U.S. Treasury Central Clearing Survey: Broad Industry Readiness for Cash Clearing, Industry Moving Towards Execution but Work Remains Ahead of Repo Deadline

A 340‑expert survey shows strong U.S. Treasury cash clearing readiness but highlights legal, technology and regulatory hurdles before the 2027 repo deadline.

Rhea-AI Summary

SIFMA, BNY, Broadridge (BR) and DTCC, with The ValueExchange, released a June 2026 “U.S. Treasury Central Clearing Pulse Survey” of 340 experts on readiness for the December 31, 2026 cash clearing mandate and June 30, 2027 repo deadline.

86% of respondents are at least somewhat confident of meeting the overall mandate and more than half now have funded repo-clearing projects, yet execution challenges remain. Legal and contract negotiation drive delays for 88% of deferred programs and are rated “very challenging” by 44%, while technology integration issues are delaying projects for 67% of firms. 72% say they need more clarity on key rules to be ready.

Costs are still being quantified: 57% have not estimated ongoing cost impacts, margin costs are expected to rise by an average of 37%, and 64% expect one-off implementation costs below $5 million. Regionally, many European and Asia-Pacific firms remain in scoping or inactive stages.

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NEW YORK, Sept. 22, 2026 /PRNewswire/ -- SIFMA, BNY, Broadridge, and The Depository Trust & Clearing Corporation (DTCC), in collaboration with The ValueExchange, today released key findings from the "U.S. Treasury Central Clearing Pulse Survey," which draws upon key insights and feedback from 340 experts worldwide. The survey, conducted in June 2026 by The ValueExchange, was designed to provide insight into industry preparedness for the December 31, 2026 cash implementation deadline and the June 30, 2027 deadline for eligible Treasury repo transactions.

The survey suggests the industry is positioned well for the cash implementation but there remains considerable work to do as the industry prepares for the repo deadline. Survey respondents include buy-side (45%) and sell-side (46%) firms, custodians and CCAs in the U.S., Europe, and Asia.  A similar survey was conducted in 2025.

The main findings capture an industry moving firmly from preparation into execution, while also highlighting where readiness, cost and implementation challenges remain:

• 86% of respondents are at least somewhat confident of meeting the overall mandate.
• Within that 86%, 44% of firms are "very confident" of meeting the deadline, with 13% "not confident" for cash and 16% for repo.
• 87% of buy-side firms and 84% of sell-side firms are in execution mode for repo trades.
• More than half of respondents now have funded repo-clearing projects underway (up from 38% in 2025).
• Of those programs that are delayed, 88% cite legal/contract negotiation as the cause, and 44% now call contract negotiation "very challenging."
• 45% of firms say they still need more regulatory clarity to progress their readiness.
• 67% of respondents are seeing delays caused by technology integration issues.
• 50% expect ongoing costs to rise.

"The survey shows broad industry readiness for the cash go-live date in December, while also demonstrating that significant hurdles remain for us to navigate between now and the June repo deadline," said Steve Byron, Managing Director and Head of Technology, Operations, and Business Continuity at SIFMA. "As firms move into the final stretch before the cash implementation deadline, the operational and documentation work underway across the industry is substantial, and getting it right matters given the central role U.S. Treasuries play in the global financial system. SIFMA remains committed to supporting our members through this transition, including through the standardized documentation and implementation guides we've made available to market participants. With the December 31 deadline now just months away, we look forward to continuing to work alongside the industry to ensure a smooth and successful transition in this critical market."

U.S. Treasury Clearing is still a North American topic, with lower levels of preparations overseas, according to survey responses:

• While North America respondents have moved furthest into delivery, 53% of respondents from Europe remain concentrated in scoping and 20% are engaged in no activity.
• In Asia-Pacific, 51% have not undertaken any activity, and 25% are still scoping.

The costs of mandatory clearing are still being estimated:

Ongoing costs are substantially less understood than implementation spend. Firms are still working to fully understand the economics of the operating model they are building.

