Calls grow for dealers to unbundle US Treasury clearing

SEC’s Gensler and NY Fed’s Neal turn up pressure on dealers to clear ‘done away’ trades

Gary Gensler
Photo: SEC

Securities and Exchange Commission chairman Gary Gensler has joined growing calls to unbundle client clearing and execution services for US Treasury securities.

New rules adopted by the SEC last December will require most US Treasury cash trades to be centrally cleared from the end of next year, with repos following suit in June 2026. 

Currently, most buy-side firms rely on dealers to submit trades to the Fixed Income Clearing Corporation, which has a monopoly on US Treasury clearing. The problem

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