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U.S. SECURITIES AND EXCHANGE COMMISSION·RULE 17Ad‑22(e)(18)

USTC Latest Updates

A running record of official notices, orders and statements on the SEC's U.S. Treasury Clearing Mandate — collected every morning from the SEC, the Federal Register and the Federal Reserve. For the rule itself, see the reference guide and the trade flowchart.

Refreshed every morning

Official USTC notices, orders and statements

Key milestones on U.S. Treasury clearing from the last two years, newest first. Each entry links to the original document on the issuing body's own site, so you can read it in full and confirm the details.

Last checked · 48 updates, Nov 2024 to Sep 2026

  1. Proceedings openedFederal Register · FICC

    SEC opens review of FICC trade-submission rule

    Amended proposal to require trades to be submitted for clearing at FICC's Government Securities Division; the SEC will approve or disapprove.

  2. StatementSEC statement

    Uyeda remarks at 2026 Treasury Market Conference

    Treasury Clearing Rule update; the SEC does not currently plan to delay the Dec 31, 2026 and Jun 30, 2027 dates.

  3. Review extendedFederal Register · FICC

    SEC extends review of FICC guaranty fund proposal

    SEC sets Nov 9, 2026 as the date to approve, disapprove or open proceedings on FICC's GSD guaranty fund proposal.

  4. SEC noticeFederal Register · SEC

    SEC notice on ICE Clear Credit Treasury margin in customer reserve

    Broker-dealers may take a reserve-formula debit for margin posted to ICE Clear Credit on customers’ Treasury positions, subject to Note H conditions.

  5. SEC noticeFederal Register · SEC

    SEC reopens comment on trade-submission relief requests

    Comment reopened to Aug 31, 2026 on the IIB and SIFMA requests; the SEC says it is considering a single exemption.

  6. FiledFederal Register · FICC

    FICC proposes a guaranty fund for its Government Securities Division

    Filing, as amended, to establish the guaranty fund.

  7. Review extendedFederal Register · FICC

    SEC extends review of FICC guaranty fund advance notice

    Advance notice SR-FICC-2026-802 for the Government Securities Division guaranty fund; the SEC review period is extended to Nov 21, 2026.

  8. Review extendedFederal Register · FICC

    SEC extends review of FICC trade-submission rule

    More time to decide on FICC's proposal to require trade submission for clearing.

  9. StatementSEC statement

    Uyeda update on Treasury clearing implementation (Aug 2026)

    Commissioner Uyeda's update on the SEC's work toward implementation.

  10. Exemption requestFederal Register · SIFMA

    SIFMA seeks relief from Note H conditions

    Application for exemption from certain conditions of Rule 15c3-3a, Note H; comments were due Aug 31, 2026.

  11. FiledFederal Register · FICC

    FICC proposes Treasury clearing trade-submission rule

    Proposed Government Securities Division rule change adopting a trade submission requirement.

  12. OrderSEC order

    SEC grants relief for private fund repo with captive clearing sub

    Conditionally excludes repo between a private fund and its wholly owned captive clearing subsidiary from the definition of eligible secondary market transaction.

  13. StatementSEC statement

    Uyeda update on Treasury clearing implementation (Apr 2026)

    Commissioner Uyeda's update on the SEC's work toward implementation.

  14. Exemption requestSEC notice · SIFMA

    SIFMA seeks relief on inter-affiliate clearing exclusion

    Asks to extend the inter-affiliate exclusion and to exempt certain non-U.S. affiliate repo below a 10% threshold; comments were due May 29, 2026.

  15. ApprovedSEC rule filing · FICC

    SEC approves expanded FICC–CME cross-margining (Apr 2026)

    Accelerated approval of the third restated agreement and related Government Securities Division rules, extending cross-margining to customer positions (SR-FICC-2025-025).

  16. OrderSEC order

    SEC grants relief for Treasury and futures cross-margining

    Conditional exemption for broker-dealer/FCMs to hold customer Treasury positions and margin in a futures account for cross-margining with futures.

  17. SEC noticeSEC notice

    SEC notice on Treasury margin at CME Securities Clearing

    Broker-dealers may record a reserve debit for margin deposited at CME Securities Clearing for customers' Treasury positions.

  18. Proceedings openedSEC rule filing · FICC

    SEC opens review of FICC–CME cross-margining agreement

    Proceedings to decide whether to approve the proposal (SR-FICC-2025-025).

  19. StatementSEC statement

    Uyeda remarks at IIB conference

    Treasury Clearing Rule update, including proposed relief for transactions entirely outside the U.S.

  20. Exemption requestSEC notice · IIB

    IIB seeks relief from trade-submission requirement

    Covers trades between non-U.S. direct participants and their non-U.S. clients; the comment period was later reopened to Aug 31, 2026.

  21. StatementSEC statement

    Uyeda remarks at Asset Management Derivatives Forum

    Treasury Clearing Rule update (new clearing agencies, deadlines) and tokenization.

  22. Exemption requestSEC notice · FICC and CME

    FICC and CME seek cross-margining exemption

    Would let customers cross-margin Treasuries and related futures in a futures account; comments were due Mar 5, 2026.

  23. StatementSEC statement

    Uyeda statement on continuing Treasury clearing work

    Commissioner Uyeda's December 2025 update on implementation.

  24. ApprovedSEC rule filing · FICC

    SEC approves FICC ACS Triparty Service

    A new Government Securities Division service, assessed under the Treasury clearing access rule.

  25. FiledSEC rule filing · FICC

    FICC proposes restated cross-margining agreement

    Filing to amend and restate the agreement (SR-FICC-2025-025).

  26. ApprovedSEC rule filing · FICC

    SEC approves FICC default management and porting rules

    For indirect participant activity at the Government Securities Division.

