DTCC Survey Shows Broad Readiness for Treasury Clearing Deadline

The Depository Trust & Clearing Corporation said most major trading firms have already prepared for expanded U.S. Treasury clearing rules ahead of a December 31 deadline. Ripple’s prime brokerage unit, Hidden Road, already holds clearing membership that places it inside the system the rule is built around.

Survey Finds Most of the Industry Already Prepared

DTCC’s Fixed Income Clearing Corporation (FICC) surveyed all full-service Netting Members of its Government Securities Division and received a 92% response rate, according to a July 27 announcement. Most respondents said they have either completed preparations or are in the final stages of implementation ahead of the SEC’s Treasury cash clearing mandate.

The survey found 79% of respondents already have the required FICC account structures in place. Nearly all firms that need FICC membership have either finished onboarding or entered the enrollment pipeline. About one-third of dealers said they expect to offer Treasury cash clearing services to their own clients, a share DTCC said is in line with current levels of client clearing for Treasury repo and cash activity. Laura Klimpel, DTCC’s managing director and head of fixed income and financing solutions, said:

“These findings reinforce what we’re seeing across the marketplace: firms have been actively preparing for expanded U.S. Treasury clearing requirements and are making meaningful progress toward implementation.”  

Migration to Central Clearing Already Well Underway

Respondents reported roughly $300 billion to $400 billion in average daily Treasury cash activity that has not yet moved into central clearing. That compares with more than $1.2 trillion in average daily Treasury cash activity FICC already clears, which DTCC said shows most of the required shift has already taken place ahead of the deadline. It remains unclear whether the remaining $300 billion to $400 billion in uncleared Treasury cash activity will move into central clearing before the year-end deadline.

FICC’s total clearing volume, across cash and repo activity combined, now exceeds $12 trillion in average daily transactions, up 165% since the SEC first proposed the mandate. FICC’s Sponsored Service, which lets a broader range of firms access central clearing, now covers more than 2,850 members across 66 jurisdictions and processes over $2.5 trillion daily, a 771% increase since September 2022. Brian Steele, DTCC’s president of clearing and securities services, stated:

“We believe the industry is well positioned for the Treasury cash clearing deadline on December 31, 2026. The firm is also preparing for a separate repo clearing deadline set for June 30, 2027.”

Hidden Road’s Position in the Clearing Network

Ripple completed its $1.25 billion acquisition of prime broker Hidden Road in October 2025, rebranding the business as Ripple Prime. Hidden Road holds netting membership in FICC’s Government Securities Division, placing it among the firms already positioned within the clearing network the Treasury mandate is built around.

DTCC’s survey addresses industry-wide readiness rather than any single firm, and the report does not name Hidden Road or Ripple specifically. Hidden Road’s membership status predates the current mandate discussion and reflects its standing as an existing FICC netting member rather than a new development tied to this survey.

Broader Push Into Digital Infrastructure Continues

DTCC has also been expanding into tokenized markets alongside the Treasury clearing rollout. The company has worked with Ondo Finance, BlackRock, and J.P. Morgan on a tokenization initiative, and it is advancing cross-margining and portfolio-margining services that remain subject to regulatory approval.