DTCC wins SEC nod for new cleared triparty repo service

DTCC has received approval from the US Securities and Exchange Commission for a new cleared triparty repo service within Fixed Income Clearing Corporation's Agent Clearing Service.

The company said Fixed Income Clearing Corporation, known as FICC, can now offer an Agent Clearing Service Triparty Service to Agent Clearing Members and their Executing Firm Customers. The service runs on BNY's Global Collateral platform.

Triparty repo is a form of repurchase agreement where a third-party agent manages collateral allocation and settlement. Central clearing routes trades through a clearing house, which becomes the buyer to every seller and the seller to every buyer. Market participants have focused on triparty activity as regulators press for broader clearing in US Treasuries.

How it works

FICC said Agent Clearing Members can submit eligible triparty repo transactions for clearing when their Executing Firm Customers execute trades either with the Agent Clearing Member or with another Government Securities Division Netting Member or its client.

FICC described the two trading arrangements as "done-with" and "done-away". In a "done-with" trade, the Executing Firm Customer transacts with its Agent Clearing Member. In a "done-away" trade, the Executing Firm Customer transacts with another Government Securities Division Netting Member or that member's client.

The service uses BNY's Global Collateral infrastructure. FICC mentioned this infrastructure supports both "done-with" and "done-away" cleared triparty repo trades.

Regulatory backdrop

The new service arrives as the industry prepares for expanded US Treasury clearing requirements. DTCC noted that the SEC's expanded US Treasury clearing rules take effect in December 2026 for cash transactions and June 2027 for repo transactions.

DTCC stated the new triparty offering targets broader access to central clearing. It also set out a list of expected effects for Agent Clearing Members.

DTCC said the service "will provide unique benefits to Agent Clearing Members, including the potential for enhanced margin efficiency, reduced capital requirements and balance sheet relief."

Rising volumes

FICC also reported new volume peaks in its Government Securities Division. DTCC disclosed that the division reached an overall peak volume of $13.2T on December 1, 2025.

DTCC also mentioned FICC reached a peak in buy-side activity of $3.1T on December 31, 2025. The figure covered activity across its Sponsored and Agent Clearing Services.

The Government Securities Division clears and nets transactions in US government securities, including Treasury securities. FICC operates as a central counterparty in this market. Sponsored and agent clearing models broaden access to central clearing for firms that do not clear directly.

BNY platform

BNY provides collateral management services to market participants, including in triparty repo. DTCC disclosed that the cleared triparty service will operate by leveraging BNY's Global Collateral infrastructure.

BNY said it had USD $57.8 trillion in assets under custody and or administration and USD $2.1 trillion in assets under management as of September 30, 2025. The company acts as a custodian bank for financial institutions and asset managers, and provides related market infrastructure services.

DTCC described itself as a post-trade market infrastructure provider. Its subsidiaries processed securities transactions valued at USD $3.7 quadrillion in 2024, and its depository subsidiary provided custody and asset servicing for securities issues valued at USD $99 trillion.

The company said FICC filed rule changes with the SEC in September 2025 for the service. It noted the SEC has now approved the changes, which allow FICC to offer the triparty service within its existing agent clearing framework.

ACS Triparty Service offered by FICC leveraged BNY (NYSE: BK), a global financial services company, Global Collateral infrastructure to support both "done-with" and "done-away" cleared triparty repo trades.

DTCC said the new service sits alongside existing sponsored and agent clearing options in the Government Securities Division as market participants position for the upcoming phases of the SEC's Treasury clearing rules.