U.S. Treasury Clearing | DTCC
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USTclearing

$12.2 Trillion

Average Daily GSD Activity Transactions Cleared by FICC

39%

Year-Over-Year Increase in
Sponsored Service
Clearing Volume Growth

2,800+

Sponsored
Members

52

Jurisdictions Approved
by FICC for Sponsored
Members

$2.5 Trillion

Average Daily Volume of
Sponsored Service



Latest News & Events

  • FAQs Segregated Customer Margin 

    DTCC Named “Clearing House of the Year” at Risk Awards 2026

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  • An Update on U.S. Treasury Clearing 

    FICC Virtual Forum Triparty Repo Service Enhancements & Innovations

    Watch Now Download deck
  • An Update on U.S. Treasury Clearing 

    Key Findings: US Treasury Central Clearing Pulse Survey

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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's (FICC) Government Securities Division (GSD) now surpassing $11 trillion in daily activity.

With the Securities and Exchange Commission (SEC) expansion of central clearing in U.S. Treasuries on the horizon, FICC stands at the center of a monumental industry initiative. The SEC has granted firms additional time to prepare for the new central clearing rule, extending the deadline to December 2026 for cash transactions and June 2027 for repurchase agreements.

As a covered clearing agency, FICC has taken the necessary steps as required under the amendments to prepare for this significant initiative.

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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, 2026, for cash trades, and on June 30, 2027, for repos (repurchase agreements).

Treasury Clearing Segments & Access Models

Treasury Clearing Segments & Access Models

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Risk Management CCLF & VAR Calculators

Risk Management Calculators & Tools

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Assess Your Readiness with DTCC Consulting Services

Assess Your Readiness with DTCC Consulting Services

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Get Started with FICC

FICC is committed to delivering our clients best-in-class central clearing solutions that enable greater efficiency and liquidity, promote transparency and competition, and improve the safety and soundness of the US Treasury market.

FICC
Fundamentals

Getting Started with USTC

Determine Your Access Model

Getting Started with USTC

FICC GSD Risk
Management

Getting Started with USTC

Clearing U.S. Treasuries with FICC

Getting Started with USTC

Market & Index Data

For More Information

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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