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U.S. SECURITIES AND EXCHANGE COMMISSION·RULE 17AD‑22(E)(18)

USTC Insights

AKONCEPT's ongoing coverage of the SEC's U.S. Treasury Clearing Mandate — the latest developments, the reference guide, two interactive eligibility tools, and answers to common questions, all in one place.

Adopted Dec 13, 2023 Compliance dates extended Feb 25, 2025 Reference 17 CFR 240.17ad‑22(e)(18)
Latest Updates

Where the phase‑in stands today

  • FICC access & rulebook changes — compliance date passed Sep 30, 2025
  • Phase 1 — cash clearing begins Dec 31, 2026
  • Phase 2 — repo & reverse repo clearing begins Jun 30, 2027
Full compliance roadmap
—
days to Phase 1
(cash)
—
days to Phase 2
(repo)

Measured live from today's date.

Still on the Docket

Two items still moving through comment

With the December 31, 2026 cash‑clearing deadline inside the next four months, the SEC's latest update shows real progress — and two exemptive relief requests still working through comment. Status as of August 31, 2026.

"Still on the docket" SEC Treasury clearing status graphic, August 31, 2026 — two items pending comment, summarized alongside.

Shareable summary · status as of Aug 31, 2026

A · SIFMA Request Pending comment

Inter‑Affiliate Exemption, Widened

Firms lean on inter‑affiliate repo for internal liquidity and collateral management, especially across time zones with no 24‑hour clearing. SIFMA wants more affiliates eligible, plus an activity‑based threshold for non‑US entities. The SEC's watch‑out: not a backdoor around clearing.

Filed Apr 17, 2026 · Open for comment

B · IIB Request Pending comment

Extraterritorial Trades, Unresolved

Trades executed entirely outside the US, between non‑US institutions — an unresolved question of netting enforceability, time‑zone gaps, and jurisdiction reach.

Comment period reopened · Not yet resolved

Source: SEC Commissioner Mark T. Uyeda, "Update on the SEC's Work Toward Treasury Clearing Implementation," April 20, 2026.

Explore USTC

The reference guide, the tools, and the FAQ

Four ways into the same mandate — pick the one that matches what you need right now.

Reference

USTC Reference Guide

Compliance dates, phase‑by‑phase eligibility, and exemptions for cash and repo Treasury trades under SEC Rule 17Ad‑22(e)(18).

Read the guide

Questions

USTC FAQ

Answers to the questions we hear most about compliance dates, scope, exemptions, and eligible collateral — organized by topic.

Browse the FAQ

Interactive tool

Trade Eligibility Tool

An SVG decision flowchart plus a guided, step‑by‑step walkthrough that determines whether your specific cash or repo trade must clear.

Open the tool

Interactive tool

Eligible Securities

What actually determines whether a Treasury trade is clearing‑eligible — and why that isn't a fixed list of instruments. Includes a scope‑check tool.

See the scope

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