FICC takes flak over Treasury clearing proposal

Latest plans would still allow members to bundle clearing and execution – and would fail to boost clearing capacity, critics say

Ficc-clearing-execution montage

A proposal to overhaul the way investors access the services of the sole central counterparty for US Treasuries will do little to increase clearing capacity as dealers will still be allowed to bundle their clearing and execution services, say market participants.

“We and a lot of other people were pushing to decouple access to clearing and executing counterparty as part of this change. They did not do that,” says a regulatory executive at a market-making firm.

The Fixed Income Clearing Corporation

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