SIFMA and SIFMA AMG Publish Master Treasury Securities Clearing Agreement

Cleary Gottlieb advised SIFMA/SIFMA AMG in developing industry clearing agreements that will be used by global market participants in connection with the transition to mandatory Treasury clearing.

The Security Exchange Commission’s (SEC) Treasury clearing rule is a top focus for regulators and the industry. As a result of the SEC’s rule to require a significant portion of the Treasury cash and repo market to be cleared, many market participants will need to enter into clearing agreements. The SEC’s requirement is set to be fully implemented by June 2026.

The documents are available on SIFMA’s website at the following links:

• 2024 SIFMA Master Treasury Securities Clearing Agreement – Done-With
• Schedule to the 2024 SIFMA Master Treasury Securities Clearing Agreement – Done-With
• Modules to the 2024 SIFMA Master Treasury Securities Clearing Agreement – Done-With

In its press release, SIMFA thanked the Cleary team as its outside counsel and for leveraging its experience in U.S. Treasury clearing to support the joint working group in developing the Agreement. For more information, please see the press release here.