SIFMA, BNY, Broadridge, and The Depository Trust & Clearing Corporation (DTCC), in collaboration with The ValueExchange, today released key findings from the “U.S. Treasury Central Clearing Pulse Survey,” which draws upon key insights and feedback from 340 experts worldwide. The survey, conducted in June 2026 by The ValueExchange, was designed to provide insight into industry preparedness for the December 31, 2026 cash implementation deadline and the June 30, 2027 deadline for eligible Treasury repo transactions.    The survey suggests the industry is positioned well for the cash implementation but there remains considerable work to do as the industry prepares for the repo deadline. Survey respondents include buy-side (45%) and sell-side (46%) firms, custodians and CCAs in the U.S., Europe, and Asia. A similar survey was conducted in 2025.   The main findings capture an industry moving firmly from preparation into execution, while also highlighting where readiness, cost and implementation challenges remain: * 86% of respondents are at least somewhat confident of meeting the overall mandate.  * Within that 86%, 44% of firms are “very confident” of meeting the deadline, with 13% "not confident" for cash and 16% for repo.  * 87% of buy-side firms and 84% of sell-side firms are in execution mode for repo trades. * More than half of respondents now have funded repo-clearing projects underway (up from 38% in 2025).  * Of those programs that are delayed, 88% cite legal/contract negotiation as the cause, and 44% now call contract negotiation "very challenging." * 45% of firms say they still need more regulatory clarity to progress their readiness. * 67% of respondents are seeing delays caused by technology integration issues. * 50% expect ongoing costs to rise.  "The survey shows broad industry readiness for the cash go-live date in December, while also demonstrating that significant hurdles remain for us to navigate between now and the June repo deadline," said Steve Byron, Managing Director and Head of Technology, Operations, and Business Continuity at SIFMA. "As firms move into the final stretch before the cash implementation deadline, the operational and documentation work underway across the industry is substantial, and getting it right matters given the central role U.S. Treasuries play in the global financial system. SIFMA remains committed to supporting our members through this transition, including through the standardized documentation and implementation guides we've made available to market participants. With the December 31 deadline now just months away, we look forward to continuing to work alongside the industry to ensure a smooth and successful transition in this critical market."   U.S. Treasury Clearing is still a North American topic, with lower levels of preparations overseas, according to survey responses: * While North America respondents have moved furthest into delivery, 53% of respondents from Europe remain concentrated in scoping and 20% are engaged in no activity.  * In Asia-Pacific, 51% have not undertaken any activity, and 25% are still scoping.  The costs of mandatory clearing are still being estimated: Ongoing costs are substantially less understood than implementation spend. Firms are still working to fully understand the economics of the operating model they are building.  * 57% of respondents still have not quantified the ongoing cost impact of mandatory clearing.  * 24% have identified an expected cost increase, while 19% expect no change or a reduction in costs.  * Margin costs are expected to rise 37% on average.  * 64% expect their one-off implementation costs to remain below $5 million. * Among firms planning to use FICC’s Collateral in Lieu (CIL), 96% expect it to make central clearing cheaper. 71% of buy side firms plan to use CIL before the repo clearing deadline. “The industry has made real progress toward central clearing, with firms gaining a clearer understanding of what compliance requires and how to compete and grow in a more complex Treasury market structure,” said Nate Wuerffel, Head of Market Structure and Head of Product for the Global Collateral Platform at BNY. “As the deadlines approach, firms need to stay focused and keep implementation moving. Clearing readiness is not just about meeting the SEC mandate – it is essential to maintaining access to the U.S. Treasury market, the deepest and most liquid government bond market in the world.”   Model choice is about operations and cost: The main driver of clearing model choice is operational capability for a third of respondents, while margin requirements have fallen sharply in importance and cost considerations have increased.  * 67% of buy side firms plan to use FICC’s Sponsored models, but the majority are using multiple models.  * 74% of sell side firms will use direct clearing.    “FICC has remained committed to helping firms prepare for the impacts of the U.S. Treasury clearing mandate for several years, providing new access models, insightful calculator tools, and on-going education to promote readiness. We are pleased to see that many firms are progressing towards readiness but recognize that more work remains, especially as it relates to the repo implementation,” said Laura Klimpel, Managing Director, Head of DTCC’s Fixed Income and Financing Solutions. “With much of the industry coalescing around FICC’s offerings in the lead-up to the cash and repo deadlines, our focus remains on working closely with our clients to address open items and to ensure a smooth transition to central clearing.”   Clarity remains a key barrier to readiness: The findings also highlight the need for further regulatory clarity and system changes to support mandatory clearing: * 72% of firms need more clarity on key rules to be ready.   * Firms finding regulatory clarity very challenging have risen from 29% to 45%. * Technology builds are causing delays for 74% of sell-side firms. 88% of delayed buy-side programs cite legal and account documentation, making this their dominant constraint.   Deadlines approach: Q4 is a critical window for project delivery.  * Up to 59% of project activity will complete after the cash deadline. * 51% of firms have no formal contingency plan for missed readiness.   “The survey shows the industry is moving in the right direction, but the next phase will be defined by disciplined execution,” said Ami Vora, Vice President, Product Management, Broadridge. “Organizations should prioritize technology readiness, operational resiliency, testing and clear fallback plans including stronger contingency planning. Taking these steps now will be critical to supporting a smooth transition to mandatory U.S. Treasury central clearing.”   Survey results are available at the following link:  https://www.sifma.org/research/white-papers/us-treasury-central-clearing-pulse-survey

Got an empty house in London, want to co-create a residency? The sale of our London house just fell through. We're now on a painful default mortgage rate, and it’s sitting empty. A four-bedroom home,...

