Overview
On December 13th, 2023, the Securities and Exchange Commission (SEC) adopted a final rule to mandate central clearing and settlement of certain secondary market transactions in US Treasury securities—cash Treasuries and Treasury repo and reverse repo—in which one of the counterparties is a direct participant of a covered clearing agency for such securities (Treasury Clearing Rule). On February 25, 2025, the SEC adopted a final rule extending the compliance dates by one year, from December 31, 2025, to December 31, 2026, for cash market transactions, and from June 30, 2026, to June 30th, 2027, for Treasury repo and reverse repo transactions.
This resource center is designed to keep members and market participants up to date on the implementation of the Treasury Clearing Rule. It also contains information to help members better understand and carry out the requirements of the Treasury Clearing Rule and any subsequent rule proposals of a covered clearing agency for such Treasury securities.
Committees & Working Groups
ICI Contacts
Member Resources
Memos
- Commissioner Uyeda Statement on Treasury Clearing (Oct. 14, 2025)
- ICI Submits Letter to SEC on Application for Registration as Clearing Agency from ICE Clear Credit LLC (Oct. 14, 2025)
- ICI Submits Letter to SEC on FICC's Proposal to Adopt and Intraday Mark-to-Market Charge (Apr. 17, 2025)
- SEC Extends Compliance Dates for Treasury Clearing Rule (Feb. 26, 2025)
- ICI Submits Letter to Acting Chairman Uyeda Requesting Extension of the Treasury Repo Clearing Mandate Under the SEC’s Treasury Clearing Rule (Feb. 25, 2025)
- ICI Submits Letter to SEC on FICC Trade Submission and Related Requirements (Jul. 23, 2024)
- ICI Submits Letter to SEC on FICC Access Model and Margin Segregation Proposals (Jun. 25, 2024)
- FICC Proposes GSD Rule Changes to Treasury Clearing Access Models and Margin Segregation Requirements (Apr. 2, 2024)
- SEC Adopts Final Rule on Mandatory Central Clearing of US Treasury Transactions (Dec. 31, 2023)
- ICI Files Comment Letter on SEC Proposal Regarding Central Clearing of US Treasury Transactions (Dec. 23, 2022)
- SEC Proposes Central Clearing Rules for US Treasury Security Transactions (Sept. 29, 2022)
Additional Resources
SEC Materials
- Statement From Commissioner Mark T. Uyeda, Update on Working Toward Treasury Clearing Implementation (Sept. 30, 2025)
- Extension of Compliance Dates (Mar. 4, 2025)
- IM Staff Statement of FICC Registered Fund Margin Framework (Nov. 22, 2024)
- Adopting Release (Jan. 16, 2024)
- Proposing Release (Oct. 25, 2022)
FICC Materials
- Notice of Designation of Longer Period for Commission Action on Proposed Rule Change to Establish a New Collateral-in-Lieu Offering Within the Sponsored GC Service, and Expand the Sponsored GC Service to Allow a Sponsoring Member to Submit for Clearing a “Done-Away” Sponsored GC Trade (Sept. 30, 2025)
- Notice of Filing of Proposed Rule Change to Modify the GSD Rulebook Relating to a New Service Offering Called the ACS Triparty Service (Sept. 30, 2025)
- Order Approving Proposed Rule Change to Adopt an Intraday Mark-to-Market Charge at GSD (Sept. 25, 2025)
- Notice of Filing of Amendment No. 1, and Order Instituting Proceedings to Determine Whether to Approve or Disapprove a Proposed Rule Change, as Modified by Amendment No. 1, to Modify the GSD Rulebook Relating to Default Management and Porting with Respect to Indirect Participant Activity (Sept. 23, 2025)
- Notice of Filing of Proposed Rule Change to Establish a New Collateral-in-Lieu Offering Within the Sponsored GC Service, and Expand the Sponsored GC Service to Allow a Sponsoring Member to Submit for Clearing a “Done-Away” Sponsored GC Trade (Sept. 15, 2025)
- Notice of Filing of Proposed Rule Change to Modify the GSD Rulebook Relating to Default Management and Porting with Respect to Indirect Participant Activity (Jun. 23, 2025)
