Treasury Clearing Rule: Compliance Date Extensions, Temporary Relief And FICC Implementation

This OnPoint is intended to provide buy-side participants in the Treasury repo markets:

• An overview of the recent SEC action to extend the compliance dates for rules requiring submission for central clearing of certain Treasury repo transactions.
• An overview of the temporary exemption providing relief to FICC (and potentially other covered clearing agencies) from enforcing policies and procedures implementing a requirement on their members to separately and independently calculate, collect and hold margin posted by an indirect participant.
• A high-level summary of the Treasury Repo Transaction clearing and related requirements and implementation thereof to date by FICC, including the trade submission requirement and its implications for market participants.