  27. ApprovedSEC rule filing · FICC

    SEC approves FICC collateral-in-lieu option

    New Sponsored GC option; assessed under the Treasury clearing access rule.

  28. StatementSEC statement

    Uyeda remarks at 2025 Treasury Market Conference

    Treasury Clearing Rule: open scope questions and pending clearing agency applications.

  29. StatementSEC statement

    Uyeda statement on working toward Treasury clearing

    Commissioner Uyeda's September 2025 statement on implementation.

  30. FiledSEC rule filing · FICC

    FICC proposes ACS Triparty Service

    A new Government Securities Division service.

  31. Proceedings openedSEC rule filing · FICC

    SEC opens review of FICC default management rules

    Proceedings on rules for default management and porting of indirect participant activity.

  32. FiledSEC rule filing · FICC

    FICC proposes collateral-in-lieu option

    For the Sponsored GC Service.

  33. Press releaseSEC press release

    SEC staff FAQs on customer protection and Treasury clearing

    Helps broker-dealers implement the related financial responsibility requirements.

  34. ApprovedSEC rule filing · FICC

    SEC approves restated FICC–CME cross-margining agreement (2025)

    The restated agreement (SR-FICC-2025-014).

  35. FiledSEC rule filing · FICC

    FICC proposes default management and porting rules

    For indirect participant activity at the Government Securities Division.

  36. FiledSEC rule filing · FICC

    FICC proposes restated cross-margining agreement with CME

    Filing SR-FICC-2025-014.

  37. StatementSEC statement

    Uyeda remarks on Treasury market trading and clearing

    Covers the Treasury clearing rule, the extended deadlines and its cross-border reach.

  38. Press releaseSEC press release

    SEC extends Treasury clearing compliance dates

    Now Dec 31, 2026 for cash trades and Jun 30, 2027 for repo; a separate temporary exemption on margin segregation ran to Sep 30, 2025.

  39. SEC noticeSEC notice

    SEC notice on reserve debit for FICC margin

    Broker-dealers may include a debit for margin deposited at FICC for customers' Treasury positions.

  40. ApprovedSEC rule filing · FICC

    SEC approves FICC margin rules for indirect participants

    Separate margin for proprietary and indirect participant transactions; Note H conditions.

  41. ApprovedSEC rule filing · DTC, FICC and NSCC

    SEC approves risk framework changes incl. FICC GSD access review

    Joint DTC, FICC and NSCC change; adds an annual review of FICC's Government Securities Division access models.

  42. ApprovedSEC rule filing · FICC

    SEC approves FICC rules widening access to Treasury clearing

    Access to clearance and settlement of eligible secondary market Treasury transactions.

Other Treasury clearing agencies

FICC is the established Treasury clearing agency. The SEC has also approved ICE Clear Credit and CME Securities Clearing to offer Treasury clearing; their filings and orders are listed here, apart from the FICC list above.

  1. ApprovedFederal Register · ICE Clear Credit

    SEC approves ICE Clear Credit Treasury clearing rules

    Covers the Treasury Clearing rules, operations policies and liquidity risk framework.

  2. ApprovedFederal Register · ICE Clear Credit

    SEC approves ICE Clear Credit margin and risk documents

    Initial margin model, guaranty fund and stress-test approach, and risk-parameter policy for Treasury clearing.

  3. ApprovedFederal Register · CME Securities Clearing

    SEC approves CME Securities Clearing user-authorization rule

    Approves rulebook changes on members’ termination rights over authorized users, liens on user funds and members’ role in user default close-outs.

  4. Review extendedFederal Register · ICE Clear Credit

    SEC extends review of ICE Clear Credit Treasury rules

    More time to decide on the proposed Treasury Clearing rules and risk policies.

  5. OrderFederal Register · ICE Clear Credit

    SEC approves ICE Clear Credit Treasury clearing registration

    Grants ICE Clear Credit registration as a clearing agency for central clearing of U.S. Treasury securities (its Treasury Business).

  6. OrderSEC order · CME Securities Clearing

    SEC approves CME Securities Clearing registration

    Registers it as a clearing agency for central clearing of U.S. Treasury securities.

About this feed

How this list is built

A script checks a fixed set of official public sources once a day and adds anything new about U.S. Treasury clearing. Dates and links are exactly as the source publishes them, and every entry links to the original document. The short headline and summary on each entry are plain-English aids prepared from the document, not the source's wording, so open the original before relying on one; the official title shows when you hover over a headline. Earlier history was loaded from the SEC's own published orders, notices and statements, and the Federal Register's own notices for the last two years are added by the same script.

Sources checked

What gets included

Items whose title or description concerns U.S. Treasury clearing, the Government Securities Division of FICC, Treasury clearing at ICE Clear Credit or CME Securities Clearing, or the customer-protection treatment of Treasury margin. Items from ICE Clear Credit and CME Securities Clearing are listed in their own section below the FICC list. Routine items from the same sources that do not concern Treasury clearing are left out, including ICE Clear Credit filings that are not about its Treasury Clearing Service. Some relevant items may not be caught; the SEC's own Treasury clearing implementation page is the authoritative list.

What the status labels mean

The label is taken from the standard wording of the official title. It describes the type of document, not its importance. The Key milestones filter shows approvals, orders, proceedings, exemption requests and statements or press releases from regulators, and hides routine steps such as filings and review extensions.

Filed
A clearing agency has filed a proposed rule change with the SEC.
Proceedings opened
The SEC has opened proceedings to decide whether to approve or disapprove a filing.
Review extended
The SEC has used more time to review a filing.
Approved
The SEC has approved a proposed rule change.
Exemption request
An application for exemptive relief has been published for comment.
Order, Statement, Press release, SEC notice
A statement or press release from the issuing body, or a notice published by the SEC.

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