The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, announced that its Fixed Income Clearing Corporation (FICC) subsidiary has formally submitted a proposed rule change filing to the SEC to offer the ACS Triparty Service within its existing Agent Clearing Service (ACS) offering. The proposed service would provide FICC cleared triparty repo capabilities to Agent Clearing Members and their Executing Firm Customers. A public comment period on the proposal, as detailed in the filing, will begin once it is published in the Federal Register.

As an expansion of FICC’s triparty repo offerings, the proposed ACS Triparty Service would enable an Agent Clearing Member to submit for clearing eligible triparty repo transactions executed between its Executing Firm Customer and either the Agent Clearing Member itself (“Done-with”), or another Government Securities Division (GSD) Netting Member or its client (“Done-away”).

The proposed ACS Triparty service has been developed to facilitate greater access to central clearing, ultimately enabling increased capacity and liquidity in the market. At the same time, the service would provide unique benefits to Agent Clearing Members, including the potential for enhanced margin efficiency, reduced capital requirements and balance sheet relief. The proposed service would also aid in mitigating risks in default and stress scenarios by lowering the potential for liquidity drain as well as market disruption from fire sales that may occur in such a scenario.

“FICC has been keenly focused on leading the industry towards a successful implementation of the SEC’s expanded U.S. Treasury clearing rules in 2026 for cash transactions and 2027 for repo transactions,” stated Laura Klimpel, Managing Director, Head of DTCC’s Fixed Income and Financing Solutions. “We have worked tirelessly to further enhance our services and deliver new access models to ensure we offer solutions that meet needs across firms, across cash and repo, and done-with and done-away transactions. The proposed ACS Triparty Service, along with the recently filed Collateral In Lieu offering, demonstrate FICC’s commitment to meeting the needs of our clients.”

The ACS Triparty service would be offered by FICC leveraging BNY’s tri-party infrastructure to support collateral management and settlement of the cleared triparty repo trades, with both “done-away” and “done-with” styles of trade execution to be supported in the service.

“The introduction of FICC’s Agent Clearing Service underscores our commitment to empowering U.S. Treasury market participants with more capital- and margin-efficient triparty repo capabilities, including those that satisfy the SEC’s central clearing mandate,” said Nate Wuerffel, BNY’s Global Head of Market Structure and Product Leader for the Global Collateral Platform. “By leveraging the scale and connectivity of BNY’s Global Collateral Platform—the largest Treasury tri-party repo settlement network—this new service complements our existing suite of centrally cleared repo solutions, streamlining access to central clearing and driving greater operational efficiency across the market.”

FICC aims to launch the ACS Triparty Service in December 2025, subject to regulatory approval of the filing.

Source: DTCC