Netting hurdles could decide the US Treasuries clearing race
Competing CCPs must resolve accounting and cross-margining obstacles to benefit from SEC mandate
When it comes to clearing US Treasuries and repo, the Fixed Income Clearing Corporation has an obvious huge head start. One potential rival has already claimed they don’t expect to make significant inroads into FICC’s current monopoly. But the advent of the Securities and Exchange Commission clearing mandate at the end of 2025 could herald a major shake-up of market structure. As a result, the jury is still out on what proportion of trades subject to the mandate will eventually find a home at
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