DTCC receives approval for new agent clearing service
07 January 2026 US
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The Depository Trust & Clearing Corporation (DTCC) has received approval to launch its new Agent Clearing (ACS) Triparty Service on BNY’s Global Collateral Platform.
Approval from the US Securities and Exchange Commission (SEC) enables the firm to offer the service within its existing Fixed Income Clearing Corporation’s (FICC’s) ACS offering.
The news comes shortly after the FICC submitted its proposal for the service in September 2025, and follows the recent launch of its Collateral-in-Lieu service which will also be available via BNY’s Global Collateral Platform.
With this SEC approval, FICC can now offer cleared triparty repo capabilities to agent clearing members and their executing firm customers.
Specifically, FICC’s agent clearing members will be able to submit for clearing eligible triparty repo transactions executed between their executing firm customers and either the agent clearing member itself (done-with), or another Government Securities Division (GSD) Netting Member or its client (done-away).
BNY’s Global Collateral infrastructure will work to support both done-with and done-away cleared triparty repo trades for the new service.
According to the DTCC, the new offering was developed to enable greater access to central clearing as the industry prepares for the SEC’s expanded US Treasury clearing rules, which take effect in December 2026 for cash and June 2027 for repo transactions.
The service will provide benefits to agent clearing members, including the potential for enhanced margin efficiency, reduced capital requirements, and balance sheet relief.
FICC also announced that its GSD reached a new overall peak volume of US$13.2 trillion on 1 December 2025, and on 31 December 2025, reached a new peak volume in buy side activity of US$3.1 trillion across its Sponsored and Agent Clearing Services.
Approval from the US Securities and Exchange Commission (SEC) enables the firm to offer the service within its existing Fixed Income Clearing Corporation’s (FICC’s) ACS offering.
The news comes shortly after the FICC submitted its proposal for the service in September 2025, and follows the recent launch of its Collateral-in-Lieu service which will also be available via BNY’s Global Collateral Platform.
With this SEC approval, FICC can now offer cleared triparty repo capabilities to agent clearing members and their executing firm customers.
Specifically, FICC’s agent clearing members will be able to submit for clearing eligible triparty repo transactions executed between their executing firm customers and either the agent clearing member itself (done-with), or another Government Securities Division (GSD) Netting Member or its client (done-away).
BNY’s Global Collateral infrastructure will work to support both done-with and done-away cleared triparty repo trades for the new service.
According to the DTCC, the new offering was developed to enable greater access to central clearing as the industry prepares for the SEC’s expanded US Treasury clearing rules, which take effect in December 2026 for cash and June 2027 for repo transactions.
The service will provide benefits to agent clearing members, including the potential for enhanced margin efficiency, reduced capital requirements, and balance sheet relief.
FICC also announced that its GSD reached a new overall peak volume of US$13.2 trillion on 1 December 2025, and on 31 December 2025, reached a new peak volume in buy side activity of US$3.1 trillion across its Sponsored and Agent Clearing Services.
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