Treasury Clearing Documentation
Published on:
July 30, 2026
Issue:
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.
The industry is preparing for two approaching compliance dates:
- December 31, 2026, for eligible cash market transactions
- June 30, 2027, for eligible repo market transactions
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 both the “Done-With” and “Done-Away” models is now available.
All documentation is also available in SIFMA’s Market Practices & Model Documentation Library. More resources are available in SIFMA’s Treasury Clearing Resource Center.