BNY to launch ‘done away’ UST and repo clearing service
Service aims to offer collateral efficiencies for tri-party repo, and create much needed clearing capacity
BNY is preparing to launch an unbundled US Treasury cash and repo clearing service in 2025, which it says can offer cost savings for tri-party repo trades, and ease a looming capacity crunch when clearing mandates go live.
Mandatory interdealer cash Treasury clearing is to start by the end of 2025, and repo clearing for most market participants slated to begin by June 30, 2026. But concerns are
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