- Notice of Filing of Proposed Rule Change to Adopt an Intraday Mark-to-Market Charge at GSD (Mar. 27, 2025)
- Notice of Filing of Proposed Rule Change to Modify the GSD Rules Relating to the Adoption of a Trade Submission Requirement (Dec. 17, 2024, Withdrawn Feb. 26, 2025)
- Order Approving Proposed Rule Change, as Modified by Partial Amendment No. 1, to Modify the GSD Rules (i) Regarding the Separate Calculation, Collection and Holding of Margin for Proprietary Transactions and That for Indirect Participant Transactions, and (ii) To Address the Conditions of Note H to Rule 15c3-3a (Nov. 27, 2024)
- Order Approving a Proposed Rule Change, as Modified by Partial Amendment No. 1, to Modify the GSD Rules to Facilitate Access to Clearance and Settlement of All Eligible Secondary Market Transactions in U.S. Treasury Securities (Nov. 27, 2024)
- Notice of Filing of Partial Amendment No. 1 to Proposed Rule Change to Modify the GSD Rules (i) Regarding the Separate Calculation, Collection and Holding of Margin for Proprietary Transactions and That for Indirect Participant Transactions, and (ii) to Address the Conditions of Note H to Rule 15c3-3a (Oct. 28, 2024)
- Letter from Laura Kimpel, Managing Director, DTCC, to SEC to comment on Order Instituting Proceedings to Determine Whether to Approve or Disapprove a Proposed Rule Change to Amend the Clearing Agency Risk Management Framework and Order Instituting Proceedings to Determine Whether to Approve or Disapprove a Proposed Rule Change to Modify the GSD Rules (i) Regarding the Separate Calculation, Collection and Holding of Margin for Proprietary Transactions and That for Indirect Participant Transactions, and (ii) to Address the Conditions of Note H to Rule 15c3-3a (Aug. 1, 2024)
- Notice of Filing of Proposed Rule Change To Modify the GSD Rules (i) Regarding the Separate Calculation, Collection and Holding of Margin for Proprietary Transactions and That for Indirect Participant Transactions, and (ii) To Address the Conditions of Note H to Rule 15c3-3a (Mar. 28, 2024)
- Notice of Filing of Proposed Rule Change, as Modified by Partial Amendment No. 1, to Modify the GSD Rules to Facilitate Access to Clearance and Settlement Services of All Eligible Secondary Market Transactions in U.S. Treasury Securities (Mar. 27, 2024)
CME Materials
- Order Granting an Application for Registration as a Clearing Agency under Section 17A of the Securities Exchange Act of 1934 (Dec. 1, 2025)
- Notice of Designation of a Longer Period for Commission Action on Proceedings to Determine Whether to Grant or Deny an Application for Registration as a Clearing Agency Under Section 17A of the Securities Exchange Act of 1934 (Jul. 24, 2025)
- Letter from Jonathan Marcus, Senior Managing Director and General Counsel, CME Group, Inc., to SEC in Response to Comments Received on CMESC’s Application for Registration as a Clearing Agency Under Section 17A of the Exchange Act (May 27, 2025)
- Order Instituting Proceedings to Determine Whether to Grant or Deny an Application for Registration as a Clearing Agency Under Section 17A of the Securities Exchange Act of 1934 (Apr. 24, 2025)
- Notice of Filing of an Application for Registration as a Clearing Agency Under Section 17A of the Securities Exchange Act of 1934 (Jan. 22, 2025)
- CME Securities Clearing, Inc. – Form CA-1 Application and Exhibits (Jan. 15, 2025)
ICE Materials
- Order Instituting Proceedings to Determine Whether to Grant or Deny an Application for Registration as a Clearing Agency under Section 17A of the Securities Exchange Act of 1934 (Nov. 21, 2025)
- Notice of Filing of an Application for Registration as a Clearing Agency Under Section 17A of Securities Exchange Act of 1934 (Aug. 21, 2025)
- ICE Clear Credit LLC – Form CA-1 Application and Exhibits (Aug. 18, 2025)