Expanded Access Models
Access central clearing through a range of direct and indirect participation models, including Sponsored Service and Agent Clearing Service, designed to align with diverse business, operational and client needs.
U.S. Treasury Clearing
Central Clearing Built for Treasury Market Change
The U.S. Treasury market is preparing for expanded central clearing under the SEC's Treasury clearing mandate, advancing industry goals of reducing risk, increasing transparency and strengthening market resilience.
Through FICC's Government Securities Division (GSD), DTCC is helping firms navigate this transition with central clearing solutions that enhance resiliency, improve capital efficiency and provide access to deep liquidity. Flexible direct and indirect participation models enable firms to select the clearing approach that best fits their needs.
As the market progresses toward the December 2026 cash deadline and June 2027 repo deadline, FICC continues to support participant readiness and the industry's transition to expanded central clearing.
- Trillion
Average daily GSD activity
Sponsored Members
- Trillion
Average daily Sponsored Service volume
Jurisdictions Approved by FICC
Data as of Q2 2026
Enabling the Next Era of Treasury Clearing
As implementation approaches, firms are evaluating how expanded central clearing may affect trading activity, financing strategies, clearing relationships and operating models, while assessing implications for capital efficiency, liquidity management, risk governance and overall readiness.
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Learn MoreGreater Capital Efficiency
FICC's central clearing and multilateral netting capabilities can help firms reduce settlement exposures, optimize balance sheet usage and improve capital efficiency.
Learn MoreTreasury Financing & Triparty Repo Innovation
Innovations such as Sponsored GC Collateral-in-Lieu and ACS Triparty are designed to expand access to clearing and address key market challenges, including the impact of double margining.
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Enhanced Risk Management Tools
FICC provides a robust risk management framework and tools, including CCLF and VaR calculators, that help firms enhance visibility into clearing obligations, margin requirements and liquidity needs.
Featured Insights
Open resource: Closing the Readiness Gap for Treasury Cash ClearingJul 1, 2026Closing the Readiness Gap for Treasury Cash Clearing
Laura Klimpel, Managing Director and Head of Fixed Income and Financing Solutions, explores how the industry is translating readiness plans into action as Treasury clearing implementation advances.
Open resource: Industry Readiness for U.S. Treasury Cash ClearingJul 27, 2026Industry Readiness for U.S. Treasury Cash Clearing
An analysis of market readiness, evolving clearing infrastructure and industry preparations for the U.S. Treasury clearing mandate.
Open resource: The Treasury market of 2030Aug 11, 2026The Treasury market of 2030
Rebecca Ashton, DTCC Consulting, looks beyond implementation to the long-term changes the clearing mandate may drive across the Treasury market.
Open resource: U.S. Treasury Clearing: The Countdown to ComplianceJul 6, 2026U.S. Treasury Clearing: The Countdown to Compliance
As SEC compliance deadlines approach, this webinar hosted by The Trade explores readiness gaps and the actions firms can take now to support a smooth transition.