UNITED STATES: FICC Submits Proposed Rule Change Filing to the SEC to Offer ACS Triparty Service

Wednesday September 24 2025

On 23^rd September 2025, the Depository Trust & Clearing Corporation (DTCC) announced that its Fixed Income Clearing Corporation (FICC) subsidiary has formally submitted a proposed rule change filing to the SEC to offer the ACS Triparty Service within its existing Agent Clearing Service (ACS) offering. The proposed service would provide FICC cleared triparty repo capabilities to Agent Clearing Members and their Executing Firm Customers. A public comment period on the proposal, as detailed in the filing, will begin once it is published in the Federal Register.

As an expansion of FICC’s triparty repo offerings, the proposed ACS Triparty Service would enable an Agent Clearing Member to submit for clearing eligible triparty repo transactions executed between its Executing Firm Customer and either the Agent Clearing Member itself (Done-with), or another Government Securities Division (GSD) Netting Member or its client (Done-away).

The proposed ACS Triparty service has been developed to facilitate greater access to central clearing, ultimately enabling increased capacity and liquidity in the market. At the same time, the service would provide unique benefits to Agent Clearing Members, including the potential for enhanced margin efficiency, reduced capital requirements and balance sheet relief. The proposed service would also aid in mitigating risks in default and stress scenarios by lowering the potential for liquidity drain as well as market disruption from fire sales that may occur in such a scenario.

FICC aims to launch the ACS Triparty Service in December 2025, subject to regulatory approval of the filing.

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