US Treasury central clearing: what comes next?

Watch the discussion with BNY, Broadridge, DTCC and SIFMA on US Treasury central clearing.

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Watch the discussion with BNY, Broadridge, DTCC and SIFMA on US Treasury central clearing readiness, implementation challenges and what firms should be prioritising ahead of the deadlines.

Speakers

Brian Disken

Executive Director of Clearing & Securities Services

DTCC

Mark Pekala

Head of Fixed Income Product, Capital Markets

Broadridge

Martin Lawrence

Chief Customer Officer

The ValueExchange

Nate Wuerffel

Head of Product for Global Collateral and Market Structure

BNY

Stephen Byron

Head of Technology, Operations and Business Continuity

Sifma

86% of firms are at least somewhat confident of meeting the US Treasury central clearing deadlines. Yet only 3% said their overall clearing programme was complete.

With the 31 December 2026 deadline for eligible cash transactions approaching, the focus is shifting from confidence to implementation – and to the work that still needs to be done ahead of repo clearing in June 2027.

Martin Lawrence (The ValueExchange) is joined by Nate Wuerffel (BNY), Mark Pekala (Broadridge), Brian Disken (DTCC) and Stephen Byron (SIFMA) to examine where the industry stands and what firms should be prioritising now.

Drawing on our latest research with around 340 industry participants, the discussion explores:

Cash and repo readiness, including why 30% of buy-side firms were not entirely confident of being ready for repo, compared with 7% on the sell side

Documentation and implementation, with 88% of buy-side firms citing legal and account documentation as their biggest challenge
Clearing models, including the choices firms are making around access to central clearing
Technology and operations, and the integration work still required across the clearing ecosystem
Cost, capital and margin, and how firms are assessing the wider impact of central clearing
The panel also shares what they are already seeing as activity moves towards central clearing, including a 400% increase in centrally cleared volumes on BNY’s Global Collateral platform since the mandate was introduced in December 2023.

With the deadlines getting closer, the discussion looks beyond simply achieving compliance to what a more efficient and resilient Treasury clearing model could look like.

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