ISDA US Treasury Clearing Survey Results

Thank you to all of the firms that submitted responses to ISDA’s survey regarding ongoing efforts to incentivize and/or potentially require additional clearing of US Treasury (UST) securities and repos. ISDA has published a report summarizing the results of the survey on an aggregated and anonymized basis.

ISDA’s survey sought feedback on the legal, operational, regulatory (including market regulation and capital implications) and policy issues associated with UST clearing, with a focus on client clearing and how reforms in this market would impact the derivatives markets.  ISDA conducted the survey in response to discussions by policy makers and market participants about the merits of further clearing of US Treasuries and whether this would strengthen the resilience of the market during stress events.

The results of the survey shows there is a wide variety of views on whether increased clearing would materially improve the resilience and efficiency of cash Treasury securities and repos, suggesting further research on the costs and benefits is necessary. While most respondents were generally supportive of clearing, there was little backing for broad clearing mandates, with warnings that it could result in some participants reducing their activity or withdrawing from the market, potentially reducing liquidity.

Documents (1) for ISDA US Treasury Clearing Survey Results

ISDA Response to EC on Environmental Legislation

On September 10, ISDA, the Association for Financial Markets in Europe (AFME) and the European Fund and Asset Management Association (EFAMA) submitted a joint response to the European Commission’s (EC) call for evidence on reducing the administrative burden in environmental...

Credit Derivatives Trading Activity Q2 2025

This report analyzes credit derivatives trading activity reported in Europe. The analysis shows European credit derivatives transactions based on the location of reporting venues (EU versus UK) and product type. The report also compares European-reported credit derivatives trading activity to...

Recognition of Cross-product Netting is Critical

US regulators are in the process of making important changes to the regulatory capital framework by proposing modifications to the enhanced supplementary leverage ratio, which should help stop it from acting as a non-risk-sensitive constraint on bank capacity – a...