SIFMA, BNY, Broadridge and The Depository Trust & Clearing Corporation (DTCC), in collaboration with The ValueExchange, today released findings from their “U.S. Treasury Central Clearing Pulse Survey”, which draws upon insights from global market participants. The survey, conducted by The ValueExchange, was meant to provide an update on where the industry “stands with a little over twelve months to meet the cash implementation deadline.”
Survey respondents include “buy-side and sell-side firms, custodians and CCAs in the U.S., Europe, and Asia.”
The findings are “net positive from a U.S. domestic readiness” perspective:
- 71% of U.S. respondents state they are “very familiar” with the changes, and a further 25% state they are “somewhat familiar.”
- Additional findings from the U.S. perspective reveal further clarity is needed relating to inter-affiliate flows and with respect to the final rules for the new CCAs.
The survey indicates that if these and other issues aren’t “resolved by early 2026, firms’ ability to build and be ready on time may be impacted.”
U.S. Treasury Clearing is still a North American topic, with lower levels of understanding overseas, according to survey responses:
While awareness is high in North America, “familiarity elsewhere remains limited.”
Only 27% of European respondents describe themselves as “very familiar” with the rule changes and 18% state they are “not familiar at all.”
APAC respondents state they are “somewhat familiar,” highlighting the need for further education.
Despite the deadline, there is limited project work.
Buy-side firms remain behind the curve, with “77% of organizations still in the research stage.”
Europe and Asia firms trail the U.S. in their “preparations for central clearing, with 82% of respondents from Europe and 80% of respondents from Asia reporting they have not progressed beyond scoping.”
Clarity remains a key barrier to readiness:
The findings also highlight the need for “further regulatory clarity and system changes” in order to effectively support mandatory clearing:
- 54% of firms are very confident they will be ready by the cash deadline, while 40% of firms are very confident they will be ready by the repo deadline. Also, 45% feel that they need clear rules and more detail on models by the end of 2025 to stay on track.
- Regulatory direction is identified as the single most important dependency in project planning. As the report highlights, “bottlenecks will not shift without regulatory clarity.”
Nate Wuerffel, Global Head of Market Structure and Product Leader for the Global Collateral Platform at BNY:
“The urgency is clear – not just to meet compliance deadlines, but for participants to strategically position themselves for success in a rapidly evolving market structure. Those who engage early can gain a strong competitive edge and emerge as leaders, turning a regulatory mandate into opportunities for growth.”
Respondents report that U.S. Treasury central clearing is “expected to have a negative impact on operating and Treasury costs.”
- 38% of firms expect U.S. Treasury Clearing to increase margins by over 25%, while 55% of respondents anticipate an increase in regulatory capital costs.
- Two-thirds of firms indicate that they will decide whether to pass these additional costs to clients through bilateral negotiation. Key operational impacts identified by respondents included contract repapering (cited by
- 55% of firms) and back-office changes (cited by 66% of firms).
For buy-side firms, this impact is concentrated at the repo desk, whereas for sell-side firms, it affects the entire organization including systems, IT, settlement and compliance.
Laura Klimpel, Managing Director, Head of DTCC’s Fixed Income and Financing Solutions:
“These findings illustrate the need for firms to advance preparations as soon as possible, and we stand ready to lead the industry with education, access models and solutions that enable compliance.”
Deadlines approach as companies try to complete:
The implementation timeline remains a challenge:
- 29% of buy-side firms do not expect to complete preparations before the end of 2027.
- Most firms expect that operational and technology workloads will be the last to complete, indicating a heavy lift is still ahead across systems and integration layers.
Quentin Limouzi, Global Head of Post Trade, Broadridge said:
“With the deadlines fast approaching, firms have little time to move from planning to execution. We’re working closely with clients to help them meet these milestones— accelerating automation, innovating operational and technology workflows, and ensuring seamless integration with their clearing venues.”
The U.S. Treasury Central Clearing pulse survey, led by SIFMA, BNY, Broadridge and DTCC was conducted in August 2025 by The ValueExchange.
It captures data from 330 industry professionals “across the buy-side, sell-side and market infrastructure communities.”