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ARTICLE · 28 DECEMBER 2023

SEC Adopts Rules Requiring Clearing Of U.S. Treasury Transactions

Ropes & Gray LLP
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On December 13, 2023, the U.S. Securities and Exchange Commission (the "Commission") adopted rules that will significantly alter the trading of U.S. Treasury securities...

United StatesWealth Management
Ropes & Gray LLP'S Asset Management Practice
Ropes & Gray LLP'S Asset Management Practice
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On December 13, 2023, the U.S. Securities and Exchange Commission (the "Commission") adopted rules that will significantly alter the trading of U.S. Treasury securities and U.S. Treasury repurchase ("repo") transactions.1 Of particular note for asset managers and institutional investors, beginning on June 30, 2026, all U.S. Treasury repo transactions (with limited exceptions) will be required to be cleared through a covered clearing agency ("CCA"). Currently the Fixed Income Clearing Corporation ("FICC") is the only CCA that offers Treasury and Treasury repo clearing services. The Commission noted that the rules are designed to protect investors, reduce risk, and increase operational efficiency in the U.S. Treasury securities markets.

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