The Intercontinental Exchange’s (ICE) Clear Credit platform is now clearing US Treasuries, following approval from the US Securities and Exchange Commission.
Treasury repos are expected to be supported by the platform in H2, the organisation stated.
The US Treasury Clearing Mandate is scheduled to go live on 31 December for cash trades and on 30 June 2027 for repo trades, requiring a large number of US Treasuries to be cleared through a central counterparty. Until now, the only available path was through the Fixed Income Clearing Corporation (FICC).
READ MORE: FICC sponsored services use rises as central clearing looms
Operating separately to UCE’s credit default swap (CDS) clearing service, Treasury clearing has its own rulebook, membership, risk management framework, financial and liquidity resources, and governance structure, the organisation confirmed.
Both done-away and done-with are supported by the platform.
Paul Hamill, chief commercial officer of ICE Clear Credit, explained, “Our service harmonises access models, operational workflows, risk management and protection models, across cash, repos, futures and swaps, providing a modernized scalable solution.”
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