December 09, 2025 — Although regulators and the financial services industry still have some major issues to tackle before the switch to central clearing for U.S. Treasuries and repo, industry leaders are optimistic about keeping the timeline for the move on track.

Earlier this year, the Securities and Exchange Commission extended its implementation timeline for centralized clearing to December 2026 for U.S. Treasury trades and to June 2027 for repo trades to give the industry more time to prepare. 

“Since the SEC first announced its plans for central clearing, industry professionals have voiced concerns over significant hurdles that could hinder progress,” says Audrey Costabile, Crisil Coalition Greenwich Senior Analyst in Market Structure & Technology and author of U.S. Treasury clearing: Will the industry be ready for go-live dates? “However, recent developments, including updates to clearing models, covered clearing agencies (CCAs) and technology, appear to be increasing confidence among industry leaders.”

Findings from a Crisil Coalition Greenwich study in Q2 2025 indicate that industry leaders at global clearing firms believe the industry is making strong headway toward the go-live dates. Study participants, including buy-side and sell-side professionals, were particularly excited about developments in “collateral in-lieu” and netting using tri-party services to streamline clearing arrangements.

Industry leaders say that growth in the number and type of clearinghouses is creating opportunities for cross-product margining between and with the clearinghouse, and for risk-management enhancement. 

“New clearing models are being developed by CCAs to address clearing preferences and remediate industry hurdles connected to “done-with” and “done-away” models and cross-margin efficiency,” says Audrey Costabile. “Further, client clearing is happening at scale at FICC today through Sponsored and ACS Services, and additional plans are in motion to extend clearing to more end users.”

U.S. Treasury clearing: Will the industry be ready for go-live dates? leverages interviews with market participants and service provides to assess industry perceptions of progress and readiness, and to analyze the major issues still outstanding on the road to central clearing.