exchange Commission (SEC) for approval to add a new triparty repo option to its Agent Clearing Service (ACS) announces DTCC in a press release.
The filing sets out a framework for Agent Clearing Members to clear eligible triparty repo transactions. These could be arranged directly between an Agent Clearing Member and its customer (“done-with”), or with another Government Securities Division (GSD) Netting Member or its client (“done-away”).
If approved, the ACS Triparty Service would expand the range of repo transactions eligible for central clearing. FICC points to potential effects including more capacity and liquidity in the market, as well as operational benefits for clearing members such as margin efficiency and reduced capital requirements. The proposal also highlights resilience aspects, with central clearing intended to reduce the risk of disorderly selling and liquidity drain in stress situations.
SEC clearing push
The initiative comes against the backdrop of the SEC’s forthcoming rules that will make central clearing mandatory for a wider range of U.S. Treasury transactions: cash trades in 2026 and repo in 2027. The ACS Triparty Service is positioned by FICC as one of several service extensions designed to prepare market participants for that shift.
2025 launch
The new service would run on BNY’s tri-party infrastructure, supporting collateral management and settlement of cleared transactions.
FICC says it is targeting a December 2025 launch, subject to regulatory approval. The SEC will open a public comment period once the filing is published in the Federal Register.
