US Treasury Clearing: Repo’s Home Stretch - 9 Months to Go

With the US Treasury repo clearing deadline fast approaching, the focus is shifting from understanding the mandate to making sure firms are operationally ready.

In the latest episode of Tonic Boom, Tonic’s Philip Forkan is joined by Laura Klimpel, Head of Fixed Income and Financing Solutions at DTCC, Travis Keltner, Global Head of Secured Financing at State Street, and Ryan Barrett, Head of Securities Finance for North America at Northern Trust.

Together, they get into the practical realities of preparing for June 2027, including onboarding and access models, operational readiness, margin and capacity considerations, and the open questions still facing the market.

The key takeaway? June isn’t really June. Firms need a clear day-one plan well ahead of the deadline.

Tune in for a practical discussion on what firms should be doing now to prepare for US Treasury repo clearing.

0:39 Introduction & overview of the repo clearing mandate
2:33 Summer repo market update - liquidity, T-bills, and basis trading
4:31 FICC onboarding progress & the cash clearing deadline (end of 2026)
8:35 Market readiness for the June 2027 repo mandate - "sharpening the axe"
11:59 Bifurcated market: client sophistication split & geographic differences
15:01 What to expect for repo onboarding in 2027 - intermediation trends
20:09 Operating model considerations - access models, platform approach & scalability
22:19 Cross-margining & capital efficiency - the "$6 to $2" margin analogy
24:54 Extraterritoriality & interaffiliate clearing - SEC reopening the rule
27:30 Final takeaways: key advice for clients before June 2027