SEC grants Treasury clearing relief for certain repo transactions

The move comes against the backdrop of the SEC’s Treasury clearing framework, adopted on Dec. 13, 2023, which requires covered clearing agencies to establish and enforce rules requiring direct participants to submit eligible secondary-market Treasury transactions for central clearing. The framework also covers eligible Treasury repo and reverse-repo transactions involving direct participants, subject to exemptions, rather than requiring every Treasury transaction to be centrally cleared. The SEC previously extended the compliance deadlines on Feb. 25, 2025, moving the cash-market deadline to Dec. 31, 2026, and the repo deadline to June 30, 2027, according to the implementation materials supplied. That timeline means the agency’s latest exemptive relief arrives while market participants continue preparing operationally for the new clearing regime.

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