SIFMA Statement on Accounting Matters Related to Treasury Clearing

Washington, D.C., September 11, 2025 – SIFMA today issued the following statement from Kevin Zambrowicz, managing director and deputy general counsel, on accounting matters related to Treasury clearing:

“SIFMA is pleased to announce that its Accounting Committee Working Group has completed its review of FICC’s Agent Clearing Service model, and has consulted with the Staff of the Securities and Exchange Commission’s Office of the Chief Accountant regarding its conclusions on certain accounting questions that arose from the model. Both the Working Group’s conclusions and the concluding correspondence with the SEC Staff is available on the SIFMA website.

SIFMA is also pleased that this step in the path towards central clearing of U.S. Treasury securities has been completed. On behalf of our members, SIFMA is working to advance multiple workstreams and short-term deliverables in the Treasury clearing space that will set the stage for long-term implementation. These include development of market standard documentation, enhancements to market structure, further needed regulatory reforms, and an operations timeline. We look forward to continuing our work with market participants on these important preparations ahead of the effective date of the SEC’s clearing rules.”

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SIFMA is the leading trade association for broker-dealers, investment banks and asset managers operating in the U.S. and global capital markets. On behalf of our industry’s one million employees, we advocate on legislation, regulation and business policy affecting retail and institutional investors, equity and fixed income markets and related products and services. We serve as an industry coordinating body to promote fair and orderly markets, informed regulatory compliance, and efficient market operations and resiliency. We also provide a forum for industry policy and professional development.  SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA).