On February 1, ISDA published a comparison of US Treasury clearing models at the Fixed Income Clearing Corporation, as well as models for clearing repos at other central counterparties (CCPs) globally and models for clearing derivatives. This comparison is intended to help market participants understand existing and potential new clearing models for UST cash and repo transactions as they implement the US SEC’s recent rules requiring clearing of such transactions.
ISDA updated the comparison on April 30, 2024 to reflect recent proposals from the Fixed Income Clearing Corporation. ISDA intends to continue to update this as new clearing models across the industry are proposed and finalized. ISDA also updated the comparison in May to provide more details around the treatment of clients in an intermediary default.
Click on the PDF below to read the comparison.
Documents (1) for ISDA Clearing Model Comparison
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