The Depository Trust & Clearing Corporation’s (DTCC) Fixed Income Clearing Corporation (FICC) has partnered with AI infrastructure provider Saphyre to enhance its onboarding procedures in advance of the US Treasury clearing mandate.
Through the partnership, Saphyre’s account onboarding, maintenance and legal amendment and negotiation services will be connected to FICC’s Onboarding Hub. Via direct API connectivity, clearing brokers will be able to send FICC validated client and trading information, along with legal documentation, in an automated fashion.
Entity and fund data from the buy side will be automatically reconciled within the platform.
“The approach is designed to reduce operational risk and give firms greater confidence as clearing volumes expand,” explained Saphyre CEO and founder Gabino Roche. The firms believe that the service will reduce operational risk and downstream exceptions while accelerating time-to-trade and allowing clients to reach their regulatory deadlines.
The US Treasury clearing mandate will come into force from 31 December this year for cash transactions and from 30 June 2027 for repo transactions, requiring central clearing for the majority of transactions.
Laura Klimpel, managing director and head of DTCC’s fixed income and financing solutions, commented, “We aim to help their clients streamline and accelerate onboarding, reduce operational friction, and prepare for the mandate at scale.”
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