• 57% of respondents still have not quantified the ongoing cost impact of mandatory clearing.
• 24% have identified an expected cost increase, while 19% expect no change or a reduction in costs.
• Margin costs are expected to rise 37% on average.
• 64% expect their one-off implementation costs to remain below $5 million.
• Among firms planning to use FICC's Collateral in Lieu (CIL), 96% expect it to make central clearing cheaper. 71% of buy side firms plan to use CIL before the repo clearing deadline.

"The industry has made real progress toward central clearing, with firms gaining a clearer understanding of what compliance requires and how to compete and grow in a more complex Treasury market structure," said Nate Wuerffel, Head of Market Structure and Head of Product for the Global Collateral Platform at BNY. "As the deadlines approach, firms need to stay focused and keep implementation moving. Clearing readiness is not just about meeting the SEC mandate –-it is essential to maintaining access to the U.S. Treasury market, the deepest and most liquid government bond market in the world."

Model choice is about operations and cost:

The main driver of clearing model choice is operational capability for a third of respondents, while margin requirements have fallen sharply in importance and cost considerations have increased.

• 67% of buy side firms plan to use FICC's Sponsored models, but the majority are using multiple models.
• 74% of sell side firms will use direct clearing.

"FICC has remained committed to helping firms prepare for the impacts of the U.S. Treasury clearing mandate for several years, providing new access models, insightful calculator tools, and on-going education to promote readiness. We are pleased to see that many firms are progressing towards readiness but recognize that more work remains, especially as it relates to the repo implementation," said Laura Klimpel, Managing Director, Head of DTCC's Fixed Income and Financing Solutions. "With much of the industry coalescing around FICC's offerings in the lead-up to the cash and repo deadlines, our focus remains on working closely with our clients to address open items and to ensure a smooth transition to central clearing."

Clarity remains a key barrier to readiness:

The findings also highlight the need for further regulatory clarity and system changes to support mandatory clearing:

• 72% of firms need more clarity on key rules to be ready.
• Firms finding regulatory clarity very challenging have risen from 29% to 45%.
• Technology builds are causing delays for 74% of sell-side firms. 88% of delayed buy-side programs cite legal and account documentation, making this their dominant constraint.

Deadlines approach:

Q4 is a critical window for project delivery.

• Up to 59% of project activity will complete after the cash deadline.
• 51% of firms have no formal contingency plan for missed readiness.

"The survey shows the industry is moving in the right direction, but the next phase will be defined by disciplined execution," said Ami Vora, Vice President, Product Management, Broadridge.  "Organizations should prioritize technology readiness, operational resiliency, testing and clear fallback plans including stronger contingency planning.  Taking these steps now will be critical to supporting a smooth transition to mandatory U.S. Treasury central clearing."

Survey results are available at the following link: https://www.sifma.org/research/white-papers/us-treasury-central-clearing-pulse-survey

About the Report 
The U.S. Treasury Central Clearing pulse survey, led by SIFMA, BNY, Broadridge and DTCC was conducted in June 2026 by The ValueExchange. It captures data from 340 industry experts across the buy-side, sell-side and market infrastructure communities. 

About SIFMA
SIFMA is the leading trade association for broker-dealers, investment banks and asset managers operating in the U.S. and global capital markets. On behalf of our industry's one million employees, we advocate on legislation, regulation and business policy affecting retail and institutional investors, equity and fixed income markets and related products and services. We serve as an industry coordinating body to promote fair and orderly markets, informed regulatory compliance, and efficient market operations and resiliency. We also provide a forum for industry policy and professional development.  SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA).

About BNY
BNY is a global financial services platforms company at the heart of the world's capital markets. For more than 240 years BNY has partnered alongside clients, using its expertise and platforms to help them operate more efficiently and accelerate growth. Today BNY serves over 90% of Fortune 100 companies and nearly all the top 100 banks globally. BNY supports governments in funding local projects and works with over 90% of the top 100 pension plans to safeguard investments for millions of individuals. As of June 30, 2026, BNY oversees $62.6 trillion in assets under custody and/or administration and $2.2 trillion in assets under management.

BNY is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BNY). Headquartered in New York City, BNY has been named among Fortune's World's Most Admired Companies and Fast Company's Best Workplaces for Innovators. Additional information is available on www.bny.com. Follow on LinkedIn or visit the BNY Newsroom for the latest company news.

