The Depository Trust & Clearing Corporation (DTCC) has received approval from the U.S. Securities and Exchange Commission (SEC) to launch a new Agent Clearing (ACS) Triparty Service within its Fixed Income Clearing Corporation (FICC) division. This approval, granted following a rule filing submitted in September 2025, marks a significant expansion of cleared triparty repo capabilities in the U.S. Treasury market.
The new service will be delivered using BNY Mellon's Global Collateral Platform, enabling both "done-with" and "done-away" triparty repo transactions to be centrally cleared. This integration allows market participants to benefit from centralized clearing while maintaining established collateral management workflows, aiming to deliver operational efficiency, greater scalability, and improved risk management.
The launch is strategically timed ahead of the SEC's expanded U.S. Treasury clearing mandate, which will require central clearing for cash Treasury trades starting in December 2026 and for repo transactions beginning in June 2027. DTCC stated the service is designed to broaden access to central clearing, particularly for participants relying on agent clearing models, and may provide enhanced margin efficiency, reduced capital requirements, and balance sheet relief for Agent Clearing Members.
In parallel with this regulatory milestone, DTCC reported record volumes at FICC's Government Securities Division (GSD), underscoring the accelerating adoption of central clearing. On December 1, 2025, overall GSD volumes reached a new peak of $13.2 trillion. Furthermore, buyside participation hit a record $3.1 trillion on December 31, 2025, across its Sponsored and Agent Clearing Services, highlighting growing engagement from asset managers and institutional investors.
