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Treasury Clearing Documentation

New rules from the U.S. Securities Exchange Commission (SEC) will require most market participants to centrally clear cash and repo U.S. Treasuries, imposing significant changes to market structure. Treasury cash clearing is required to go into effect by the end of 2026, and repo clearing is required to go into effect by June 30, 2027.

To provide market efficiency, particularly as more entities come into the clearing ecosystem, SIFMA has convened representatives from both the buy- and sell-side in working groups to develop market standard documentation. Market standard documentation for the “Done-With” model is now available. The “Done-Away” model will require changes to market structure. As part of our efforts, SIFMA’s working groups will identify those needs.

Upon publication, all documentation is available in SIFMA’s Market Practices & Model Documentation Library. More resources are available in SIFMA’s Treasury Clearing Resource Center.

Done-With Model Documentation

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