SEC leadership change puts Treasuries mandate under scrutiny

FICC clearing models approved, but critics think delay could revive prospects of done-away trading

In one of the last decisions before Gary Gensler stands down as chair in January, the US Securities and Exchange Commission has approved additional clearing models designed by the Fixed Income Clearing Corporation. These proposals are intended to facilitate greater access to central clearing before the end-2025 introduction of the SEC’s clearing mandate for US Treasuries cash and repo transactions.

However, critics of the service provided by FICC, which is currently the sole central counterparty