DTCC Receives SEC Approval for Cleared Triparty Repo Service

• DTCC said the SEC approved its ACS Triparty Service, enabling cleared triparty repo trades within FICC’s Agent Clearing Service.
• The service uses BNY’s collateral infrastructure to boost margin efficiency, lower capital needs, and support balance sheet relief.
• The launch comes ahead of new SEC Treasury clearing rules, as FICC reports record repo and government securities volumes.

The Depository Trust & Clearing Corporation (DTCC) announced it received SEC approval to offer the ACS Triparty Service within FICC’s existing Agent Clearing Service (ACS). The approval allows cleared triparty repo capabilities for Agent Clearing Members and their executing firm customers. The service leverages BNY’s global collateral infrastructure to support both “done-with” and “done-away” trades.

FICC’s ACS Triparty Service enables clearing of eligible triparty repo transactions executed between executing firm customers and either the Agent Clearing Member itself or another Government Securities Division (GSD) Netting Member or its client.

The service uses BNY’s infrastructure to facilitate real-time settlement and operational efficiency. The initiative was first submitted to the SEC in September 2025. This development aligns with upcoming SEC rules expanding U.S. Treasury clearing, effective December 2026 for cash and June 2027 for repo transactions.

The service provides benefits including enhanced margin efficiency, reduced capital requirements, and balance sheet relief, supporting clearing members in adapting to regulatory changes.

In addition to the ACS launch, FICC reported record trading activity in its GSD. On December 1, 2025, total volume reached $13.2 trillion, while buyside activity across Sponsored and Agent Clearing Services hit $3.1 trillion on December 31, 2025. These milestones indicate sustained engagement in cleared securities and triparty repo markets.

The ACS Triparty Service is positioned to expand access to central clearing, particularly as firms prepare for regulatory changes in U.S. Treasury markets. By integrating BNY’s collateral infrastructure, DTCC aims to support operational efficiency for executing firms and clearing members.