The Depository Trust & Clearing Corporation (DTCC) has announced that its Fixed Income Clearing Corporation (FICC) subsidiary has submitted a proposed rule change to the U.S. Securities and Exchange Commission (SEC) to introduce a new Agent Clearing Service (ACS) Triparty offering.
DTCC’s FICC Proposes New Agent Clearing Triparty Service to Boost Market Liquidity
The firm explained that the proposal, now awaiting a public comment period following publication in the Federal Register, would provide cleared triparty repo capabilities to Agent Clearing Members and their Executing Firm Customers.
The service would support transactions executed either directly with the Agent Clearing Member or with other Government Securities Division Netting Members and their clients.
DTCC said the new ACS Triparty Service is designed to expand central clearing access, boost market capacity and liquidity, and offer Agent Clearing Members greater margin efficiency, reduced capital requirements and balance sheet relief.
It is also expected to mitigate risks during default and stress scenarios by reducing liquidity drains and limiting potential fire sales.
Laura Klimpel, Managing Director and Head of DTCC’s Fixed Income and Financing Solutions, said: “The proposed ACS Triparty Service, along with the recently filed Collateral In Lieu offering, demonstrate FICC’s commitment to meeting the needs of our clients.”
The service would be delivered in partnership with BNY, which will provide its tri-party infrastructure for collateral management and settlement. BNY’s Nate Wuerffel said the new platform would “streamline access to central clearing and drive greater operational efficiency across the market.”
Subject to regulatory approval, FICC aims to launch the ACS Triparty Service in December 2025.
