SIFMA, DTCC See Readiness for Treasury Cash Clearing, Lagging Repo Prep

A survey by SIFMA, DTCC, BNY, and Broadridge Financial Solutions found that most firms are confident they will meet the SEC's December 31, 2026, deadline to centrally clear eligible Treasury cash transactions. Significant work and regulatory uncertainty remain ahead of the June 30, 2027, repo deadline. The survey was released September 22, 2026, and fielded in June 2026, drawing 340 responses.

The "U.S. Treasury Central Clearing Pulse Survey," conducted by The ValueExchange with SIFMA, DTCC, BNY, and Broadridge, assessed industry readiness for the SEC's Treasury clearing rules (see prior coverage).

The survey found that (i) 86 percent of respondents are at least somewhat confident they will meet the overall mandate, though only 44 percent are "very confident," with 13 percent unconfident about the cash deadline and 16 percent unconfident about the repo deadline; (ii) 87 percent of buy-side and 84 percent of sell-side firms are in execution mode for repo trades, with over half reporting funded repo-clearing projects underway, up from 38 percent in 2025; and (iii) among firms reporting delivery delays, 88 percent of buy-side respondents pointed to legal and account documentation, while 74 percent of sell-side respondents pointed to technology build and integration.

Cost estimation and regulatory clarity remain major hurdles. Fifty-seven percent of firms have not yet quantified the ongoing cost impact of mandatory clearing, though half expect costs to rise, with margin costs projected to increase 37 percent on average. Seventy-two percent said they need more clarity on key rules to be ready, and the share finding regulatory clarity "very challenging" rose from 29 percent to 45 percent year-over-year. Fifty-one percent of firms have no formal contingency plan for missed readiness deadlines.

On operating model choice, operational capability was the main driver for a third of respondents. Sixty-seven percent of buy-side firms plan to use the Fixed Income Clearing Corporation's sponsored models, while 74 percent of sell-side firms will use direct clearing.