Capital Efficiency and Margin Utilization
Clearing eligible transactions can reduce capital requirements and balance sheet exposure, while net margining helps lower overall margin needs.
Agent Clearing Service (ACS) Tri-party Repo Service
Tri-party Repo Expands into Central Clearing
Accessing tri-party repo through central clearing reduces friction while preserving execution flexibility. As firms manage balance sheet constraints, regulatory pressure, and liquidity demands, ACS Tri-party Repo Service helps improve capital efficiency and expand access to standardized processes.
Built on BNY’s Global Collateral platform, the ACS Tri-party service supports both “done-with” and “done-away” execution models using general collateral. Members can process tri-party repo activity using the same accounts and operational structure established for DVP transactions.
Trades are executed outside of FICC, with the end leg novated to FICC after confirmation of start leg settlement — bringing the benefits of central clearing to tri-party activity without disrupting existing execution workflows.
Key Features & Benefits
Flexible Account Structures and Streamlined Onboarding
Choose segregated or non-segregated accounts to fit your needs, with existing ACS accounts and identifiers carrying over to simplify onboarding.
Eligible Members
GSD full-service Netting Members that meet FICC's financial and operational requirements can act as an agent clearing member. Executing firm customers are not FICC members; they participate through their agent clearing members.