About Broadridge
Broadridge (NYSE: BR) is a global technology leader with trusted expertise and transformative technology, helping clients and the financial services industry operate, innovate, and grow. We power investing, governance, and communications for our clients – driving operational resiliency, elevating business performance, and transforming investor experiences.

Our technology and operations platforms process and generate over 8 billion communications annually and underpin the daily average trading of over $18 trillion in tokenized and traditional securities globally. A certified Great Place to Work®, Broadridge is part of the S&P 500® Index, employing approximately 16,000 associates in 28 countries.

For more information about us, please visit www.broadridge.com.

About DTCC
With over 50 years of experience, DTCC is the premier post-trade market infrastructure for the global financial services industry. From 19 locations around the world, DTCC, through its subsidiaries, automates, centralizes, and standardizes the processing of financial transactions, mitigating risk, increasing transparency, enhancing performance and driving efficiency for thousands of broker/dealers, custodian banks and asset managers. Industry owned and governed, the firm innovates purposefully, simplifying the complexities of clearing, settlement, asset servicing, transaction processing, trade reporting and data services across asset classes, bringing enhanced resilience and soundness to existing financial markets while advancing the digital asset ecosystem. In 2025, DTCC's subsidiaries processed securities transactions valued at U.S. $4.7 quadrillion and its depository subsidiary provided custody and asset servicing for securities issues from over 150 countries and territories valued at U.S. $114 trillion. DTCC's Global Trade Repository service, through locally registered, licensed, or approved trade repositories, processes more than 25 billion messages annually. To learn more, please visit us at www.dtcc.com or connect with us on LinkedIn, X, YouTube, Facebook and Instagram.

About The ValueExchange
The ValueExchange is a global market research firm, specialised in the post-trade space. Founded in 2019, we focus on the areas of digital assets and DLT, settlement transformation, clearing and collateral, asset servicing, and investment management operations. We help the capital markets make better strategic decisions, through impartial and data-driven insights, backed by unique industry experience and engagement. For more information, please visit us at www.thevalueexchange.co

Media contacts:
SIFMA:  Katrina Cavalli, kcavalli@sifma.org
BNY:  Meghan Carbone, meghan.carbone@bny.com  
Broadridge: Gregg Rosenberg, Gregg.Rosenberg@broadridge.com  
DTCC:  Kristi Morrow, kmorrow@dtcc.com
The ValueExchange: Mark Brannigan, mark.brannigan@thevalueexchange.co 

 

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FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did the survey reveal about regional differences in U.S. Treasury clearing preparation?

Central clearing remains largely a North American focus. While North American respondents have moved furthest into delivery, 53% of European respondents are still in scoping and 20% report no activity. In Asia-Pacific, 51% have not undertaken any activity and 25% remain in scoping.

Which factors are most delaying firms’ U.S. Treasury repo-clearing programs?

Among delayed programs, 88% cite legal and account documentation or contract negotiation as the main cause. Technology builds are causing delays for 74% of sell-side firms, and overall 67% of respondents report technology integration issues.

How well are firms planning for potential missed clearing readiness deadlines?

The survey indicates contingency planning is limited. Up to 59% of project activity is expected to complete after the cash deadline, and 51% of firms report having no formal contingency plan if they miss readiness milestones.

How are firms approaching clearing model choices and use of FICC offerings?

Model selection is driven mainly by operational capability for about one third of respondents, with cost considerations gaining importance and margin requirements declining in relative weight. Among buy-side firms, 67% plan to use FICC Sponsored models and most will use multiple models. 74% of sell-side firms plan to use direct clearing. Of firms planning to use FICC’s Collateral in Lieu (CIL), 96% expect it to make central clearing cheaper, and 71% of buy-side firms plan to use CIL before the repo clearing deadline.

Where can market participants access the full U.S. Treasury Central Clearing survey results?

The full survey results are available via SIFMA at the following link: https://www.sifma.org/research/white-papers/us-treasury-central-clearing-pulse-survey.