SIFMA Publishes U.S. Treasury Done-Away Securities Clearing Agreement

New York, NY, July 30, 2026 - SIFMA and SIFMA's Asset Management Group (SIFMA AMG) today published the "2026 SIFMA Master Treasury Securities Clearing Agreement: Done-Away" and the Schedule to the Agreement to allow market participants, in connection with the expansion of clearing in the Treasury market, to meet their clearing documentation needs efficiently.

Done-away Treasury clearing refers to the process in which trades executed with a third-party broker are centrally cleared through a firm's designated clearing provider, rather than by the executing broker. Currently, most centrally cleared transactions are conducted on a "done-with" basis and are executed and cleared by the same broker. The "SIFMA Master Treasury Securities Clearing Agreement: Done-With" was issued in 2024 and updated in 2026.

"SIFMA is leading the industry in preparing for U.S. Treasury central clearing, driving the critical work needed to make this significant market structure transition smooth, and to protect the integrity of the world's most important fixed income market," said Rob Toomey, managing director and head of capital markets at SIFMA. "While a portion of the existing market is voluntarily cleared on a done-with basis, the SEC's clearing mandate will bring a significant volume of additional transactions into central clearing. The agreements published today will help the development of the done-away Treasury market, which will be vital to ensuring a successful transition as the new clearing rules go into effect."

The done-away structure is being driven by an SEC mandate requiring central clearing of U.S. Treasury repo and cash security transactions, pushing the industry to build out the operational and legal infrastructure to support it at scale. The compliance dates for the new SEC rules are December 31, 2026, for eligible cash market transactions, and June 30, 2027, for eligible repo market transactions.

The agreement is the result of eighteen months of work by a cross-section of the market involving broker-dealers and asset managers. The terms represent a starting point for individual negotiations between clearing members and their customers to tailor the terms to their unique commercial, legal, and operational positions and needs.

"A well-functioning done-away clearing market is critical to the success of the SEC's Treasury clearing mandate," said Bill Thum, managing director and associate general counsel in SIFMA's Asset Management Group. "The addition of the done-away model will help to absorb the scale of transactions coming into scope. The ability to trade across multiple brokers can enhance liquidity and support price competition. In consolidating clearing through a single clearing agent, the done-away model improves margin efficiency, reduces legal complexity, and distributes costs more fairly, making it essential infrastructure for a well-coordinated transition."

Both SIFMA and SIFMA AMG have long supported efforts to increase the resiliency of the Treasury market and stressed the need to ensure the Treasury market remains resilient and deeply liquid. SIFMA, SIFMA AMG and its members are pursuing a number of workstreams related to the Treasury clearing mandate to ensure a smooth transition while addressing issues involving regulatory, operations, and other market structure developments and enhancements.

SIFMA retained Cleary Gottlieb as counsel to advise the joint working group and assist in drafting the Agreement.

The done-away clearing documents are available on SIFMA's website at the following links:

• 2026 SIFMA Master Treasury Securities Clearing Agreement: Done-Away
• Schedule to the 2026 SIFMA Master Treasury Securities Clearing Agreement: Done-Away
• Modules to the 2026 SIFMA Master Treasury Securities Clearing Agreement: Done-Away

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SIFMA is the leading trade association for broker-dealers, investment banks and asset managers operating in the U.S. and global capital markets. On behalf of our industry's one million employees, we advocate on legislation, regulation and business policy affecting retail and institutional investors, equity and fixed income markets and related products and services. We serve as an industry coordinating body to promote fair and orderly markets, informed regulatory compliance, and efficient market operations and resiliency. We also provide a forum for industry policy and professional development. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA).