New FICC survey shows market converging on central clearing at scale, with most firms already operationally ready
Over $1.2 trillion in daily Treasury cash activity already centrally cleared by FICC ahead of the SEC mandate
New York/London/Hong Kong/Singapore/Sydney, July 27, 2026 ‒ The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced the publication of its latest report, Industry Readiness for U.S. Treasury Cash Clearing: A Survey of FICC Membership, offering one of the most comprehensive views of the industry's preparedness ahead of the upcoming U.S. Treasury cash clearing mandate.
The survey, sent to all full-service Netting Members of DTCC's Fixed Income Clearing Corporation (FICC) Government Securities Division (GSD), found that market participants have made substantial progress toward implementation, with most respondents reporting they are already prepared or actively completing final readiness activities ahead of the December 31, 2026, Treasury cash clearing compliance date.
Results indicate that while implementation efforts remain ongoing, the industry has already migrated a significant portion of Treasury cash activity into central clearing and established much of the infrastructure needed to meet the mandate. Among the report's key findings:
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Over $1.2 Trillion Treasury Cash Activity Already Clearing at FICC; Estimated $300-400 Billion Left to Go.
GSD Netting Member respondents reported approximately $300-400 billion in average daily par value of Treasury cash activity that is not currently submitted for clearing. While not an insignificant amount, the industry has already migrated more than three times that amount into central clearing at FICC ahead of the mandate deadline.
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Most of the Industry Is Already Prepared for the Treasury Cash Clearing Deadline.
79% of GSD Netting Member respondents reported already having the necessary account setups in place at FICC ahead of the year-end Treasury cash clearing deadline, and nearly 100% of respondents requiring an FICC account have either established one or have actively entered FICC's onboarding pipeline.
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Approximately One-Third of Dealers Expect to Offer Treasury Cash Clearing to Their Clients.
Approximately one-third of GSD Netting Member respondents reported that they expect to provide clearing services for their clients’ Treasury cash activity, which is generally consistent with the percentage of dealers who offer client clearing services for Treasury repo and/or Treasury cash activity today at FICC.
The report also highlights the scale of the infrastructure supporting the transition. Across all of its cash and repo clearing activity, FICC currently clears more than $12 trillion in average daily transactions, with activity levels increasing 165% since the Securities and Exchange Commission (SEC) first proposed the Treasury clearing mandate. FICC's Sponsored Service now supports more than 2,850 Sponsored Members across 66 eligible Sponsored Member jurisdictions, processing over $2.5 trillion in average daily volume. Volume in the Sponsored Service has also grown 771% since the SEC proposed the Treasury Clearing mandate in September 2022.
"These findings reinforce what we're seeing across the marketplace: firms have been actively preparing for expanded U.S. Treasury clearing requirements and are making meaningful progress toward implementation," said Laura Klimpel, Managing Director and Head of DTCC's Fixed Income and Financing Solutions business.
"Since the SEC first proposed the Treasury clearing mandate, FICC has worked extensively with market participants to expand access to central clearing, enhance our onboarding capabilities, increase processing capacity, and introduce new solutions designed to support a broader range of market participants and clearing models,” said Brian Steele, President of Clearing & Securities Services at DTCC. “We believe the industry is well positioned for the Treasury cash clearing deadline on December 31, 2026, and we remain focused on supporting firms as preparations continue for both the cash clearing requirement and the repo clearing deadline on June 30, 2027."
Over the past several years, FICC has introduced a number of enhancements designed to support increased clearing activity and improve market access. These include continued expansion of the Sponsored Service, the launch of new cross-margining capabilities through the FICC-CME Cross-Margining Program, enhanced tri-party repo clearing solutions such as the Sponsored GC Collateral-in-Lieu (CIL) and Agent Clearing Tri-Party services, and additional intermediation models that provide firms with greater flexibility in how they access central clearing.
The report also outlines future initiatives intended to further strengthen the Treasury clearing ecosystem, including FICC's proposed Guaranty Fund Enhancement and planned GSD / Mortgage Backed Securities Division (MBSD) Portfolio Margining Service, both subject to regulatory approval.
"While much of the industry's focus is rightly on mandate readiness, innovation across the clearing ecosystem continues," Klimpel added. "As the market continues to evolve, our focus remains on delivering scalable, resilient infrastructure and flexible clearing solutions that support a successful transition to expanded central clearing and continue to strengthen the U.S. Treasury market over the long term."
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Notes to Editor
The survey was distributed to all existing full-service Netting Members of FICC's Government Securities Division (GSD) and achieved a 92% response rate, providing a broad view of industry preparedness.
About DTCC
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 2025, DTCC’s subsidiaries processed securities transactions valued at U.S. $4.7 quadrillion and its depository subsidiary provided custody and asset servicing for securities issues from over 150 countries and territories valued at U.S. $114 trillion. DTCC’s Global Trade Repository service, through locally registered, licensed, or approved trade repositories, processes more than 25 billion messages annually. To learn more, please visit us at www.dtcc.com or connect with us on LinkedIn, X, YouTube, Facebook and Instagram.