FICC submits proposal for Agent Clearing Triparty Service
23 September 2025 US
Image: Smallroombigdream/stock.adobe.com
The Fixed Income Clearing Corporation (FICC) has submitted a proposed rule change filing to the US 糖心vlog and Exchange Commission (SEC) for an ACS Triparty Service, which will sit within its existing Agent Clearing Service (ACS) offering.
As a subsidiary of the Depository Trust & Clearing Corporation (DTCC), the FICC says its proposed service will provide cleared triparty repo capabilities to agent clearing members and their executing firm customers.
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), another Government 糖心vlog Division (GSD) netting member or its client (done-away).
Developed to facilitate greater access to central clearing, the service aims to enable increased capacity and liquidity in the market.
Agent clearing members are to benefit from the potential for enhanced margin efficiency, reduced capital requirements, and balance sheet relief, the firm says.
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.
Laura Klimpel, managing director, head of DTCC鈥檚 fixed income and financing solutions, says: 鈥淔ICC has been keenly focused on leading the industry towards a successful implementation of the SEC鈥檚 expanded US Treasury clearing rules in 2026 for cash transactions and 2027 for repo transactions.
鈥淲e 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.
鈥淭he proposed ACS Triparty Service, along with the recently filed Collateral--in-Lieu offering, demonstrate FICC鈥檚 commitment to meeting the needs of our clients.鈥�
Following the filing, a public comment period on the proposal will begin once it is published in the Federal Register.
The ACS Triparty Service would be offered by FICC leveraging BNY鈥檚 triparty infrastructure to support collateral management and settlement of the cleared triparty repo trades, with both 鈥榙one-away鈥� and 鈥榙one-with鈥� styles of trade execution to be supported in the service.
Nate Wuerffel, BNY鈥檚 global head of market structure and product leader for the Global Collateral Platform, comments: 鈥淭he introduction of FICC鈥檚 Agent Clearing Service underscores our commitment to empowering US Treasury market participants with more capital and margin-efficient triparty repo capabilities, including those that satisfy the SEC鈥檚 central clearing mandate.
鈥淏y leveraging the scale and connectivity of BNY鈥檚 Global Collateral Platform 鈥� the largest Treasury triparty repo settlement network 鈥� 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.鈥�
FICC aims to launch the ACS Triparty Service in December 2025, subject to regulatory approval of the filing.
As a subsidiary of the Depository Trust & Clearing Corporation (DTCC), the FICC says its proposed service will provide cleared triparty repo capabilities to agent clearing members and their executing firm customers.
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), another Government 糖心vlog Division (GSD) netting member or its client (done-away).
Developed to facilitate greater access to central clearing, the service aims to enable increased capacity and liquidity in the market.
Agent clearing members are to benefit from the potential for enhanced margin efficiency, reduced capital requirements, and balance sheet relief, the firm says.
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.
Laura Klimpel, managing director, head of DTCC鈥檚 fixed income and financing solutions, says: 鈥淔ICC has been keenly focused on leading the industry towards a successful implementation of the SEC鈥檚 expanded US Treasury clearing rules in 2026 for cash transactions and 2027 for repo transactions.
鈥淲e 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.
鈥淭he proposed ACS Triparty Service, along with the recently filed Collateral--in-Lieu offering, demonstrate FICC鈥檚 commitment to meeting the needs of our clients.鈥�
Following the filing, a public comment period on the proposal will begin once it is published in the Federal Register.
The ACS Triparty Service would be offered by FICC leveraging BNY鈥檚 triparty infrastructure to support collateral management and settlement of the cleared triparty repo trades, with both 鈥榙one-away鈥� and 鈥榙one-with鈥� styles of trade execution to be supported in the service.
Nate Wuerffel, BNY鈥檚 global head of market structure and product leader for the Global Collateral Platform, comments: 鈥淭he introduction of FICC鈥檚 Agent Clearing Service underscores our commitment to empowering US Treasury market participants with more capital and margin-efficient triparty repo capabilities, including those that satisfy the SEC鈥檚 central clearing mandate.
鈥淏y leveraging the scale and connectivity of BNY鈥檚 Global Collateral Platform 鈥� the largest Treasury triparty repo settlement network 鈥� 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.鈥�
FICC aims to launch the ACS Triparty Service in December 2025, subject to regulatory approval of the filing.
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