The Fixed Income Clearing Corporation (FICC), a subsidiary of the Depository Trust & Clearing Corporation (DTCC), has launched enhanced US Treasury clearing capabilities, introducing new access models and customer margin segregation.
The move comes as market volumes and participation continue to climb, ahead of the 31 March, 2025, deadline set by the US Securities and Exchange Commission (SEC), which has extended mandatory clearing requirements for US Treasury cash and repo transactions.
FICC’s daily clearing volumes have surged past $9tn, with peaks exceeding $10.4tn in late February. This marks a significant rise from $4.5tn before the SEC proposed expanded clearing rules and $7.2 trillion when the rules were finalised in December 2023.
Buyside participation has also increased dramatically. In February, cleared buyside activity through FICC’s Sponsored Service grew 85% year-over-year, with peak volumes exceeding $2tn at the end of 2024. The service now provides the industry with more than $700bn in daily balance sheet capacity, and total balance sheet savings reached $900 billion by year-end.
