Federal Reserve Bank of New York President John Williams indicated that the central clearing of U.S. Treasury securities is advancing more quickly than anticipated. This positive outlook is supported by recent industry surveys and substantial growth in voluntary clearing volumes, which are now three times higher than when the Securities and Exchange Commission (SEC) first proposed the mandatory clearing rule in 2022.
The DTCC's Fixed Income Clearing Corporation (FICC) has seen daily Treasury activity cleared through its platform reach a record $13.2 trillion in early December 2025. Additionally, $1.2 trillion in daily Treasury cash activity is already centrally cleared by FICC, with an estimated $300-$400 billion remaining to be cleared ahead of the December 31, 2026 cash clearing deadline. Most of the industry, specifically 79% of GSD Netting Member respondents, already have the necessary FICC account setups in place, and nearly 100% of those requiring an account have either established one or are in the onboarding process.
According to a SIFMA survey conducted in June 2026, 86% of respondents are at least somewhat confident in meeting the overall mandate, with 44% being "very confident." For repo trades, 87% of buy-side firms and 84% of sell-side firms are in execution mode for the June 30, 2027 deadline. However, challenges remain, with 88% of delayed programs citing legal/contract negotiation as the cause, and 67% of respondents experiencing technology integration delays. Furthermore, 50% expect ongoing costs to rise, and margin costs are projected to increase by 37% on average.
