ISDA submitted a comment letter to the U.S. Securities and Exchange Commission (SEC) in response to the CME Securities Clearing, Inc.(CMESC) application for registration as a clearing agency to clear US Treasury Transactions.
ISDA encourages the SEC to facilitate clearing of U.S. Treasuries at additional clearing agencies in light of the SEC’s clearing mandate. Subject to CMESC making the amendments and clarifications discussed in the comment letter with respect to its clearing model, ISDA strongly supports CMESC’s application to register as a clearing agency. The proposed framework for clearing in the CMESC application would create a competitive U.S. Treasury clearing landscape that, in turn, would provide for a more resilient U.S. Treasury market.
Among others things, ISDA’s comments recommend that CMESC amend and clarify certain rules and procedures to ensure favorable regulatory capital treatment for prudentially regulated market participants that clear for other market participants.
Documents (1) for ISDA Response to CMESC Proposal to Establish a New Clearing Agency to Clear US Treasury Transactions
Latest
US Treasury Repo Clearing Indicators May 2026
The ISDA-Actrix US Treasury Repo Market Clearing Indicators illustrate central clearing adoption in the US Treasury repo market. Sponsored cleared repo volumes are used as a proxy to monitor client participation in central clearing, the key objective of the Securities...
ISDA, FIA, GFMA, CMC, CMCE Respond to IOSCO on Best Practices for OTC Commodity Derivatives
ISDA, FIA, the Global Financial Markets Association (GFMA), the Commodity Markets Council (CMC) and the Commodity Markets Council Europe (CMCE), have responded to the International Organization of Securities Commissions' (IOSCO) consultation report on best practices for over-the-counter (OTC) commodity derivatives...
Joint Response to 2026 US G-SIB Surcharge Proposal
On June 18, ISDA, the Securities Industry and Financial Markets Association and the Institute of International Finance submitted a joint response to US agencies on proposed changes to the surcharge for global systemically important banks (G-SIBs). The associations welcome the...
Eyeing the Basel III Finish Line
An effective regulatory capital framework relies on multiple ingredients, from appropriate drafting to rigorous testing and consultation. Even minor calibration distortions can inflate capital requirements, which could negatively affect the capacity of banks to support deep and liquid markets, with...