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SIFMA Publishes Done-Away Treasury Clearing Agreement Ahead of SEC Mandate

Steven Lofchie Commentary by Steven Lofchie
"The agreements published today will help the development of the done-away Treasury market, which will be vital to ensuring a successful transition as the new clearing rules go into effect."
Robert Toomey, SIFMA Head of Capital Markets/Managing Director and Associate General Counsel
"The agreements published today will help the development of the done-away Treasury market, which will be vital to ensuring a successful transition as the new clearing rules go into effect."
Robert Toomey, SIFMA Head of Capital Markets/Managing Director and Associate General Counsel

SIFMA and its Asset Management Group published a new master agreement and schedule for "done-away" U.S. Treasury securities clearing to provide market participants with standardized documentation ahead of the SEC's central clearing mandate.

Done-away clearing involves trades executed with a third-party broker but cleared through a firm's separate, designated clearing provider, distinct from the "done-with" model in which the executing broker also clears the trade. SIFMA issued a done-with master agreement in 2024 and updated it in 2026; most centrally cleared Treasury transactions use that model.

SIFMA said the agreement resulted from 18 months of work by a cross-section of broker-dealers and asset managers and served as a starting point for individual negotiations between clearing members and their customers.

SIFMA said the done-away model could enhance liquidity and price competition by allowing trading across multiple brokers while consolidating clearing through a single clearing agent to improve margin efficiency and reduce legal complexity.

 

Primary Sources

  1. Modules for the 2026 SIFMA Master Treasury Securities Clearing Agreement: Done-Away

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    Steven Lofchie Bradley P. Ziff Commentary by Steven Lofchie and Bradley P. Ziff

Tags

Regulated Activities
Central Clearing Contract Terms
Regulated Entities
Broker-Dealers Clearing Orgs.
Regulated Products
US Government Securities
Body of Law
Contracts Securities Law
Jurisdiction
US - Federal
Organization
SEC