New York/London/Hong Kong/Singapore/Sydney, September 11, 2025 ‒
“DTCC welcomes the news that SIFMA’s Accounting Committee Working Group has completed its review of FICC’s Agent Clearing Service (ACS) model, and has made certain accounting conclusions. The conclusions and the results of a related consultation with the SEC’s Office of the Chief Accountant are publicly available on SIFMA’s website. FICC worked closely with outside counsel and SIFMA’s Accounting Committee Working Group on its conclusions and we look forward to advancing industry efforts in this area through further dialogue with our members and their clients.
FICC’s Agent Clearing Service (ACS) model enables ACS Members to submit transactions to FICC for novation on behalf of their Executing Firm Customers. ACS delivers the same benefits of central clearing as offered in other asset classes, such as the futures and derivatives clearing models. Launched in March 2025, today, the ACS service successfully clears a daily average of $174 billion in U.S. Treasury transactions.
We remain keenly focused on assisting market participant firms on their paths to adopting central clearing capabilities as they work towards compliance with the SEC’s expanded U.S. Treasury clearing requirements. As the leader in the central clearing of government securities, FICC offers a range of direct and indirect access models as well as robust support for done-with and done-away transactions, ensuring best in class support for the cleared U.S. Treasury market.”
For more information on FICC’s Government Securities Division (GSD), visit here.
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* DTCC and its affiliates are not engaged in the business of providing accounting, tax, legal or regulatory advice. Clients should always consult with their own counsel, accountants, and advisors before entering into any investment, funding or risk management transactions.
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With over 50 years of experience, DTCC is the premier post-trade market infrastructure for the global financial services industry. From 20 locations around the world, DTCC, through its subsidiaries, automates, centralizes, and standardizes the processing of financial transactions, mitigating risk, increasing transparency, enhancing performance and driving efficiency for thousands of broker/dealers, custodian banks and asset managers. Industry owned and governed, the firm innovates purposefully, simplifying the complexities of clearing, settlement, asset servicing, transaction processing, trade reporting and data services across asset classes, bringing enhanced resilience and soundness to existing financial markets while advancing the digital asset ecosystem. In 2023, DTCC’s subsidiaries processed securities transactions valued at U.S. $3 quadrillion and its depository subsidiary provided custody and asset servicing for securities issues from over 150 countries and territories valued at U.S. $85 trillion. DTCC’s Global Trade Repository service, through locally registered, licensed, or approved trade repositories, processes more than 20 billion messages annually. To learn more, please visit us at www.dtcc.com or connect with us on LinkedIn, X, YouTube, Facebook and Instagram.