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Industry Urges Technical fixes, Time and Coordination for SEC Treasury‑clearing Mandate
Summary
Industry witnesses told the House task force that the SEC clearing rule needs technical adjustments and close regulator‑industry coordination to avoid operational disruption when central clearing of eligible cash and repo transactions takes effect.
Chairman Lucas opened the House task force hearing on US Treasury market resilience by noting the SEC has finalized a rule requiring more central clearing of Treasury cash and repo transactions, and witnesses urged technical fixes and careful implementation to avoid market disruption.
Witnesses representing banks, market infrastructure and trade groups said the SEC clearing mandate is a potentially important resilience enhancer but highlighted unresolved operational, legal and accounting questions. Tom Whiff, managing director at UBS and former chair of the Treasury Market Practices Group, told the panel, "The SEC finalized a rule in December of 2023 on the clearing of US Treasury securities, which…
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