SIFMA, BNY, Broadridge and The Depository Trust & Clearing Corporation (DTCC), in collaboration with The ValueExchange, today released key findings from their “U.S. Treasury Central Clearing Pulse Survey”, which draws upon key insights and feedback from 330 global market participants. The survey, conducted by The ValueExchange, was designed to provide an update on where the industry stands with a little over twelve months to meet the cash implementation deadline. Survey respondents include buy-side and sell-side firms, custodians and CCAs in the U.S., Europe, and Asia. The main findings are net positive from a U.S. domestic readiness perspective: * 71% of U.S. respondents state they are “very familiar” with the changes, and a further 25% state they are “somewhat familiar.” * Additional findings from the U.S. perspective reveal further clarity is needed relating to inter-affiliate flows and with respect to the final rules for the new CCAs. * The survey also highlights that if these and other issues aren’t resolved by early 2026, firms' ability to build and be ready on time may be impacted. *   * While awareness is high in North America, familiarity elsewhere remains limited. Only 27% of European respondents describe themselves as “very familiar” with the rule changes and 18% state they are “not familiar at all.” APAC respondents state they are “somewhat familiar,” highlighting the need for further education. * Despite the forthcoming deadline, there is limited active project work. Buy-side firms remain behind the curve, with 77% of organizations still in the research stage. Europe and Asia firms trail the U.S. in their preparations for central clearing, with 82% of respondents from Europe and 80% of respondents from Asia reporting they have not progressed beyond scoping. *   * 54% of firms are very confident they will be ready by the cash deadline, while 40% of firms are very confident they will be ready by the repo deadline. Also, 45% feel that they need clear rules and more detail on models by the end of 2025 to stay on track. * Regulatory direction is identified as the single most important dependency in project planning. As the report highlights, “bottlenecks will not shift without regulatory clarity.” * 38% of firms expect U.S. Treasury Clearing to increase margins by over 25%, while 55% of respondents anticipate an increase in regulatory capital costs. * Two-thirds of firms indicate that they will decide whether to pass these additional costs to clients through bilateral negotiation. Key operational impacts identified by respondents included contract repapering (cited by 55% of firms) and back-office changes (cited by 66% of firms). * For buy-side firms, this impact is concentrated at the repo desk, whereas for sell-side firms, it affects the entire organization including systems, IT, settlement and compliance. * 29% of buy-side firms do not expect to complete preparations before the end of 2027. * Most firms expect that operational and technology workloads will be the last to complete, indicating a heavy lift is still ahead across systems and integration layers. Clarity remains a key barrier to readiness: The findings also highlight the need for further regulatory clarity and system changes to support mandatory clearing: “Firms are making meaningful progress, but as the survey highlights, success requires diving into the details to get this right,” said Nate Wuerffel, Global Head of Market Structure and Product Leader for the Global Collateral Platform at BNY. “The urgency is clear – not just to meet compliance deadlines, but for participants to strategically position themselves for success in a rapidly evolving market structure. Those who engage early can gain a strong competitive edge and emerge as leaders, turning a regulatory mandate into opportunities for growth.” Costs mount as clearing expands: Respondents report that U.S. Treasury central clearing is expected to have a negative impact on operating and Treasury costs: "FICC remains focused on providing optimal clearing services that meet the needs of all firms that are impacted by the expanded U.S. Treasury clearing requirements,” said Laura Klimpel, Managing Director, Head of DTCC’s Fixed Income and Financing Solutions. “These findings illustrate the need for firms to advance preparations as soon as possible, and we stand ready to lead the industry with education, access models and solutions that enable compliance." Deadlines approach as firms race to complete: The implementation timeline remains a central challenge: "Driving transformation across long established clearing workflows requires a disciplined and coordinated effort across firms,” said Quentin Limouzi, Global Head of Post Trade, Broadridge. “With the deadlines fast approaching, firms have little time to move from planning to execution. We’re working closely with clients to help them meet these milestones— accelerating automation, innovating operational and technology workflows, and ensuring seamless integration with their clearing venues.” “We are encouraged by the findings of this survey as it relates to U.S. firm readiness,” said Steve Byron, Managing Director and Head of Technology, Operations, and Business Continuity at SIFMA. “The move to centralized Treasury clearing is a complex and significant lift for our member firms. Given the key role that U.S. Treasuries play within the global markets, ensuring global awareness of the implementation process is critically important. SIFMA continues to build out resources for our members, such as standardized documentation and implementation guides, which are available to assist all market participants. As we approach the one-year countdown to cash implementation, we look forward to continuing to assist the industry as we all work toward a successful transition in this important market.” U.S. Treasury Clearing is still a North American topic, with lower levels of understanding overseas, according to survey responses:  

How DLT is Transforming Capital Markets Today Discover how real-world adoption is creating new revenues, deeper liquidity, and live ecosystems. ISSA has collaborated with The ValueExchange, with the…

SIFMA, BNY, Broadridge, and The Depository Trust & Clearing Corporation (DTCC), in partnership with The ValueExchange, have published the results of the “U.S. Treasury Central Clearing Pulse Survey.” ...

Smartstream, the trusted data solutions provider for leading global financial institutions and enterprises, today announces a new paper which marks the conclusion of a four-part series in partnership with The ValueExchange – it examines the structural pressures reshaping the asset servicing industry. Titled ‘The Case for Transformation’, the report argues that incremental fixes are no [...]