ICMA submits letter to SEC on U.S. Treasury clearing mandate
26 February 2026 ICMA has submitted a letter to the U.S. Securities and Exchange Commission (SEC) to highlight the outstanding implementation challenges related to the U.S. Treasury clearing mandate for repo transactions. The letter seeks further clarification and regulatory guidance on the key issues affecting the international market participants, including the extraterritorial scope of the mandate, the inter-affiliate exemption, the treatment of triparty repos, and FICC membership and access considerations. In light of the global nature of the market, ICMA has also shared the letter with other relevant authorities. ICMA will continue to engage closely with market participants, infrastructure providers, and policymakers to support the transition to the new clearing mandate.
