US Treasury central clearing pulse survey 2026: key findings

Confidence in meeting the US Treasury clearing mandate is high, yet only a fraction of firms say they are fully ready.

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Content Types

Key findings

Topics

Clearing and collateral

Region

North America Global

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Conducted in partnership with SIFMA, BNY, Broadridge and DTCC, this June 2026 pulse survey captures where the industry stands as mandatory US Treasury clearing approaches.

Based on responses from 340 experts worldwide, the research explores the gap between confidence and readiness, differences across buy-side and sell-side firms, and the cost and implementation challenges that remain.

Confident, but ready?

Readiness

Eighty-six percent are at least somewhat confident of meeting the mandate, with an upward trend.

Only 3% say they are fully ready today.

The gap between confidence and current readiness shows there is still significant work to do as the mandate approaches.

An uneven picture

Risk

Buy-side firms are twice as likely to be at risk.

Progress is not uniform across the market, with readiness varying significantly between buy-side and sell-side firms.

Operating costs

Investment

Bar chart indicating 50 percent, with text 'expect ongoing costs to rise'.

The cost of mandatory clearing is unclear.

57% of respondents still haven’t quantified the ongoing cost impact of mandatory clearing.

Confidence around US Treasury central clearing is high, but reported readiness tells a different story.

Based on responses from 340 experts worldwide, our June 2026 pulse survey provides an updated view of how firms are progressing as mandatory clearing approaches.

While 86% are at least somewhat confident of meeting the mandate, only 3% say they are fully ready today.

The findings explore: