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Strengthening the U.S. Treasuries Market

The U.S. Treasury Market is the largest and most liquid sovereign debt market in the world, with transactions cleared through DTCC’s Fixed Income Clearing Corporation (FICC) that exceeded $1.5 quadrillion annually in 2022.

Currently, U.S. Treasury Market activity is split between two disparate clearing processes: bilaterally cleared transactions and centrally cleared transactions via FICC.

Treasuries, which are backed by the "full faith and credit” of the U.S. government, are widely held and actively traded by institutional investors, central banks, corporations, individuals, and many other private and public institutions. Because the Federal Reserve uses the U.S. Treasury Market as a key tool to implement monetary policy and the federal government relies on the sale of Treasuries to finance essential services, the smooth and uninterrupted functioning of these markets is critically important to the strength and stability of the entire U.S. economy.

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Countdown to the
Treasury Clearing Mandate

Months
Days
Hours
Minutes
Seconds

The US Treasury Clearing mandate is set to go live on December 31, 2025, for cash trades, and on June 30, 2026, for repos (repurchase agreements).

The U.S. Treasury Clearing Mandate: An Industry Pulse Check

The U.S. Treasury Clearing Mandate: An Industry Pulse Check

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FICC Office Hours Virtual Q&A Sessions

FICC Office Hours Virtual Q&A Sessions

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Risk Management CCLF & VAR Calculators

Risk Management CCLF & VAR Calculators

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Treasury Clearing Segments & Access Models

Treasury Clearing Segments & Access Models

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Latest News & Events

FICC’s Flexible Access
To Central Clearing

FICC maintains an open access
approach, with several flexible
membership types eligible for clearing.

Direct Participant

  • Netting
    Membership
  • CCIT
    Membership
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Indirect Participant

  • Sponsoring
    Membership
  • Sponsored
    Membership
  • Agent Clearing
    Membership
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GSD Fundamentals

US Government Securities is the largest sector of the fixed income market.

The statements and other information available on and through this page, including information in any links and documents available on this page, is for informational purposes only. Please refer to the GSD Rules for descriptions of the rules, procedures, and all rights, obligations, and other requirements of both FICC and its participants in connection with their use of GSD’s services. In the case of any discrepancy between the information available here and the GSD Rules, the GSD Rules govern.

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