Agent Clearing Service (ACS)

The Agent Clearing Service (ACS) provides broader access to central clearing through a trusted agent model that reduces risk, improves flexibility, and supports market resilience.
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Agent Clearing Service (ACS)

Tri-party Repo Expands into Central Clearing

Market participants face increasing regulatory, operational, and balance sheet pressures when accessing central clearing for U.S. government securities. ACS enables eligible Netting Members to act on behalf of their clients, providing indirect access to FICC’s central counterparty (CCP) services and creating meaningful opportunities for capital relief.  
 
Through a relationship with an Agent Clearing Member, indirect participants can access central counterparty services for repos, helping firms improve efficiency and participate more effectively in the U.S. government securities market.  

Key Features & Benefits

Central Counterparty Protection

FICC guarantees settlement, reducing counterparty risk and providing stability even in the event of a member default.

Balance Sheet Efficiency

Novation and netting support more efficient capital usage, creating potential balance sheet relief for Agent Clearing Members.

Expanded Market Access

Institutional firms and cash providers gain indirect access to central clearing, supporting broader market participation and liquidity.

Execution Flexibility

Clients can access a wider network of counterparties while maintaining the protections of a centrally cleared environment.

Streamlined Operational Model

Agent Clearing Members manage client activity and assume settlement and liquidity obligations within a simplified clearing framework.

Margin Efficiency

Net margining across omnibus client accounts may reduce overall margin requirements.

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